Michael Saylor's company, Strategy, has recently acquired 397 new Bitcoin (BTC), but the cryptocurrency market is questioning the significant 78% drop in the pace of these purchases over the past month. This slowdown has led to speculation about whether it signals a weak market recovery or a deliberate tactical pause by a key institutional player.
In brief
- •Strategy has significantly reduced its Bitcoin purchases, experiencing a 78% decline in October.
- •This reduction in activity has fueled doubts about the market's recovery, which is heavily influenced by institutional investment.
Strategy Slows Down: Bitcoin Purchases Fail to Reassure the Market
At the beginning of November, Michael Saylor confirmed that Strategy had purchased an additional 397 BTC, a transaction valued at approximately 45.6 million dollars based on the current Bitcoin price. These latest acquisitions bring the company's total Bitcoin holdings to 641,205 BTC, with a cumulative acquisition cost of 47.49 billion dollars. The average purchase price per unit stands at 74,047 dollars.
The performance of Strategy's Bitcoin portfolio remains robust, showing a yield of +26.1% since January. However, analysts are paying closer attention to a different metric: the sharp decline in the pace of acquisitions. Strategy acquired only 778 BTC in October, a significant decrease from the 3,526 BTC purchased in September, representing a 78% reduction that has captured market attention.
This trend marks a notable shift. Since 2020, Strategy has been a primary driver of institutional positioning in Bitcoin, and its substantial commitment has served as a barometer of confidence in the market. The current downward swing in its purchasing activity suggests a potential change in sentiment.
According to some cryptocurrency analysts, the reduced pace of Strategy's purchases, combined with the subdued activity of U.S. spot ETFs, is compromising Bitcoin's recovery prospects.
An Indicator of Institutional Crypto Sentiment?
The cryptocurrency community closely monitors every move made by Michael Saylor, often interpreting them as indicators of broader market trends. Amidst a mix of humor and genuine concern, commentary highlights a key reality: the current slowdown is creating market instability.
Some observers recall that Strategy was acquiring over 20,000 BTC per month at the beginning of the year. In comparison, October's acquisition of 778 BTC translates to an almost stagnant growth rate of +0.12%. This deceleration stands in stark contrast to the company's highly aggressive accumulation strategy during the first half of the year.
Among Bitcoin enthusiasts, several hypotheses are being considered to explain this shift:
- •One perspective suggests a consolidation strategy following an intensive accumulation phase.
- •Another viewpoint posits a more defensive posture in response to a market struggling to regain upward momentum.
Interpreting these signals remains complex, and there is currently no definitive conclusion that can be drawn from public statements alone.
However, one point is clear: Strategy's cautious approach is impacting the Bitcoin ecosystem in ways that extend beyond its direct purchases. As long as Strategy refrains from signaling a return to offensive buying, other market participants are likely to adopt a wait-and-see attitude, which could continue to influence the BTC price.