Strategy (Pre-Micro Strategy) continues to sell BTC to buy back its own preferred shares. This round sold 1,690 BTC at an average price of $64,260, raising $108.6 million in cash. Now its cash reserves are $4.65 billion, enough to pay 2.7 years of dividends, so near-term funding pressure is not high.

With BTC trading at $64,070, down 1.7% over the past 24 hours, it is right in line with MSTR’s most recent distribution average price. This level can be used as a reference for a short-term high-density positioning zone—if the price continues to fall, MSTR’s distribution cost will be higher than the market price, which may weaken incentives for further share reductions. ETH and SOL are also pulling back with the broader market and, for now, show no independent signals.

On-chain institutional behavior strategy: keep a close watch on changes in BTC holdings by listed companies like MSTR. Generally, when they sell at an average price more than 2% above the current price, it often signals a stage bottom. This time, the distribution average price is basically in line with the current price, leaving limited room for the trade. Wait for a more clear discount signal instead. #BTC