【Saylor Signals Another Buy】
Saylor posted another “orange” teaser over the weekend, but $BTC bulls shouldn’t rush to take it as good news: Strategy is now spending more on buying back its own preferred shares than on buying Bitcoin.
What people think: Saylor drops a teaser, and a big purchase comes in on Monday.
What actually happened: Last week (October 1–4), it bought just 334 BTC for $28.7 million. In the same week, it spent $176.3 million buying back STRC preferred shares—about six times as much as it spent on Bitcoin.
The reason: STRC is trading below its $100 par value, so financing Bitcoin purchases by issuing STRC is temporarily off the table. Today is also a U.S. federal holiday, so this week’s holdings announcement will likely be delayed until Tuesday.
My take: Saylor’s teasers are becoming less effective at supporting prices in the short term. For BTC to reclaim the 20-day moving average at 84,261 (Binance data at 07:33), it will need buying pressure of its own.
If Tuesday’s announcement shows that weekly purchases have returned to more than 1,000 BTC, then I’m wrong.
Will Strategy buy more or less than 1,000 BTC this week?
Sources: Cointelegraph, The Block
$BTC #比特币 #MicroStrategy
#BinanceSquare
⚠️ The above is a summary of information and my personal opinion, and does not constitute investment advice. DYOR.
Saylor posted another “orange” teaser over the weekend, but $BTC bulls shouldn’t rush to take it as good news: Strategy is now spending more on buying back its own preferred shares than on buying Bitcoin.
What people think: Saylor drops a teaser, and a big purchase comes in on Monday.
What actually happened: Last week (October 1–4), it bought just 334 BTC for $28.7 million. In the same week, it spent $176.3 million buying back STRC preferred shares—about six times as much as it spent on Bitcoin.
The reason: STRC is trading below its $100 par value, so financing Bitcoin purchases by issuing STRC is temporarily off the table. Today is also a U.S. federal holiday, so this week’s holdings announcement will likely be delayed until Tuesday.
My take: Saylor’s teasers are becoming less effective at supporting prices in the short term. For BTC to reclaim the 20-day moving average at 84,261 (Binance data at 07:33), it will need buying pressure of its own.
If Tuesday’s announcement shows that weekly purchases have returned to more than 1,000 BTC, then I’m wrong.
Will Strategy buy more or less than 1,000 BTC this week?
Sources: Cointelegraph, The Block
$BTC #比特币 #MicroStrategy
#BinanceSquare
⚠️ The above is a summary of information and my personal opinion, and does not constitute investment advice. DYOR.