Strategy didn’t buy a single $BTC last week, and I think this has been blown a little out of proportion.
According to its disclosures, it neither bought nor sold anything during the week of 10/19–10/25. It also didn’t sell shares through its ATM program. Instead, it used cash to repurchase about $205 million worth of STRC preferred shares. It still holds 848,517 coins, at an average cost of roughly $75,446. With the price now around $80,800, it still has a cushion of about 7% above its cost basis. It’s nowhere near being forced to sell its coins—it looks more like it’s sorting out its financing first.
What really makes me cautious isn’t that it paused its buying, but that the market has lost a buyer who used to show up every week. Price action has indeed been soft over the past few days, chopping around $80,000, and yesterday it briefly dipped to around $79,500. U.S. consumer confidence surged to 91.7 last night, and U.S. stocks also rose, but BTC only just managed to edge up with them. The move was pretty weak.
So my approach is simple: I’m not panic-selling spot just because a “big player stopped buying,” and I’m not chasing this small rebound ahead of the Fed’s rate decision. I won’t add to my futures position before the Fed decision comes down early Thursday morning. $79,220 is my line in the sand; if it breaks, I’ll cut leverage first. If price can hold above $81,300 on strong volume, I’ll consider following the move.
According to its disclosures, it neither bought nor sold anything during the week of 10/19–10/25. It also didn’t sell shares through its ATM program. Instead, it used cash to repurchase about $205 million worth of STRC preferred shares. It still holds 848,517 coins, at an average cost of roughly $75,446. With the price now around $80,800, it still has a cushion of about 7% above its cost basis. It’s nowhere near being forced to sell its coins—it looks more like it’s sorting out its financing first.
What really makes me cautious isn’t that it paused its buying, but that the market has lost a buyer who used to show up every week. Price action has indeed been soft over the past few days, chopping around $80,000, and yesterday it briefly dipped to around $79,500. U.S. consumer confidence surged to 91.7 last night, and U.S. stocks also rose, but BTC only just managed to edge up with them. The move was pretty weak.
So my approach is simple: I’m not panic-selling spot just because a “big player stopped buying,” and I’m not chasing this small rebound ahead of the Fed’s rate decision. I won’t add to my futures position before the Fed decision comes down early Thursday morning. $79,220 is my line in the sand; if it breaks, I’ll cut leverage first. If price can hold above $81,300 on strong volume, I’ll consider following the move.
