BTC is currently hovering around 68,600, about 9% below Strategy’s average cost of 75,456.

Let’s do the math: Saylor holds 850,000 BTC (850364), with a total cost of $64.16 billion. At current prices, they’re worth just over $58 billion, leaving an unrealized loss of nearly $5.8 billion. Since November 8, BTC has closed below his cost basis every day.

What stings even more are the most recent purchases. On November 9, he bought 1,036 coins at an average price of 79,012, and is now down more than 10%. From the same pool of funds raised, he spent $188 million buying back his own STRC preferred shares—more than twice the $81.9 million spent on Bitcoin. It used to be “buy Bitcoin whenever there’s money”; now the priority is to stabilize the financing base. I think this shift is more worth watching than the paper losses themselves.

The stock price is voting with its feet too: MSTR closed at $114.41 on Thursday, down 6.49%, while the MSTR token on Binance fell nearly 8% again in 24 hours.

I don’t think he’ll sell. His strategy has always been to ride it out. But the market’s biggest single buyer is starting to “pull back”—who’s going to step in and buy?

Do you think BTC can get back to the 75,000 level?

#BTC #MicroStrategy #比特币 $BTC