$MSTR buying activity has collapsed. April saw 34,164 $BTC acquired in one week. October dropped to 300/week. Last week: zero.
Saylor's cost basis sits at $75.4K. Spot is $78.2K. That's a 3.6% cushion—razor thin for a leverage play of this size.
When the most vocal institutional buyer goes silent at these levels, it's a liquidity signal. Either the arb window closed, financing costs spiked, or he's waiting for a better entry. None of those are bullish.
Watch the $75K level. If spot breaks below his basis, the narrative flips from genius to bag holder. Margin of safety here is nonexistent.
Saylor's cost basis sits at $75.4K. Spot is $78.2K. That's a 3.6% cushion—razor thin for a leverage play of this size.
When the most vocal institutional buyer goes silent at these levels, it's a liquidity signal. Either the arb window closed, financing costs spiked, or he's waiting for a better entry. None of those are bullish.
Watch the $75K level. If spot breaks below his basis, the narrative flips from genius to bag holder. Margin of safety here is nonexistent.
