Michael Saylor posted his usual Bitcoin tease again.

The words were simple. We are back.

Usually this kind of post gets people thinking that Strategy may be ready to buy more Bitcoin. That matters because Strategy already holds a huge amount of BTC.

But I think there is another part of this story that is easier to miss.

Bitcoin has been moving higher. BTC is around $78K and has gained more than 23% over the past month.

Yet spot buying does not look strong enough to fully support that move.

Bitcoin Spot CVD has stayed almost flat. That means the spot market is not showing the kind of strong buying that you would normally want to see behind a large rally.

So what is pushing the price?

Leverage could be playing a bigger role.

When futures traders keep opening long positions the price can move higher even when spot buyers are not doing much. The problem is that this type of move can turn around very quickly.

That makes Saylor’s latest message interesting.

If Strategy really starts buying again then it could give the market another source of demand. Strategy has already built its Bitcoin position around an average cost near $75K.

But one company buying Bitcoin cannot fix weak market demand forever.

There is also the recent movement from large holders. Around 5,100 BTC worth nearly $399M was moved to Binance. That does not automatically mean selling. It could simply be liquidity or a change in holdings.

Still it adds more supply that traders will watch.

For me the main question is not whether Saylor buys again.

It is whether spot buyers finally return.

If BTC keeps rising while spot demand stays weak then this rally still looks fragile.

If spot buying starts picking up at the same time then the move becomes much easier to trust.

Saylor may be back.

Now Bitcoin needs real buyers to come back too.