Michael Saylor relaunches the Strategy machine with 397 new BTC. However, the crypto market is wondering: why a 78% drop in the rate of bitcoin purchases in one month? A weak signal or a tactical pause?
In brief
- Strategy is sharply slowing its Bitcoin purchases, with a drop of 78% in October.
- This withdrawal raises doubts about the recovery of the market, which is highly dependent on institutional players.
Strategy slows down: buying additional bitcoins does not reassure the market
In early November, Michael Saylor confirmed the purchase of 397 BTC by Strategy. That’s about $45.6 million based on the current bitcoin price. These new purchases bring the company's total holdings to 641,205 BTC, for a cumulative acquisition value of $47.49 billion. The average price therefore amounts to $74,047 per unit.
Performance remains strong: the return on Strategy's bitcoin portfolio has reached +26.1% since January. However, analysts do not accept this figure. What is striking is the free-falling dynamic of acquisitions. The fact is that Strategy only purchased 778 BTC in October, compared to 3,526 in September. A drop of 78% which is striking.
This trend marks a break. Since 2020, Strategy has been the main catalyst for institutional positioning on bitcoin. His massive commitment served as a barometer of confidence. Today, this barometer is racing downward.
According to some crypto analysts, the lack of Strategy purchases combined with low activity in US spot ETFs is compromising the recovery of bitcoin.
A leading indicator of institutional crypto mood?
We all know that the crypto community scrutinizes every movement by Michael Saylor as a trend indicator. Between dark humor and sincere concerns, the comments reveal a reality: the current slowdown is destabilizing.
Some recall that Strategy bought more than 20,000 BTC per month at the start of the year. In comparison, October’s 778 BTC translates an almost zero growth rate : +0.12%. This stagnation contrasts with the company's ultra-aggressive posture in the first half.
Among other bitcoin enthusiasts, several hypotheses emerge.
- On the one hand, a consolidation strategy after an intense accumulation phase.
- On the other, a more defensive positioning in the face of a market which is struggling to regain momentum.
The analysis of these signals remains complex. Also, nothing in the public declarations allows us to decide for the moment.
But one thing remains certain: Strategy's wait-and-see attitude impacts the Bitcoin ecosystem well beyond its sole purchases. As long as Strategy does not give the signal of a return to the offensive, the players will wait and so will the price of BTC.
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