Strategy’s move also aligns with the recent acceleration in corporate Bitcoin buying. The idea of holding BTC on company balance sheets is back on the table. Macro signals from the US are mixed, interest-rate expectations remain cloudy. After the latest jobs data, volatility in risk assets picked up. Right at this point, Strategy’s financing structure becomes more visible.

In short, while continuing its BTC accumulation strategy, the company is turning to new tools designed to partially shield investors from volatility.

Why Is MSTR Sliding While Bitcoin Falls?

In Phong Le’s interview with Bloomberg Television, the standout topic was “Stretch (STRC).” Strategy is preparing to issue more STRC perpetual preferred stock (perpetual preferred shares) to fund BTC purchases.

Le described the structure like this:

“We’ve engineered something for investors who want access to digital capital without that volatility.”

The critical detail here is STRC’s monthly-adjusted dividend structure. The goal is to keep the price trading around $100. Currently, the monthly reset dividend rate stands at 11.25%.

STRC closing at $100 today also sent a symbolic signal: more BTC buying is likely on the way from Strategy.

Looking at the company’s recent financing activity, the picture is somewhat fragmented. Roughly $370 million in MSTR common stock sales and just $7 million in preferred shares were used for recent BTC purchases. So STRC still represents a small slice. But Le’s message is clear: that slice will grow.

At this point, Michael Saylor also stepped in. Strategy’s executive chairman reiterated that the company has no plans to sell its BTC holdings.

MSTR Under Pressure: Another 5% Lower

Market sentiment is even more tense.

MSTR shares dropped another 5.16% on Wednesday to $126.14. Year to date, the stock is down about 20%. Since the October crypto crash, the picture is harsher: losses are approaching 70%.

Strategy’s market capitalization has fallen to around $40 billion during this period.

Bitcoin’s slide from a peak above $126,000 to below $65,000 has directly impacted the company’s balance sheet. In Q4 2025 earnings:

• Net loss: $12.4 billion
• Loss per share: $42.93
• Unrealized loss from digital assets: $17.4 billion

This quarter doesn’t look much different. Strategy is currently sitting on nearly $6 billion in unrealized losses on its BTC positions.

BTC purchases funded through ongoing share dilution are naturally weighing on investor psychology. Analysts are cutting targets. Volatility isn’t just showing up in crypto—it’s echoing across the MSTR chart as well.

Bitcoin Holds the $66K Zone

Bitcoin has slipped another 1% over the past 24 hours and is trading around $66,803 at the time of writing. The intraday range stands between $65,757 and $68,650.

What’s notable: trading volume is up more than 20%. Dip buyers are active. Still, on-chain data tells a more cautious story.

According to Glassnode, Bitcoin is showing structural weakness. Price remains defensive within the $60K–$72K range. Spot volumes are reactive, futures markets are cooling, and treasury outflows are suppressing demand.

CoinGlass data paints a similar picture. Selling pressure returned in derivatives markets over the past few hours. Total BTC futures open interest rose 1% over 24 hours but dropped 1% in the last four hours to $45.21 billion, with declines seen on both CME and Binance.

A Small Side Note

Strategy’s approach is increasingly shifting away from a traditional corporate model toward a kind of “Bitcoin proxy.” Tools like STRC aim to soften that structure. Will it work? Time will tell.

What’s clear is this: despite short-term balance-sheet pain, Phong Le and Michael Saylor are not backing away from their long-term BTC thesis. MSTR is swinging, Bitcoin is choppy, investors are uneasy. Yet Strategy is holding its course.

The market, for now, remains unconvinced.

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According to TradingView data, BTC/USD dropped more than 7% during weekend trading, decisively losing the $80,000 support zone. With this break, the April 2025 bottom near $74,500 has returned to focus. Thin liquidity amplified volatility, allowing sell orders to accelerate and deepen price gaps.

Liquidation Cascade Accelerates

The latest decline wiped out roughly $800 million in leveraged positions within a short time frame. Total liquidations across the crypto market approached $2 billion, highlighting the scale of forced selling. A fragile market structure, already weakened earlier in the week, failed to absorb the pressure once liquidity dried up.

Keith Alan, cofounder of Material Indicators, commented on X that the local low near $80,500 had been completely invalidated. According to Alan, the breakdown increases the probability of further downside tests at lower historical levels.

Bitcoin Loses Its “True Market Mean”

On-chain analyst On-Chain College noted that Bitcoin has now fallen below its true market mean, a metric representing the aggregate cost basis of the actively circulating BTC supply. This level is currently estimated at $80,700.

Bitcoin has not traded below this metric since October 2023, when the price was near $29,000. The loss of this level is widely viewed as a negative signal for short- to medium-term price structure, suggesting that market participants are now holding coins at an average unrealized loss.

From a technical perspective, analysts are also watching the $69,000 area — the peak of the previous bull market in November 2021 — as a potential downside reference if selling pressure persists.

Strategy Bitcoin Holdings Slip Into the Red

The decline has also affected corporate Bitcoin treasuries. Strategy, the company holding the largest amount of Bitcoin among publicly known firms, now faces unrealized losses on its BTC position. The firm’s average Bitcoin acquisition cost stands at approximately $76,037, placing its holdings underwater as price slipped below that threshold.

Strategy currently holds more than 700,000 BTC. Meanwhile, the company’s stock price has fallen to around $143, marking a nearly 70% decline from its local high of $455 recorded in July last year. Continued volatility in Bitcoin prices is increasing sensitivity around Strategy’s balance sheet.

Overall, the latest move underscores that near-term risks in the Bitcoin market remain elevated, with price still searching for a stable equilibrium.

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Despite persistent volatility throughout the year, capital largely remained in the market. This behavior suggests a more cautious but durable investment approach, shifting expectations away from sharp rallies toward a scenario of gradual and sustained participation.

More Than Half of 2025 Inflows Came From DATs

Analysts estimate that around $68 billion of total digital asset inflows in 2025 originated from Digital Asset Treasuries (DATs). Of this amount, approximately $23 billion was attributed to Strategy, closely mirroring the company’s $22 billion Bitcoin purchase in 2024.

The more notable shift, however, occurred outside Strategy. Other corporate treasuries collectively acquired about $45 billion in digital assets during 2025, a sharp increase compared with $8 billion the previous year. The data highlights a broader expansion in the number of balance-sheet-driven participants entering the market.

Buying Slowed, But No Clear Exit Signal

Most DAT-related purchases were concentrated in the early part of the year. Since October, crypto acquisitions through this channel — including those by major players such as Strategy and BitMine — have slowed considerably.

Analysts do not view this slowdown as a clear risk-off move. In recent commentary, they noted signs that risk aversion in crypto markets has eased, with ETF flows and other indicators beginning to stabilize.

The prevailing view at JPMorgan is that capital brought forward in 2025 has not exited the market. Instead, new allocations appear to be more selective and spread over time, suggesting a transition into a more measured phase rather than a reversal.

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Data from TradingView shows Bitcoin briefly dipping to $87,600 on Coinbase, marking its lowest level in nearly two weeks. Although prices rebounded toward $89,000 shortly after, the sudden move reinforced a pattern of sharp weekend declines that traders have grown accustomed to in recent weeks.

Bitcoin Slides to Two-Week Low as Volatility Returns

The dip to $87,600 represents Bitcoin’s weakest price action since early December, when the asset was recovering from a deeper pullback toward $84,000. Despite the brief nature of the decline, the move unsettled short-term traders and triggered renewed discussions around downside risk.

Weekend volatility has become increasingly common, particularly during periods of thin liquidity. As a result, even modest selling pressure can push prices lower quickly before buyers step back in.

At the time of writing, Bitcoin had managed to reclaim ground above $89,000. However, traders remain cautious, watching whether the recovery can hold into the new trading week.

Saylor Signals Another Strategy Bitcoin Purchase

Amid the price drop, Michael Saylor posted a familiar message on X, writing “Back to More Orange Dots” alongside a portfolio chart. The phrase has become widely associated with Strategy’s Bitcoin accumulation strategy.

According to SaylorTracker data, Strategy’s most recent Bitcoin purchase occurred on Dec. 12, when the firm acquired 10,624 BTC. That transaction marked its largest buy since late July, reinforcing the company’s long-term conviction.

Strategy currently holds approximately 660,624 BTC, valued at around $58.5 billion based on current market prices. With an average acquisition cost of $74,696 per coin, the firm remains comfortably in profit despite recent market turbulence.

Japan Rate Expectations Fuel Selling Pressure Debate

Some analysts believe the renewed selling pressure may be linked to expectations surrounding the Bank of Japan’s upcoming interest rate decision. Market participants are increasingly focused on Japan’s role in global liquidity conditions.

Analyst NoLimit warned that Japan’s previous rate hikes have coincided with sharp Bitcoin corrections. They highlighted Japan’s position as the largest holder of U.S. debt, suggesting that shifts in its monetary policy can ripple across global risk assets.

Polymarket data currently assigns a 98% probability to a 0.25% rate hike by the Bank of Japan later this week. This expectation has fueled concerns about a potential carry trade unwind.

However, not all analysts agree. Sykodelic argued that markets have already priced in Japan’s move, emphasizing that prices tend to react ahead of known events rather than after they occur.

Justin d’Anethan of Arctic Digital echoed this view, suggesting Bitcoin may remain range-bound between $80,000 and $100,000. According to d’Anethan, traders are now waiting for a stronger catalyst to break the current consolidation phase.

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The post Bitcoin Slips Below $88K as Michael Saylor Signals New Buy appeared first on Coin Engineer.

This accumulation makes Strategy one of the largest institutional holders of Bitcoin worldwide, often described as a major whale in the crypto market. Yet, investors have noticed that the pace of purchases has slowed compared to the aggressive buying seen during the summer of 2025. 

Declining Purchases Raise Investor Questions 

The reduction in Bitcoin acquisitions has fueled speculation about a potential strategic shift. During the same period, Bitcoin gained 22% in value, while Strategy shares increased by only 9%. This performance gap has worried investors, as the company’s stock is designed to reflect Bitcoin’s growth. 

Moreover, Strategy has financed these purchases through stock sales. Recently, the firm issued 3.2 million new shares, leading to a dilution of nearly 94%. Analysts warn that such heavy dilution could undermine shareholder confidence and raise questions about the sustainability of Strategy’s financial model. 

Michael Saylor’s Long-Term Bitcoin Commitment 

CEO Michael Saylor continues to emphasize the company’s commitment to Bitcoin as a long-term strategy. He has repeatedly stated that holding BTC is a hedge against inflation and a key driver of corporate value. However, with increased stock dilution and a noticeable lag in share performance, investors are beginning to question the effectiveness of this approach. 

Still, many long-term supporters view Strategy’s vast Bitcoin reserves as a strong foundation for future growth. They argue that despite market volatility, the company remains uniquely positioned to benefit from Bitcoin’s long-term trajectory. 

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