Michael Saylor published a chart of the company's Bitcoin portfolio on social media, accompanied by a brief note: “Orange points tell only part of the story.”
Saylor ' s past statements have been very high, but he is now beginning to blur his statement and suggest that there may be more behind the chart.
Saylor's hint is at a time when the company first faces a fragile situation. The graph shows that the average purchase price of the portfolio was $75,476 and the return fell to 15.41 per cent, meaning that the unrealized losses were close to $10 billion. In these circumstances, it is clear that the company does not have the resources to undertake a new round of radical purchases.
CryptoQuant Analyst Maartunn published a chart showing the company's buy-in and sell-out and asked directly, “Does this mean that we are about to see more bottom-sales?”
The data showed that what Sailor did not specify had become clear: the orange purchase point on the chart had been completely replaced by the red sales mark. The largest of these transactions, 3,588 BTC, which was recently sold at $216 million, occurred at a lower point in Bitcoin prices near $60,000. The net loss of Saylor indicates that the transaction was forced because the company urgently needed cash in French to cover its high-yield priority share.
In the past, Strategy was seen as the “hard bottom line” of the market, and investors knew that Saylor would buy and support prices when the market fell. Today, as the company still holds 843,775 BTC on its books, the market questions this state of affairs with vague hints from its founders. The main problem now for the market is whether this will become the norm and at what price the company will sell the next bitcoin.