Strategy MicroStrategy suddenly got noticed for transferring BTC to exchanges. Although there was no actual sell-off in the end and the related transfers were reversed, a lot of folks started to worry: what if one day they really do sell?
This got me thinking about a hard truth many don't want to face: over the years, MicroStrategy has practically become Bitcoin's biggest faith advocate.
Issuing bonds to buy coins, raising funds to buy coins, and with stock prices increasing, they keep buying more coins.
In a bull market, this strategy seems almost invincible, even leading many to believe that MicroStrategy only buys, never sells.
But the capital markets have never had eternal buyers.
Now, MicroStrategy has hoarded over 840,000 BTC, and the scale is only getting bigger. With debt levels increasing, market conditions changing, and potential operational needs arising, selling Bitcoin isn't a question of if, but when. Everyone studies how many more BTC MicroStrategy can buy every day, yet very few consider what happens if they start to liquidate. This recent transfer to the exchange temporarily boosted the odds of MicroStrategy selling Bitcoin by 2026 to over 90% on Polymarket.
It's important to remember that one of the main forces driving Bitcoin's price up is the continuous influx of new buyers. When the biggest buyer turns into the biggest seller, the narrative shifts in a whole new direction.
Many believe MicroStrategy is Bitcoin's biggest backbone.
But from another angle, it could also represent the greatest potential risk in the future.
Because what supports price increases is never faith, but real cash flow.
When the buying logic reaches its limit, the market will eventually have to face the day of selling, and at that point, $MSTR #比特币储备公司面临结构挑战
This got me thinking about a hard truth many don't want to face: over the years, MicroStrategy has practically become Bitcoin's biggest faith advocate.
Issuing bonds to buy coins, raising funds to buy coins, and with stock prices increasing, they keep buying more coins.
In a bull market, this strategy seems almost invincible, even leading many to believe that MicroStrategy only buys, never sells.
But the capital markets have never had eternal buyers.
Now, MicroStrategy has hoarded over 840,000 BTC, and the scale is only getting bigger. With debt levels increasing, market conditions changing, and potential operational needs arising, selling Bitcoin isn't a question of if, but when. Everyone studies how many more BTC MicroStrategy can buy every day, yet very few consider what happens if they start to liquidate. This recent transfer to the exchange temporarily boosted the odds of MicroStrategy selling Bitcoin by 2026 to over 90% on Polymarket.
It's important to remember that one of the main forces driving Bitcoin's price up is the continuous influx of new buyers. When the biggest buyer turns into the biggest seller, the narrative shifts in a whole new direction.
Many believe MicroStrategy is Bitcoin's biggest backbone.
But from another angle, it could also represent the greatest potential risk in the future.
Because what supports price increases is never faith, but real cash flow.
When the buying logic reaches its limit, the market will eventually have to face the day of selling, and at that point, $MSTR #比特币储备公司面临结构挑战