If you analyze the Cumulative Volume Delta for $BTC across 50 exchanges, whether in the spot or perpetual market, you will come to the conclusion that Saylor’s purchases are a very small fraction compared to the total volume from whales and the entire market.

Even though these purchases may seem like large amounts, companies like $MSTR ( Strategy), buy in portions over several days. So the buying pressure is relatively small compared to all traders around the world.

Do not become literally bullish just because one or two companies are buying assets. In a bear market, a swarm of whales, OGs, and quantitative funds is what makes the game happen.

If the definition that institutions buying is bullish were true, Bitcoin ETF purchases would sustain the price, and what has happened since October 2025 would not have happened.

Data > Narratives.

MSTRUSDT

Perp

168.08

-2.66%

BTCUSDT

Perp

76,807.7

-1.22%