Under a net selling pressure of 600 million USD, BTC's trend is different; who is passively buying?

Recently, we have been continuously observing the bullish divergence in the spot market and discovered an interesting phenomenon: over the past week, the spot market has endured a net selling pressure of 600 million (the entire network's spot CVD actively sold a net of 600 million), yet the price trend remains resilient. Although it keeps 'painting doors,' the overall trend is upward, indicating that there is a significant amount of passive buying funds in the market.

In comparison to previous situations, from November 30 to December 1, the market also endured a net selling pressure of 600 million, but the price dropped by 7000 points. Clearly, in the past week, new funds have entered the market. The announcement by MSTR on Monday of 900 million in financing and the purchase of 10,000 BTC is a strong example.

Based on MSTR's stock price trend and bullish divergence, it is highly probable that they will continue to buy BTC this week. The reasoning is as follows: firstly, BTC rebounded due to positive news yesterday, and after MSTR's stock price surged, it immediately declined, dropping more than BTC, indicating that MSTR has selling pressure, suspected to be selling stock to finance in an ATM mode, and then buying BTC, creating passive buying. Next week, their purchase data will validate this speculation.

Secondly, MSTR hopes MSCI will withdraw the motion to remove it from the index and is very concerned about this matter and actively preparing. If removed from the index, the stock will face tens of billions in selling pressure, and mNAV may drop below 1, severely affecting financing ability. Therefore, MSTR is preparing 1.44 billion in funds to cope with future cash flow from dividends over the next 21 months, and has been crazily selling stock to finance the purchase of BTC since last week during low mNAV phases, which is rarely done.

This logic awaits validation in 1 - 2 weeks; if the scale of entry remains at 1 billion and 10,000 BTC per week next week, perhaps it will confirm this. Currently, MSTR's stock price performance and the ongoing bullish divergence and passive buying phenomenon of BTC slowly support this conjecture, and the data to be released next week is worth looking forward to.

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