The aggressive Bitcoin accumulation strategy that once defined MicroStrategy (MSTR)'s dominance in the bull market has urgently hit the brakes. On-chain analysis firm CryptoQuant described this move as a "tactical shift" for survival, as the corporate giant significantly reduced its Bitcoin purchases and established a substantial fiat currency buffer, signaling that the company is preparing for a prolonged bear market.
Crazy buying collapse
For years, MicroStrategy has been a ruthless bidder in the market, consuming available supply at any price. However, data from the fourth quarter of 2025 shows a marked change in its behavior.
According to CryptoQuant's new report, the company's monthly Bitcoin purchasing amount has collapsed:
Peak purchases (November 2024): 134,000 BTC
November 2025: 9,100 BTC
December 2025 (month to date): only 135 BTC
CryptoQuant analysts noted in a widely circulated report this week: "The amount of Bitcoin purchased by MicroStrategy has collapsed. The 24-month buffer period clearly indicates one point: they are preparing for a bear market."
New 'dual reserve' defense
MicroStrategy is no longer putting every dollar into digital assets, but has announced the establishment of a $1.44 billion dollar reserve. This fund is explicitly designated for paying debt interest and preferred stock dividends over the next 12 to 24 months.
This transition to a 'dual reserve treasury' model (holding both Bitcoin and dollars) represents the maturation of Michael Saylor's corporate strategy. By ensuring they have enough cash to pay two years of debt, the company has eliminated the nightmarish scenario of being forced to sell their Bitcoin assets at a low price to pay bills during a market crash.
Bear market indicators are lighting up red
The timing of this transformation coincides with a deterioration in market signals. CryptoQuant's proprietary Bull Score Index has fallen to zero for the first time since January 2022, which is a reliable indicator that market momentum has decisively shifted to bearish territory.
As Bitcoin consolidates in the range of $90,000 to $110,000 (below the $126,000 high), the disappearance of MicroStrategy's buying pressure has eliminated a key support level for asset prices.
"The reduction in marginal Bitcoin purchasing power has weakened the strong demand channels that amplified previous bull market cycles," explained CryptoQuant. However, they also acknowledged the long-term benefits: "The significant reduction in dollar reserves greatly lowers the likelihood of being forced to sell Bitcoin in distress, which ultimately benefits the long-term stability of the market."
What does this mean for investors
The so-called 'Saylor Put'—the belief that MicroStrategy will indefinitely support the market—seems to have paused. As the largest corporate holder shifts from offense to defense, the market enters Q1 2026 with fewer whales swimming upstream.
Market reaction: MSTR's stock price has adjusted to the new reality, dropping about 6% under the impact of the news, as investors digest
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