Bitcoin has had a hard end to the year. Price dropped from the October high near one hundred twenty six thousand to around eighty eight thousand. As price fell attention shifted to one company more than any other. Strategy Inc which many still associate with Michael Saylor has long been the largest corporate buyer of Bitcoin. Now that its buying slowed fear has spread fast.
Many investors worry that Strategy could be forced to sell its Bitcoin. The company holds more than six hundred seventy thousand BTC which is a very large share of total supply. Because of that even rumors of trouble create panic. The company stock also dropped hard. Since mid year it fell more than sixty percent. This made people believe the famous Bitcoin premium tied to the stock was gone.
Online discussion turned dark. Some openly talked about liquidation. Others expected a collapse. This fear grew stronger when prediction markets suggested a high chance that Strategy could be removed from a major index. If that happened passive funds would be forced to sell shares. That idea alone was enough to scare many people.
But the fear does not fully match the facts. Strategy does not rely on short term loans. Its debt is long term and spread far into the future. It also holds a large cash reserve. The company started with more than one billion in cash and later increased that amount. This gives it room to survive long downturns without selling Bitcoin.
Despite loud talk online there is no clear sign that Strategy is close to being forced out of its position. The balance sheet does not show stress at a level that would require emergency selling. Much of the panic comes from emotion rather than numbers.
Fear peaked earlier in December. That was when talk of index removal went viral. Critics were loud and aggressive. Many seemed eager to see the strategy fail. This kind of mood often appears near market turning points. History shows that when sentiment becomes one sided and hostile weaker hands often exit. After that markets tend to stabilize.
Recent data shows that extreme negativity has started to cool. Public mood around Saylor stopped getting worse and began to level out. That does not mean price will jump right away. It does suggest that the worst emotional phase may have passed.
There is however a wider risk beyond one company. Many firms copied the Bitcoin treasury model. The top group of these companies now holds more than one million BTC combined. This concentration draws attention from index providers and regulators. If rules change to limit companies that hold too much Bitcoin borrowing costs could rise for them.
Some estimates suggest Strategy alone could face billions in forced selling if excluded from key indexes. But this is still only a scenario not a decision. Markets often price in worst cases before they happen.
In simple terms fear is very high. Bitcoin price is down. Strategy stock is down. Rumors are everywhere. At the same time the company is not broken. Its debt is long term. Its cash position is strong. And broader interest in Bitcoin from institutions has not disappeared.
When people cheer for collapse and expect disaster markets are often closer to a bottom than a top. This moment may not mark the end. It may mark a pause before the next phase begins.
