MicroStrategy has been the most aggressive institutional $BTC accumulator since 2020, holding over 400K coins. Recent on-chain data shows large wallet movements that could signal distribution. If they're actually selling (not just consolidating wallets), it breaks their multi-year HODLing pattern and could trigger panic selling. Watch for official statements and track their Treasury Bitcoin holdings disclosures. This matters because their average buy price is around $30K - any sustained selling below that would be a major strategic reversal.