A company is propping up the price of Bitcoin! Despite weak market demand, Strategy (MSTR.US) continues to increase its holdings on a large scale.

Once upon a time, the price of Bitcoin was driven by a variety of demands from retail investors, institutions, speculators, and ETF funds, but now, the capital structure of the cryptocurrency market seems to be becoming increasingly concentrated. The latest data shows that Strategy (MSTR.US) is becoming the core force supporting the price of Bitcoin. Currently, the price of Bitcoin is around $77,500, a drop of nearly 30% from a year ago. However, in the context of overall weak demand in the market, Strategy led by Saylor continues to buy Bitcoin on a large scale. According to company disclosure documents, Strategy has accumulated 171,238 Bitcoins so far this year. This scale even exceeds the approximately 62,000 Bitcoins newly produced by the global mining network during the same period. Analyst Mark Palmer from Benchmark-StoneX pointed out that Strategy currently seems to account for a majority of the net buying of enterprise and ETF-related Bitcoins in 2026. Research firm 10x Research bluntly stated that if investors are still focusing on Federal Reserve speeches, macroeconomic data, or ETF fund flows to judge the trend of Bitcoin, "they may be looking at the wrong trend." Currently, Strategy is mainly raising funds through a perpetual preferred stock financing tool called STRC. This product provides investors with an annual cash dividend of 11.5%, while Strategy continues to buy spot Bitcoin with the financing proceeds. Market data shows that in just the past three weeks, Strategy has accounted for about 12% of overall Bitcoin trading activity. In some weekly trades, its trading volume has even exceeded 20%. Markus Thielen, CEO of 10x Research, believes that the increasing demand for Bitcoin is increasingly dependent on "financial engineering" rather than natural market demand. At the same time, the key forces that drove the Bitcoin bull market in 2024, such as ETF arbitrage funds, retail investors, and miners with long-term holding behavior, are significantly weakening. Reports indicate that the flow of US Bitcoin ETF funds has recently slowed down, and the trading volume of retail investors in Asian markets such as Korea has been continuously declining. In addition, mining companies are also selling more Bitcoins to shift towards AI data centers and AI computing infrastructure businesses. This means that the Bitcoin market is becoming more and more reliant on a single buyer support. This has also sparked market concerns, as if Strategy's ability to raise funds decreases in the future, or stops continuous buying, the price of Bitcoin may face greater volatility risks. Currently, Strategy holds about 843,700 Bitcoins, with an average purchase cost of about $75,700, only slightly lower than the current market price. If the price of Bitcoin further declines, it will not only affect Strategy's balance sheet, but may also weaken market confidence in the STRC financing model, leading to a negative feedback loop. At the same time, Strategy's management has recently hinted for the first time that they may consider selling part of their Bitcoins in the future. Saylor even compared the company to a real estate developer, and stated that if it helps improve the capital structure or increase the "per Bitcoin share value," the company may sell some Bitcoins in the future. However, analysts generally believe that in the short term, Strategy will continue to maintain its large-scale buying strategy. But what the market is increasingly worried about is whether the cryptocurrency market, with a market value of about $1.5 trillion, has become overly dependent on a single buyer support.