MSTR sells BTC, stock price has dropped over 70% from its 52-week high.
Putting these two things together, what concerns me more is the timing of the sell: they didn’t sell at the peak, but rather on the way down. This isn’t a proactive reduction of their position, it feels more like a reactive measure.
$BTC dropped 4.9% today, hitting a low of 66432, currently around 67577. Futures volume was 21.7 billion, while spot was only 2.1 billion, giving a futures/spot ratio of 10.3 times. This ratio indicates that today's drop is primarily driven by the futures market, not by significant selling from spot holders.
Funding rate is +0.01%, open interest is 107,221 BTC, with no significant liquidation happening. Bulls haven’t been wrecked, but no one is adding to their position here—open interest is stable but prices are falling, and I’m not a fan of this combination.
MSTR’s role has changed. In 2020-2021, it was a BTC amplifier; when they bought, the market followed suit. Now it’s become a pressure source—when they sell, the market has to digest that signal. It’s not just about the volume, it’s because the narrative has cracked. The story of "unlimited BTC buying" is starting to show signs of wear.
My current position: I’ve placed a long order at 66500 with a 3% stake, stop-loss at 65200, and a target of 69800. The risk-reward ratio is close to 1:2. If the spot buying can hold here, the structure is still intact; if it breaks below 66000, I’ll stop out and wait for the next level.
Not adding to my position, waiting for confirmation.
$BTC #Bitcoin #MSTR
If I lose, don’t cue me; if I win, buy me a coffee.