Michael Saylor Explains Why Strategy Is Not Driving Bitcoin’s Price

The $200M Per Hour That Did Not Move the Market

The detail that no headline will catch is not that Strategy bought $200M per hour without moving price: it is that stopping the buying caused price to trade up, which is the signature of a buyer that was suppressing rather than driving the market. Saylor described the sequence precisely: buying $200M per hour for four hours produced no upward price movement. Turning it off caused price to trade up. The standard model of large buyer impact, buy a lot and price goes up, did not hold. What held instead was the opposite: the presence of the buyer appeared to dampen price, and the removal of the buyer allowed it to rise.

One explanation is that Strategy’s buying requires liquidating other positions or drawing down cash reserves, and the market activity surrounding that funding process creates ...