- Michael Saylor may extend his 10-week Bitcoin buying streak as MicroStrategy nears a landmark 600,000 BTC milestone.
- Bitcoin’s cost basis cluster around $97K–$98K could trigger volatility as short-term holders face mounting pressure.
- MicroStrategy’s aggressive BTC strategy and justified stock premium reflect deep institutional conviction despite volatile price levels.
Michael Saylor’s MicroStrategy is once again stirring the Bitcoin market. He shared the Saylor Bitcoin tracker—his usual move before a purchase. Historically, this post precedes a fresh Bitcoin buy within 24 hours. Market participants now expect another acquisition, extending the company’s remarkable 10-week buying streak. Strategy already holds 592,100 BTC worth $60.85 billion. A potential purchase of 7,900 BTC would push its holdings beyond 600,000 BTC. This follows last week’s $1.05 billion acquisition of 10,100 BTC. The company’s longest buying streak stands at 12 weeks, and current momentum points to a new record.
Source: Bitcoin Magazine
Moreover, Blockstream CEO Adam Back weighed in on Strategy’s stock premium. He believes the 1.7x premium is justified. He explained that MicroStrategy effectively doubles its Bitcoin per share every 16–18 months. Hence, investors gain long-term upside while minimizing risk. As Strategy accumulates Bitcoin aggressively, it leverages financial instruments like ATM equity offerings and convertible notes. These tactics give Strategy liquidity to pursue consistent purchases, even during corrections.
Short-Term Holder Risk Grows at $98K Pivot
Besides the bullish buying trend, the Bitcoin cost basis distribution reveals growing short-term holder risk. According to Glassnode, the short-term holder cost basis is around $98,100. Recent price corrections have bounced near this level, showing it as a major inflection zone. However, heavier supply sits just below—between $97,000 and $98,000. This dense cluster may act as the true pivot in the next market drawdown.
Source: Glassnode
Glassnode’s heatmap shows intense accumulation between $95,000 and $105,000. This zone has attracted substantial buying from December 2024 through June 2025. Additionally, market activity waned during Bitcoin’s drop below $85,000 in February. Fewer holders were willing to accumulate during those bear phases, as seen in the sparse blue areas on the map.
Strategy’s Streak Versus Market Structure
Consequently, the macro trend reflects two realities. On one hand, MicroStrategy is ramping up institutional demand. On the other, short-term holders are entering high-risk zones. Hence, if Bitcoin revisits sub-$98,000 levels, a flush of weak hands may trigger steeper corrections. However, with institutions like Strategy buying relentlessly, dips may continue to attract support. The convergence of aggressive buying and cost basis pressures defines the current Bitcoin battleground.
