CryptoQuant: Major Strategy Slashes Bitcoin Purchases - Is This the Calm Before the Storm?
Institutional whales are hitting the brakes. A prominent trading strategy just slashed its Bitcoin buying activity, signaling a defensive pivot as market uncertainty builds.
The Pullback Pattern
Data doesn't lie. When a major accumulation strategy suddenly downshifts, it sends ripples across the entire ecosystem. This isn't retail panic—it's a calculated move by players with skin in the game, reallocating capital and tightening risk parameters. They're not selling en masse, but the buying spree is officially over.
Preparing for the Dip
What comes next? These firms aren't exiting; they're repositioning. The playbook is classic: build dry powder during periods of consolidation, ready to deploy when weaker hands fold. It's a waiting game, with billion-dollar treasuries poised to act while everyone else watches the charts.
Remember, in traditional finance, 'risk management' often means selling your neighbor's assets to cover your own bets. In crypto, the smart money just shows you their cards by stopping the buy orders. Now we see who's truly prepared for the volatility ahead.
Strategy’s Bitcoin Holdings and Recent Purchases
In November 2025, Strategy made a significant purchase of 8,178 BTC, totaling around $835.5 million. This acquisition raised its total Bitcoin holdings to 649,870 BTC, valued at approximately $58.7 billion. While this was the company’s largest purchase since July, it still reflects a more conservative approach compared to previous years.
Despite this, Strategy remains one of the largest Bitcoin holders, even as the firm curtails new buys. The company’s Bitcoin holdings have become a key point of speculation as it adjusts its treasury strategy in response to market fluctuations.
Strategy CEO Phong Le recently remarked that the firm may sell some of its Bitcoin if necessary. If the company’s stock falls below net asset value (NAV) or loses access to financing, it could liquidate part of its holdings. To mitigate this, Strategy has set aside a $1.4 billion cash reserve for dividend payments and debt obligations.
The company aims to extend this cash reserve to cover 24 months, providing more financial flexibility. Strategy’s ability to adapt to changing market conditions will be critical in maintaining its position as one of the largest Bitcoin holders.
Challenges with MSCI and Stock Market Indexes
Strategy faces challenges in trying to join major stock market indexes. MSCI, an organization that sets eligibility criteria for these indexes, has proposed a new policy. This policy WOULD restrict treasury companies with 50% or more of their assets in digital currencies from being included in these indexes.
If this policy is enacted in January, it could prevent firms like Strategy from benefiting from passive inflows tied to index inclusion. Strategy has been engaging with MSCI regarding this proposed change, which could impact its future plans.
CryptoQuant also referenced the Difficulty Regression Model, which estimates the cost of producing Bitcoin. Currently, the model places the production cost at around $92,300, closely matching Bitcoin’s current spot price. This suggests that Bitcoin is in a fair value zone, which could indicate a bearish market sentiment.
Bitcoin’s recent price movement below the model’s cost may signal further market corrections. Historically, when Bitcoin’s price drops below the model, it has marked a bearish phase for the cryptocurrency.
