[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"news-aggregator-cryptoquant-says-strategy-read196019ae6c8-8d38-7f05-95b3-0c217cced742":3},{"id":4,"timestamp":5,"title":6,"content":7,"link":8,"preview":9,"tags":10,"predictedTags":11,"showTags":12,"source":13,"reactions":14,"selfReactions":15,"logo":16,"sourceId":17,"sourceUserId":9,"asset":18,"tagsCategories":19,"totalComments":20,"lang":21,"unique_views_count":22,"enrichStatus":18,"triageKind":9,"triageImportance":9,"expandEligible":9,"summarizeEligible":9,"eventEligible":9,"eventType":9,"eventAction":9},"cryptoquant-says-strategy-read196019ae6c8-8d38-7f05-95b3-0c217cced742","1764807464000","CryptoQuant says Strategy readies for bear market by cutting Bitcoin purchases","\u003Cp>CryptoQuant noted that Strategy’s move from aggressive Bitcoin buying to a more conservative, liquidity-focused treasury approach comes amid Bitcoin’s largest drawdown of 2025. \u003C/p>\u003Cp>\u003Cspan>“Strategy’s Bitcoin buying has collapsed through 2025,” CryptoQuant noted in a Wednesday report, noting a dramatic monthly reduction in Bitcoin buys by Strategy since late 2024.\u003C/span>\u003C/p>\u003Cp>\u003Cspan>CryptoQuant reports that the company’s \u003Ca href=\"https://www.cryptopolitan.com/strategy-could-sell%e2%80%91off-of-bitcoin-stash/\">monthly purchases\u003C/a> decreased from 134,000 BTC at the 2024 peak to just 9,100 BTC in November 2025, with only\u003C/span>\u003Cspan> 135 BTC so far this month.  According to the data analytics firm, the 24-month buffer is a clear indication that Strategy is bracing for the bear market.\u003C/span>\u003C/p>\u003Cp>\u003Cspan>On November 17th, Strategy acquired\u003C/span>\u003Cspan> 8,178 BTC\u003C/span>\u003Cspan> for approximately $835.5 million, its largest purchase since July, bringing its total holdings to 649,870 BTC, valued at approximately $58.7 billion at the time of writing.\u003C/span>\u003C/p>\u003Cp>\u003Cspan>The firm has been the \u003C/span>\u003Cspan>subject of intense speculation\u003C/span>\u003Cspan> over the last several months following a downturn in the crypto market and the \u003C/span>\u003Cspan>unwinding of the BTC proxy trade\u003C/span>\u003Cspan>, which included digital asset treasury companies that accumulate crypto and mining operations.\u003C/span>\u003C/p>\u003Cspan>Strategy secures $1.4B cash reserve \u003C/span>\u003Cp>Just a few weeks ago, Strategy CEO Phong Le said the company might sell some of its Bitcoin to cover \u003Ca href=\"https://x.com/cryptoquant_com/status/1996274730618253644\">debt costs\u003C/a>, but only if its stock falls below net asset value (NAV) or if it loses access to financing.\u003C/p>\u003Cp>The company has also set aside a $1.4 billion cash reserve to cover dividend payments and debt obligations. This reserve is expected to provide a 12-month runway, with plans to expand it to cover 24 months, the company added.\u003C/p>\u003Cp>\u003Cspan>Strategy’s attempt to join major stock market indexes has faced obstacles.MSCI, which sets eligibility criteria for many of these indexes, has suggested a policy change that would bar treasury companies holding 50% or more of their balance-sheet assets in digital assets.\u003C/span>\u003C/p>\u003Cp>The directive would cut off firms like Strategy from the passive inflows that come with index inclusion. Michael Saylor, the co-founder of Strategy, recently stated that Strategy is engaging with MSCI regarding the proposed policy change, which is set to take effect in January.\u003C/p>\u003Cspan>Bitcoin bounces to align with industry cost benchmarks\u003C/span>\u003Cp>\u003Cspan>Bitcoin is closely monitored with the Difficulty Regression Model, according t\u003C/span>\u003Cspan>o\u003C/span>\u003Ca href=\"https://charts.checkonchain.com/btconchain/mining/difficultyregression/difficultyregression_light.html\" target=\"_blank\"> \u003Cspan>checkonchai\u003C/span>\u003Cspan>n\u003C/span>\u003C/a>\u003Cspan>. \u003C/span>\u003Cspan>This model estimates the all-in sustaining production cost for the network. The model treats mining difficulty as a distilled measure of mining price, as it incorporates all major operational variables into a single figure. \u003C/span>\u003C/p>\u003Cp>\u003Cspan>This provides a\u003C/span>\u003Cspan>n industry-wide\u003C/span>\u003Cspan> estimate of the average cost to produce one Bitcoin, eliminating the need for detailed assumptions about hardware, energ\u003C/span>\u003Cspan>y expens\u003C/span>\u003Cspan>es, or logistics.\u003C/span>\u003C/p>\u003Cdiv>\u003Cdiv>\u003Cdiv>\u003Cp>This model is currently priced at approximately $92,300, roughly the same as Bitcoin’s spot price. Bitcoin tumbled briefly to around $80,000 but has since come back to the model.\u003C/p>\u003Cp>When Bitcoin moves above the model, then it tends to signal a bull market; when its price moves beneath it, it often indicates a bear market. In April 2025, Bitcoin dropped to $76,000, but was supported at the model’s value. Bitcoin was traded roughly 50% above the model for the majority of 2025; in 2024, however, prices stayed closer to it. Bitcoin was quoted as much as 50% below the model during the 2022 bear market. In previous bull markets, it has soared far above the model — doubling its price at the 2021 peak and five times the model’s value in 2017. As Bitcoin matures into an asset, premiums near those levels seem a thing of the past.\u003C/p>\u003C/div>\u003C/div>\u003C/div>\u003Cp>\u003Cspan>Overall, the model suggests Bitcoin is currently priced near its production cost, which can be interpreted as a fair value zone\u003C/span>\u003Cspan>. Metcalfe’s\u003C/span>\u003Cspan> bas\u003C/span>\u003Cspan>ed valuations\u003C/span>\u003Cspan> also place bitcoin near fair value around $90,000, reinforcing that assessment.\u003C/span>\u003C/p> \u003Cp>Sharpen your strategy with mentorship + daily ideas - 30 days free access to our \u003Ca href=\"https://academy.cryptopolitan.com/the-crypto-trading-edge-offer?utm_source=syndication&utm_medium=inlineads&utm_campaign=tradingedge\" target=\"_blank\">trading program\u003C/a>\u003C/p>","https://www.cryptopolitan.com/strategy-readies-for-bear-market/",null,"[\"News\",\"CryptoQuant\",\"Strategy\"]","[\"Bitcoin\",\"BTC\",\"BTC\",\"Near\",\"-\",\"Reserve\",\"RSV\",\"Proxy\",\"PRXY\",\"Market\"]","[{\"img\":\"https://toscalepublic.s3.eu-west-2.amazonaws.com/images/coins-lib/full-library/color/BTC.png\",\"name\":\"BTC\"},{\"name\":\"Near\",\"logo\":\"https://toscalepublic.s3.eu-west-2.amazonaws.com/images/blockchains/near.png\"},{\"name\":\"-\",\"logo\":\"https://toscalepublic.s3.eu-west-2.amazonaws.com/images/protocols/-.png\"},{\"img\":\"https://toscalepublic.s3.eu-west-2.amazonaws.com/images/coins-lib/full-library/color/RSV.png\",\"name\":\"RSV\"},{\"img\":\"https://toscalepublic.s3.eu-west-2.amazonaws.com/images/coins-lib/full-library/color/PRXY.png\",\"name\":\"PRXY\"},{\"name\":\"Market\",\"logo\":\"https://toscalepublic.s3.eu-west-2.amazonaws.com/images/protocols/market.png\"}]","196",[],[],"https://toscalepublic.s3.eu-west-2.amazonaws.com/images/news-feeds/sources/cryptopolitan.png","Cryptopolitan","","[\"Crypto\"]","0","EN","1"]