Recently, Bitcoin trading prices have gradually approached a long-term "price safety line" that is highly关注 by the market, triggering明显紧张 among bulls. This safety line is the 100-week simple moving average (100-week SMA), an indicator long regarded as an important reference for判断比特币大趋势走向. Over the past three weeks, Bitcoin prices have repeatedly found support near this moving average, temporarily preventing further decline from the historical high above $126,000. From a technical analysis perspective, the 100-week SMA represents the average cost range over the past nearly two years and is often seen as a关键分水岭 for bull-bear transitions. If the price stabilizes and rebounds at this level, the market often interprets it as the long-term trend still resilient,甚至可能成为新一轮上涨的“跳板”. However, once effectively broken below, bullish confidence may quickly dissipate, selling pressure will intensify, and bearish力量也将明显增强.

With MSTR's stock price dropping more than 8% in a single day, Strategy (formerly MicroStrategy), the world's largest corporate Bitcoin holder, is facing new market pressures. Although the company recently invested about $950 million to acquire 10,645 Bitcoins, the market did not respond positively, and its core valuation metric, mNAV (enterprise value to Bitcoin holdings market value ratio), has fallen to a historic low of 1.10, raising concerns among investors about the sustainability of its Bitcoin strategy. Data shows that Strategy's current enterprise value is approximately between $60.5 billion and $64.3 billion, while its Bitcoin holdings are valued at about $57.9 billion. As Bitcoin's price dipped to $85,304 over the past 24 hours, the mNAV decreased by about 5.9%. Analysts point out that if Bitcoin continues to weaken, especially amid market fears over potential changes in monetary policies by the Federal Reserve and the Bank of Japan, the mNAV could further approach the critical psychological threshold of 1.

At the recent Bitcoin MENA conference, Michael Saylor made it clear that Strategy (MSTR) will not issue perpetual preferred stock (“digital credit”) in Japan within the next 12 months, stating that the “12-month head start” will be left to Japanese listed company Metaplanet. This move has drawn more attention to Metaplanet’s strategy in the Japanese perpetual preferred stock market, which has long been inactive, with only five companies in all of Japan currently qualified to trade perpetual preferred stock. Metaplanet CEO Simon Groverich pointed out that the company plans to enter this market with two new products, “Mercury” and “Mars,” becoming the sixth and seventh companies in Japan to issue perpetual preferred stock. Among them, Mercury is positioned as the Japanese version of Strategy STRK, with an annualized yield of 4.9%, denominated in yen and convertible, which is much higher than the generally less than 0.5% yield of Japanese bank deposits and money market funds. Mercury is currently in the pre-IPO stage, with the goal of listing in early 2026. The second product, Mars, models Strategy’s short-term high-yield credit product STRC, targeting investors seeking short-term returns.

BlockBeats news, December 5 — JPMorgan analysts believe that, regarding Bitcoin’s recent price movements, the resilience of MicroStrategy (stock ticker MSTR) is more important than miner activity. Although the world’s largest Bitcoin holder has not yet begun selling, Bitcoin miners appear to be facing increasing selling pressure. Nikolaos Panigirtzoglou, Managing Director at JPMorgan, and his team pointed out in a report on Wednesday that the recent sustained pressure on Bitcoin’s price mainly stems from two factors: first, the recent decline in Bitcoin network hash rate and mining difficulty; second, the latest developments surrounding MicroStrategy. The analysts stated that the decline in hash rate and mining difficulty reflects the influence of two forces: China’s renewed enforcement of its ban on Bitcoin mining after a surge in private mining activity, and the combination of falling Bitcoin prices and rising energy costs.

PANews, December 3—According to Reuters, the world’s largest corporate holder of Bitcoin, Strategy (NASDAQ: MSTR), is in talks with index provider MSCI regarding a potential decision to remove it from the MSCI USA and MSCI World indexes. MSCI is expected to make a decision on January 15, 2026. If the removal takes effect, it could trigger outflows of up to $8.8 billion, particularly from funds held through passive investment vehicles such as ETFs. Strategy Executive Chairman Michael Saylor stated that the company is participating in the relevant process, but regarding JP

Odaily News According to Saylortracker data, the mNAV of Strategy (MSTR) has fallen below 1 again, currently reported at 0.99 (indicating that the company's market capitalization has fallen below the value of its 650,000 Bitcoins holdings). Currently, the company's Bitcoin holdings are valued at 56.83 billion USD, with an average purchase cost of 74,436 USD, and the Bitcoin yield to date is 17.46%.

BlockBeats news, on December 2, MicroStrategy first hinted at "possibly selling coins". The company announced it would raise funds through a stock issuance to establish a cash reserve of $1.44 billion to cope with the "Bitcoin winter" and stated that if the internal indicator mNAV falls below 1 and it cannot refinance, it will consider selling some Bitcoin. This news breaks its long-held image of "never selling coins" and, combined with approximately $82 billion in convertible bond pressure, caused the stock price to plummet over 12% during Monday's trading, expanding the year's decline to about 40%, with Bitcoin also dropping over 4%. BiyaPay analysts believe this signals that leading institutions are starting to reserve the "save the core by abandoning the vehicle" option for extreme market conditions, which may exacerbate the fluctuation of Bitcoin and related concept stocks in the short term. Users can trade US stocks MSTR and Bitcoin and other digital assets on BiyaPay using USDT.

Golden Finance reports that, according to market news: Tidal Investments, which manages assets worth 50 billion USD, has just disclosed that it has purchased 351,619 shares of Strategy's MSTR stock, valued at approximately 60 million USD.

Golden Finance reports that Ki Young Ju, founder and CEO of CryptoQuant, stated on social media that selling BTC when the mNAV (the ratio of the company's value to the value of its held Bitcoin) is below 1 is not a wise move. While this action may benefit MSTR shareholders in the short term, it will ultimately harm BTC, thereby also damaging MSTR's interests and creating a death spiral. Previously, the CEO of Strategy stated, "I will only sell Bitcoin when the mNAV falls below 1 and financing is not possible."

Strategy (MSTR) is currently down over 11% in the US stock market, with a market capitalization of about $44.8 billion. The company holds 650,000 Bitcoins, with a total value of approximately $48.4 billion, and its stock price has fallen for four consecutive months. The company has set aside $1.44 billion in reserve to pay dividends and debt interest, sufficient to cover 23 months of dividends.

PANews December 1 news, Sandeep Nailwal, co-founder of Polygon and CEO of Polygon Foundation, posted on the X platform stating: "I hope Strategy (MSTR) does not become the protagonist of the 'LUNA disaster' in this cycle. This industry can no longer endure another publicly staged death spiral involving Wall Street and retail investors. Hopefully, Michael

PANews, November 30 news, economist and cryptocurrency critic Peter Schiff stated on the X platform that "Despite the hype and buying by MSTR and other Bitcoin reserve companies in 2025, there is only one month left until the end of the year, and Bitcoin has fallen by 4%. However, without any hype or corporate buying, gold and silver have risen by 60% and 95%, respectively. This divergence is likely to continue in December and 2026."

Golden Finance reports that Ki Young Ju, the founder and CEO of CryptoQuant, stated on social media that Strategy (MSTR) appears to be oversold in relation to its held Bitcoin quantity and historical premium levels.

Odaily News Arca Chief Investment Officer Jeff Dorman stated in a post this morning: "For years I have been debunking the misconceptions about Strategy (MSTR), yet every time BTC falls, the same nonsensical claims resurface - some say MSTR will be forced to sell BTC, or that its holdings will be liquidated, as if this were some leveraged perpetual futures… Anyone who spends less than five minutes consulting any debt or equity expert would understand that unless BTC's decline reaches a level where MSTR's selling actions become insignificant, MSTR simply does not need to sell BTC." Dorman further added that the reasons MSTR does not need to sell BTC are mainly as follows: 1. Considering

According to ChainCatcher news and Maryland HODL analysis, a power struggle over the monetary system is unfolding in the United States. The Trump administration is quietly pushing for the transfer of currency issuance authority from the Fed back to the Treasury, using stablecoins and Bitcoin reserves to establish a new digital dollar framework. As the core of the old system, JPMorgan is retaliating through shorting MicroStrategy (MSTR) and creating liquidity bottlenecks. MSTR has become a key bridge connecting traditional capital and Bitcoin architecture. The Trump team urgently needs to gain control of Fed governance before the Federal Reserve Board vote in February 2025, or they will miss the historical window to restructure the monetary system. This is not just a financial or political issue, but the largest transfer of monetary sovereignty since 1913.

Multiple institutions actively reduced their exposure to MicroStrategy (MSTR) in the third quarter of 2025, amounting to approximately $5.4 billion, indicating that Wall Street is shifting from treating MSTR as a Bitcoin proxy to more direct Compliance-focused Bitcoin investment methods.

Crypto KOL Benson Sun stated that his quantitative long order has paused after a stop loss and has now been restarted. He observed bottoming signals and expects the formation of a wide oscillation supply and demand balance range, suitable for swing trading. He believes the market has digested the expectation of MSTR being removed from the index, and the big dump trend is no different from the removal itself. He will continue to hold his long order at an average price of $81,500 until liquidity exhausts before exiting.

BitMine CEO Tom Lee stated that MicroStrategy has become the preferred tool for risk management among crypto investors, explaining the reason for its stock price fall. He pointed out that institutional traders are turning to shorting MicroStrategy stock due to the lack of hedging tools. The company holds a large amount of Bitcoin, and its stock price is closely related to the performance of Bitcoin, reflecting the fragile underlying structure of the crypto market.

According to Jinsuo Finance, the stock of Strategy (MSTR) has fallen by 43%, and institutional-level cryptocurrency investors have begun to use this stock to hedge losses due to limited on-chain hedging methods. Tom Lee from Bitmine Immersion stated that because MSTR has ample liquidity and a large Holdings of Bitcoin, it is seen as an alternative to Bitcoin in the market, making it the preferred hedging tool. After the sharp fall in October, the liquidity in the crypto market remains weak, lacking strong native encryption hedging tools, forcing traders to short MSTR.

A year ago, the software company MicroStrategy, which was the first to invest in Bitcoin as a corporate financial asset, saw its stock price reach an all-time high of (MSTR), while Bitcoin also approached the $100,000 mark for the first time. However, the world is unpredictable. Now, the stock price of MicroStrategy has fallen 68% from its peak of $543 set just days after President Trump's election victory, and the price of Bitcoin has also dropped to $83,142, hitting its lowest level since April. On the largest compliant exchange platform in the U.S., the price of Bitcoin has dropped even more, briefly falling to $81,385 on Friday. Currently, MicroStrategy's average purchase price is around $74,430, which remains a key price point to watch.

According to Golden Finance, the Central Bank of Norway (Norges Bank) has incurred hundreds of millions of dollars in losses on its investment in Strategy, formerly known as MicroStrategy. Unlike the Fed and other central banks, Norges Bank directly invests in stocks, including common stocks of Strategy (stock code: MSTR) and other stock index components. Sometimes, such investments can result in losses. In fact, this sovereign wealth fund has experienced losses this year in its investments in several listed companies in Canaan, MARA, and the Crypto Assets sector. Norwegian banks began to buy MSTR stock in small amounts since 2008 - at that time, Strategy had not yet transformed into a Bitcoin (BTC) reserve company - but increased their holdings during 2024. As of June 30, 2024, Norway has

JPMorgan pointed out that if MSCI removes the Bitcoin giant MicroStrategy, it could lead to a capital outflow of up to $2.8 billion, with total outflows from other indices such as Nasdaq and Russell potentially reaching $11.6 billion. Analysts believe that the decline in MSTR's stock price is mainly due to market concerns about its removal, rather than a drop in Bitcoin prices. MSCI is evaluating the exclusion of companies primarily holding Bitcoin as an asset, with a decision to be announced by January 15 next year.

ChainCatcher message, according to data from msx.com, the U.S. stock market closed with the Dow rising 0.1%, the S&P 500 index rising 0.38%, and the Nasdaq Composite index rising 0.59%. The encryption zone saw a general fall, with BMNR falling 9.6%, COIN falling 1.72%, CRCL falling 8.98%, and MSTR falling 9.82%.

Odaily News According to market news: Strategy Executive Vice President Shao Wei-Ming has once again sold company stock, having sold 5,200 shares of MSTR stock at a price of $200, totaling $1.04 million.

Golden Finance reports that TD Cowen analysts state that although the mNAV of Strategy recently fell below 1 (which means its stock trading price is lower than the market value of its Bitcoin holdings), and Bitcoin has fallen to a seven-month low, this has not changed its long-term outlook. The company believes that as its Bitcoin accumulation model scales up, there is still significant pump potential. Analysts Lance Vitanza and Jonnathan Navarrete maintained a target price of $585 for MSTR, which implies an approximate 170% rise from Strategy's current stock price of around $194. They noted that the current weakness reflects more of the market volatility rather than any change in the company's ability to accumulate additional Bitcoin.

Odaily News The Government of Canada’s Canada Pension Plan Investment Board (CPP) has just purchased 393,322 shares (worth 80 million USD) of strategy $MSTR .

According to a report by Jinse Finance, economist Peter Schiff stated that MSTR's business model relies on revenue-oriented funds purchasing its "high-yield" preferred shares. However, these announced yield rates will never materialize. Once fund managers realize this, they will sell these preferred shares, and MSTR will no longer be able to issue any preferred shares, leading to a vicious cycle.

PANews reported on November 16 that economist and cryptocurrency critic Peter Schiff stated on the X platform that $MSTR has fallen over 64% from its peak in November 2024. More importantly, Saylor has expanded his balance sheet through leverage over the past five years, spending more than $47.5 billion to acquire over 640,000 Bitcoins at an average price of $74,000 each. Now, the paper profit of this investment is only 27%.

Odaily News Regarding the rumors about MicroStrategy ($MSTR) selling Bitcoin, there have been many, which even had a certain impact on Polymarket. The probability on Polymarket regarding whether MicroStrategy will sell Bitcoin in 2025 has significantly risen, currently reported at 12%, with a daily maximum of about 17%.

After Bitcoin fell to $98,000, MSTR's stock price dropped another 6.6%, with a year-to-date decline of 30%, returning to the level before Trump was elected last year. Despite the company holding $63.2 billion worth of Bitcoin, its enterprise value is trading at a nearly 20% premium, analysts believe the common stock price is higher than the actual value of the Bitcoin holdings.

PANews 11月6日消息，据BitcoinTreasuries.NET消息，总市值达3250亿美元的瑞典Swedbank AB最新报告显示，其持有79,144股MicroStrategy（MSTR）股票，价值约2000万美元。

According to a report by Golden Finance, the latest report from Bitcoin Treasuries.NET shows that the Texas State Teachers Retirement Fund holds 73,446 shares of Strategy (MSTR) stock.

CryptoQuant founder Ki Young Ju stated that he has given up on predicting Bitcoin prices and is focusing on data analysis. Currently, the selling pressure of Bitcoin is greater than the demand, and the leverage ratio is still high. However, if the ETF resumes net buying, market momentum may restart. The current average cost across the network is $55,900, with unrealized gains of about 93%, and on-chain inflows are strong. Computing Power has reached a new high, mining companies are expanding, and the long-term fundamentals are promising.

Recently, the crypto market has continued to fall, and investors have raised doubts about DAT company. Major stocks such as MSTR and various alts have all hit new lows, with declines of over 80% from the bull run peak. Several companies have performed poorly in stock prices, and the investment outlook is concerning.

MicroStrategy (MSTR) reported a net profit of $2.8 billion for the third quarter, down from the previous quarter but exceeding analyst expectations. The company added 43,000 Bitcoins, bringing its total Holdings to 640,000 coins, with the market capitalization/Bitcoin net asset value ratio falling to 1.2 times, a new low for the year, while also raising the variable interest rate preferred stock dividend to 10.5%.

Golden Finance reported that Norway's largest pension fund (KLP) has increased its stake in Strategy $MSTR to $29 million.

PANews October 23 news, according to BitcoinTreasuries.NET, the Vanguard Group Information Technology Index Fund ETF has increased its holdings of Bitcoin financial company Strategy stock MSTR worth $11.2 million, currently holding 1.7 million shares of MSTR, valued at over $489.2 million.

Golden Finance reports that Swiss international investment company Vontobel Holding has increased its shareholding in Strategy $MSTR to 5 million USD.

Golden Finance reported that ETF issuer VolShares has submitted applications for multiple 5x leveraged single stock and crypto asset ETFs, covering COIN, CRCL, GOOG, MSTR, NVDA, PLTR, TSLA, as well as Bitcoin, Ethereum, Solana, XRP, and others. It is noteworthy that VolShares has not yet received approval for any 3x leveraged ETFs, yet is directly attempting 5x leverage. Some analysts believe this may indicate that VolShares hopes to launch high-leverage ETFs ahead of potential regulatory approval delays, but the specifics remain unclear.

PANews October 4 news, according to Caixin News, the three major U.S. stock indices closed mixed, with the Dow Jones rising 0.51%, up 1.1% for the week; the Nasdaq fell 0.28%, up 1.32% for the week; the S&P 500 rose 0.01%, up 1.09% for the week. Coinbase (COIN) rose 2.14%; Strategy (MSTR) fell 0.20%; Circle (CRCL) fell 2.63%.

Golden Finance reports that the third-party encryption wallet application Wallet in Telegram has partnered with Kraken and Backed to provide tokenization versions of 60 U.S. stocks through xStocks, including Strategy (MSTR) and Nvidia (NVDA). Following Telegram

Fundstrat co-founder Tom Lee delivered a speech at Token 2049, pointing out that the trading volume of Bitmine (BMNR) and Strategy (MSTR) stocks accounts for 86% of DAT Treasury Company. The Ethereum-based share growth rate of BMNR reached 9.3 times, outperforming other companies. Additionally, he compared the per capita market capitalization differences between Tether and JPMorgan, emphasizing Tether's global business advantages.

Odaily News According to msx.com data, U.S. stocks closed with the Dow Jones Industrial Average rising 0.15% to 46316.07 points; the S&P 500 Index rising 0.26% to 6661.21 points; and the Nasdaq Composite Index rising 0.48% to 22591 points. BMNR rose 5.39% to 53.22 dollars; COIN rose 6.85% to 333.99 dollars; CRCL rose 5.25% to 133.66 dollars; MSTR rose 5.62% to 326.42 dollars; HOOD rose 12.27% to 136.72 dollars; DFDV rose 5.41% to 16.17 dollars; TRON fell 4.15% to 2.08.

PANews September 29 news, according to BitcoinTreasories.NET report, French asset management company Amundi purchased approximately 452 million dollars of Strategy MSTR. Its holdings of MSTR shares increased to 1.78 million shares, with a market capitalization of approximately 571.8 million dollars.

PANews September 28 news, according to Bitcoin News, early Uber investor Jason Calacanis urged investors to buy Bitcoin directly instead of investing through the stock of Strategy (MSTR). He stated that Michael Saylor's investment approach carries risks and predicted that there is a 75% chance he will be proven right.

Odaily News: Richard Byworth, a partner at the Swiss hedge fund Syz Capital, is pulling funds from Strategy (formerly MicroStrategy) and some Bitcoin ETFs, and is starting to invest in the Japanese Bitcoin treasury company Metaplanet. He expects the company's market performance to outperform Bitcoin's recent market trends by more than 50%. (BitcoinTreasuries)

BlockBeats news, on September 26, economist and cryptocurrency critic Peter Schiff posted on social media, "While many companies are busy copying Michael Saylor's business strategy, few have noticed that MSTR has already fallen 45% from its peak in November 2024. This will be a brutal bear market for Bitcoin treasury companies. I'm not sure any of them, including MSTR, will make it through."