From Yesterday's Simply Bitcoin Live | Episode 1630
The Numbers
Bitcoin is testing the same seven-week support line that Strategy's comeback buy is betting will hold.
The News
Strategy bought 1,036 Bitcoin for $81.9 million this week, its first purchase in about a month. Michael Saylor funded it by selling 2 million new MSTR shares for roughly $283 million, then put $188 million toward buying back Stretch preferred stock, which crossed back above its $100 par for the first time in about five months.
That brings Strategy's total holdings to 850,364 Bitcoin and $4.9 billion in USD assets, more than 4 percent of Bitcoin's entire supply sitting with one company. When Saylor first started selling Bitcoin, the market tanked on fear that the biggest buyer of last resort had gone quiet. Now he's buying again, right as Bitcoin fights to defend its most important support level in months.
Strive, meanwhile, bought just 29 Bitcoin last week after adding thousands in some weeks, leaving the treasury leaderboard tight: Metaplanet at roughly 44,000, 21Capital at 43,514, Strive at 43,153. Less than 900 Bitcoin separates second place from fourth, and the order can flip in a week.
The buyer of last resort just clocked back in.
Bitcoin's weekly close landed at $74,968 on November 8, slipping below its 50-week moving average for the first time since reclaiming it in September. Galaxy Digital's Alex Thorn, who called that reclaim a sign the bottom was in, says this is the level to watch now.
History offers a specific comfort here. Bitcoin lost this same average after reclaiming it post-bottom twice before, in 2011 to 2012 and 2019 to 2020, and neither time did it make a new low on a weekly closing basis. Thorn's own bullish case still holds if Bitcoin reclaims the average within a month.
The stakes are real either way.
