Strategy's Treasury Activity Sparks Caution Amid Bitcoin Rally

Strategy's latest Bitcoin holdings are being closely watched by Bitfinex analysts as they consider the company's impact on the market. With Strategy holding 840,447 BTC acquired at an average price of $75,385 per coin, their treasury activity has become a key signal for the rally. The company's decision to hold onto its Bitcoin rather than selling it into strength has avoided putting fresh supply above the market and making further gains harder to sustain.

The analysts noted that a return to accumulation by Strategy would support the rally by adding corporate spot demand, while renewed sales at higher prices could hinder the momentum. Bitfinex identified $73,500 as the average purchase price of investors who acquired BTC during the past three to six months, and a weekly close above this level followed by a successful retest would confirm that Bitcoin has recovered from its summer range.

The next important area sits near $86,500, where Bitfinex said investors who bought Bitcoin between 18 months and two years ago would reach their average break-even price. Selling from holders waiting to exit at cost could make the level a source of resistance. On the downside, the analysts identified $64,500 as the average cost of the newest buyer group.