Strategy chairman Michael Saylor hinted the company could add to its Bitcoin holdings when markets tumble again on Sunday, a move that alarmed traders and sparked fresh debate over the cause of the decline.
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Back to more orange dots
According to a post on X, Saylor shared a chart that included the phrase “back to more orange dots,” an abbreviation that investors interpreted as a new buy.
Based on reports tracked by SaylorTracker, Strategy purchased 10,624 BTC on December 12th. This is the largest single purchase since late July.
The company currently holds approximately 660,624 BTC, worth approximately $58.5 billion at current prices, with an average cost of $74,696 per coin.
₿Thank you to More Orange Dots. pic.twitter.com/rBi1aagDVO
— Michael Saylor (@saylor) December 14, 2025
Sunday wick, low liquidity
Bitcoin briefly fell to a two-week low near $87,750 in late trading on Sunday, but has recovered to above $89,000 at the time of writing.
Traders pointed to a common pattern: siphoning off money quickly on weekends when liquidity is scarce. While Ether has shown relative strength, major altcoins have lagged, with market participants this week seen taking positions ahead of a calendar packed with US data and central bank decisions.
Analyst Eye Bank of Japan
Some market participants blamed the selloff on expectations surrounding the Bank of Japan, according to analyst comments.
One analyst using the handle NoLimit said people are seriously underestimating what banks are planning to do with cryptocurrencies.
Justin Danesan, head of research at Arctic Digital, said the drop to $88,000 “feels like a defeat” and tied the move to concerns about an unwinding of carry trades related to Japan’s interest rate expectations.
The market may be pricing in that.
Fellow market watcher Sycoderick argues that Japan’s actions are largely priced in, writing: “Markets are positive and positive. Markets move in anticipation of events, not when they happen.”
Based on that view, the recent decline is less a new shock and more a result of the normal interaction of macro funds reducing exposure, short-term traders locking in profits, and buyers intervening at lower levels.
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This push and pull helps explain why Bitcoin continues to plummet on thin pockets of liquidity yet never falls decisively below key supports.
Meanwhile, tensions between long-term holders, represented by companies such as Strategy, and short-term macro flows are shaping price trends.
There is still no sign of widespread liquidations or a funding crisis, suggesting the decline has been measured rather than chaotic.
Featured images from Australian Farmers, charts from TradingView
