Bitcoin Slips — Michael Saylor Signals He’s Still Buying

Bitcoin has been under pressure lately, sliding back toward the $78,000 level as selling outpaces buyers and broader risk assets weaken — a drop of roughly 30% from its late-2025 highs. Traders and analysts are noting that momentum has gone dormant, liquidity is thin around these levels, and confidence is shaky among marginal buyers. Michael Saylor, however is buying.

Despite that backdrop, Michael Saylor’s Strategy Inc. (the company formerly known as MicroStrategy) is signaling that it’s continuing its controversial accumulation strategy. Even with Bitcoin below both its recent average purchase price and well under previous entry levels, filings and market observers show Saylor’s firm is ready to deploy fresh capital into the market.

Saylor is still buying, Source: X

There are two ways to read this:

• Optimistic frame: Strategy sees these dips as buying opportunities — a classic “buy the dip” thesis that assumes Bitcoin’s long-term fundamentals outweigh short-term macro pressure. That’s consistent with Saylor’s long-held conviction that Bitcoin is a superior store of value and institutional hedge.

• Risk frame: Strategy’s ability to execute large purchases is increasingly constrained when prices languish, and the market is thin. Buying into weakness is one thing, but buying significantly above your own cost basis — as some of Strategy’s recent transactions suggest — optimizes for conviction, not shareholder protection.

Here’s what’s actually happening behind the headlines:

• Bitcoin’s recent slide below $80K — the first sustained break since late 2025 — has shaken out some late-cycle momentum traders and whipsawed algorithmic buyers.

• Strategy’s disclosed fresh buy signals attention even if the relative size of the purchase isn’t enough to meaningfully change Bitcoin’s supply/demand balance at market scale.

• On paper, Strategy’s Bitcoin stash is “underwater” relative to its average cost, meaning continued accumulation exposes its equity to more volatility — something investors are watching closely after a brutal drawdown.

Why it matters:
Saylor remains the most visible corporate buyer in crypto, and his actions carry narrative weight — signaling belief that long-duration holders should use pullbacks as entry points. But that’s a signal, not a guarantee. With markets still in correction mode and macro uncertainty elevated, the real test won’t be a first buy after a dip — it’ll be what Strategy does if Bitcoin goes lower. That’s where the conviction thesis meets liquidity risk.