Bitcoin Has Gone to the Bears. Saylor's Strategy Is Still Leaning In.

Core Insights - Bitcoin has recently traded below $92,000, marking a more than 25% decline from its record high of over $126,000 reached last month, indicating a bear market [1][3][4] - The anticipated positive developments for the cryptocurrency market, including a supportive administration and regulatory changes, have not materialized as expected, leading to a downturn [2][3] - The crypto industry experienced its largest liquidation event in October, with over $19 billion in leveraged positions lost, contributing to Bitcoin's decline [4] Company Actions - Strategy (MSTR) purchased an additional 8,178 Bitcoin at an average price of approximately $102,171, totaling over $835 million, between November 10 and November 16 [5][7] - Following these purchases, Strategy's total Bitcoin holdings increased to 649,870 coins, valued at nearly $60 billion at current prices [5][6] Market Dynamics - Individual investors hold the majority of Bitcoin ownership, approximately two-thirds, which significantly influences market movements compared to funds and ETFs that own about 8% [6]