比特币寒冬将至？巨鲸Strategy暂停扫货，囤积22亿美元现金准备过冬

Group 1 - Strategy (MSTR.US) has increased its cash reserves to $2.19 billion and has paused Bitcoin purchases, indicating preparation for a prolonged cryptocurrency winter [1] - The company raised $748 million by selling common stock in the week ending December 21, following a $2 billion Bitcoin purchase in the previous two weeks, bringing its total Bitcoin holdings to approximately $60 billion [1] - Strategy has set aside $1.4 billion for future dividends and interest payments, as its software business generates insufficient free cash flow to cover these obligations [1] Group 2 - MSCI is considering excluding companies with over 50% of their assets in digital assets, which could impact Strategy's inclusion in major indices [2] - If MSCI proceeds with its exclusion plan, Strategy could face an outflow of $2.8 billion, and if other index providers follow suit, the outflow could reach $8.8 billion [2] - Bitcoin has experienced a significant decline of approximately 30% since reaching an all-time high in early October, leading to a turbulent market environment [2] Group 3 - Approximately $23 billion in Bitcoin options contracts are set to expire, which may amplify market volatility [3] - Market sentiment remains bearish, with a 30-day implied volatility for Bitcoin rising to nearly 45% and a negative skew indicating higher demand for downside protection [3] - Historical patterns suggest that Bitcoin may have completed its current four-year halving cycle, with potential support levels around $65,000 to $75,000 [3]