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The "whale halt to eat" 843,775 BTC: the biggest buying in the market has disappeared Strategy released its Q2 earnings report after the market closed yesterday. Net loss of $8.22 billion. Loss per share was $24.45. Last year, it earned $32.6 per share in the same period. Where did you lose out? Almost all are fair value write-downs of Bitcoin holdings—in other words, when the price drops, you have to admit the loss on paper. But that's not the point. The key point is another sentence— Strategy announced the end of the "buy all the dips" strategy. Future new funds will be allocated between Bitcoin and US dollar reserves. Translated into plain language: In the future, having money doesn't mean buying coins. The style has changed. Over the past two years, Strategy has been the most stable "net buying liquidity pool" in the market. Weekly rigid buying of hundreds of millions of dollars remains unshakable. Whether it's a bull or bear market, whether it's 60,000 or 30,000—buy. The market has long been accustomed to it: if prices fall, it's not scary—Strategy will take over. Now this pool is closed. As of July 26, Strategy held 843,775 BTC, accounting for 4.02% of the total Bitcoin supply. But in the past five weeks—zero increases. The most recent disclosed Bitcoin purchase occurred on June 22. It's been five weeks. I didn't buy a single SAT pill. Now let's look at the cost price. The total acquisition cost was $63.69 billion, with an average price of $75,476 per token. On July 27, Bitcoin was priced at about $64,915. On July 31, it dropped to $62,660. How much is the floating loss? Nearly $9 billion. 843,775 coins, each losing $12,000. What does this mean? $75,476 is now the market's biggest psychological defense. In the past, this price was the belief of "diamond hands"—the Strategy average price here indicates that the big players are optimistic. Now? It has become a 'break-even selling pressure' threshold. Once the price falls below this level, the most steadfast holder—the whale who bought 843,775 BTC—could become the most determined seller in the market. Why? Because Strategy has broken the myth of "buy only, not sell." This year, about $218 million worth of Bitcoin has already been sold to pay preferred dividends. In June, the "Bitcoin Monetization Program" was launched, authorizing the sale of up to $1.25 billion worth of BTC. The CEO made it clear: the funds for future preferred share buybacks may come from selling MSTR shares, or from selling Bitcoin. In the past two years, every time you bottom-fish, someone buys in—that person is Strategy. Now that person is gone. Not only will they stop buying, they might even become sellers. The weekly rigid buying of hundreds of millions has disappeared, replaced by potential selling pressure. The supply-demand balance has flipped. $BTC $MSTR $XMSTR #Strategy终止逢低买币, Q2 recorded a paper loss of 8.2 billion yuan