‘Orange March continues’ – Michael Saylor’s Bitcoin buys continue despite ‘Extreme Fear’

ambcryptoPublished on 2026-03-23Last updated on 2026-03-23

Abstract

Michael Saylor's company, MicroStrategy, continues its aggressive Bitcoin accumulation strategy, dubbed the "Orange March," despite prevailing market fear. The Crypto Fear & Greed Index indicates "extreme fear," with BTC trading around $68,578 and many traders betting on a drop below $45,000. Unfazed, MicroStrategy has made 103 purchases, amassing 761,068 BTC. Although its average purchase price of ~$75,696 currently puts its $52.36 billion holdings at an unrealized loss of roughly 9%, the firm's strategy focuses on long-term accumulation, not market timing. The company raises capital, including through stock sales, to fund its purchases. Analysis of MSTR stock options shows significant put support at $80-$110 and large call bets at $140-$160, suggesting potential for a sharp upward move. Analysts project MicroStrategy could hold more Bitcoin than Satoshi Nakamoto (est. 1.1M BTC) by March 2027.

Michael Saylor’s Bitcoin [BTC] strategy continues to stand strong, no matter how much the market goes up or down. In a recent post on X, he hinted that Strategy (formerly MicroStrategy) is not done yet and plans to keep accumulating Bitcoin.

Saylor simply said,

The Orange March Continues.

Source: Michael Saylor/X

If you look closely, Saylor’s Strategy is doing more than just “buy and hold.” Behind the scenes, the company is raising money, like selling shares, to keep buying more Bitcoin.

This helps them collect a large portion of Bitcoin’s limited supply on their balance sheet. This approach shows that Saylor strongly believes in Bitcoin as a long-term asset, even when the market is uncertain.

Market conditions are raising eyebrows

That being said, the current market reflects strong fear among retail investors, with Bitcoin hovering around $68,578 and the Crypto Fear & Greed Index firmly in the “extreme fear” zone.

Source: Alternative

Many traders are even betting on Bitcoin’s price dropping below $45,000 rather than a move toward $100,000 this year. Yet, despite this sentiment, Strategy continues to buy Bitcoin without hesitation.

So far, the company has made 103 purchases, accumulating a massive 761,068 BTC. However, due to aggressive buying at higher levels, its average purchase price stands at around $75,696, putting its $52.36 billion holdings at an unrealized loss of roughly 9%.

This clearly shows a strategy focused on accumulation rather than timing the market.

Strategy’s “buy the dip” formula

MSTR’s stock is also under slight pressure, trading at $135.66 at press time. However, looking at MSTR stock options, there’s a clear battle happening.

Many traders have placed “put” bets between $80 and $110, which suggests they believe the stock has strong support in that range and may not fall much lower.

Source: OptionCharts.io

At the same time, there are even bigger “call” bets between $140 and $160. Since the stock is around $136, any upward move could push it higher quickly.

This is because market makers may need to buy more shares, which can drive the price toward $160.

At this pace, analysts believe the company could eventually hold more Bitcoin than Satoshi Nakamoto (who is estimated to own about 1.1 million BTC) by March 2027.


Final Summary

  • Strategy is not just holding Bitcoin; it is aggressively accumulating, regardless of market conditions.
  • The firm’s continued buying, even at a loss, reflects deep confidence in Bitcoin’s future value.

Related Questions

QWhat is Michael Saylor's strategy for Bitcoin despite the current market fear?

AMichael Saylor's strategy is to continue aggressively accumulating Bitcoin through his company, MicroStrategy, by raising money (like selling shares) to buy more, regardless of market conditions or price fluctuations.

QWhat is the current reading of the Crypto Fear & Greed Index mentioned in the article?

AThe Crypto Fear & Greed Index is firmly in the 'extreme fear' zone.

QWhat is MicroStrategy's average purchase price for Bitcoin and what is its current unrealized loss?

AMicroStrategy's average purchase price for Bitcoin is around $75,696, and its holdings are at an unrealized loss of roughly 9%.

QWhat do the put and call options for MSTR stock suggest about trader sentiment?

APut bets between $80 and $110 suggest traders believe the stock has strong support in that range, while larger call bets between $140 and $160 indicate expectations for a potential price surge if the stock moves upward.

QBy when do analysts believe MicroStrategy could hold more Bitcoin than Satoshi Nakamoto?

AAnalysts believe MicroStrategy could hold more Bitcoin than Satoshi Nakamoto (estimated to own 1.1 million BTC) by March 2027.

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