CryptoQuant Founder Suggests Strategy Pause Bitcoin Purchases Until Cash Reserves and Dividends Are

On June 24, Ki Young Ju, the founder of CryptoQuant, stated that the current Bitcoin purchasing behavior of Strategy resembles a liquidity absorber rather than a price catalyst. Over the past two years, Bitcoin has seen a market capitalization increase of $467 billion, yet its price has dropped by 1%. Despite hundreds of billions of dollars flowing in, turnover continues, but prices have failed to rise. Ki Young Ju believes that in the current environment of increasing selling pressure, Strategy's buying is more about defending price ranges rather than driving breakthroughs. More seriously, continuous buying may hinder a market-clearing deep correction, instead providing liquidity for more holders to take profits. Compared to the traditional Bitcoin cycle of crashes, capitulation, weak hands exiting, and whales re-accumulating, the current cycle has been in a wide-ranging sideways trend for nearly two years—neither strong enough to confirm a new bull market nor weak enough to trigger true capitulation, resulting in weak hands not fully clearing out and strong hands not actively re-accumulating. The market may need a full reset to build a stronger recovery. Ki Young Ju made three suggestions to Saylor: 1. Pause Bitcoin purchases until cash reserves and dividend coverage are restored; 2. Establish a systematic, model-driven purchasing framework to change the market perception of always buying at local tops; 3. Create a disciplined selling framework for the next bull market—selling partially near cycle peaks is not a betrayal of Bitcoin, but rather a means of deleveraging, realizing shareholder value, and creating ammunition for re-accumulation at lower prices; this is not trading, but risk management.