Michael Saylor unfazed as Bitcoin’s rally faces fresh trouble – ‘We’re back!’

Michael Saylor is back again on X with his usual “orange dot” tease. On the 30th of August, Saylor took to X, attached the Strategy tracker, and quoted,

We’re ₿ack.

For various times, such teasing by Syalor has accompanied Strategy, accumulating additional BTC. However, the past few teases have preceded the Bitcoin [BTC] sell-off.

But, given the current tweet, it looks like Strategy is finally going to add new Bitcoins to its treasury after selling 6916 BTC in 2026 alone.

Is Saylor’s new tease confusing investors?

The tracker attached by Saylor shows that the firm has so far made 113 Bitcoin purchase events.

These events also shed light on Strategy’s average buying cost ($75,653 per BTC), which has risen substantially as it continued buying Bitcoin at progressively higher prices.

The tracker clearly shows Strategy’s holdings are currently 3.36% more than its aggregate cost basis, indicating roughly $2.13 billion of unrealized appreciation.

This comes as Strategy reportedly holds 840,447 BTC, with the company’s Bitcoin reserves valued at approximately $65.72 billion. Meanwhile, the stock price of MSTR was trading at $127.31 after a drop of 7.34%, but the year-to-date drop was 16.22%, sparking concerns.

So, the significance of “We’re Back” is not merely that Strategy owns Bitcoin. Rather, it suggests that the company is resuming its core strategy.

This coincided with Saylor’s Strategy recently raising $2.0065 billion by selling 18.26 million MSTR shares through its ATM program between the 17th and the 23rd of August.

Will the recent Bitcoin rally sustain?

All of this happens as Bitcoin was trading at $78,128.46 at press time after a hike of over 23% in the past month. However, despite this price hike, the move is not being confirmed by strong buying in the actual Spot market, which makes the rally potentially fragile.

Spot CVD (Cumulative Volume Delta) remaining almost flat confirmed that sentiment, indicating that spot traders are not aggressively buying enough to explain the price increase.

This can happen when leveraged traders in futures and perpetual markets are driving the move, with traders opening long positions and using leverage to push prices higher.

The concern is that leveraged rallies can reverse quickly.

Are institutions giving up on Bitcoin?

Adding to the ongoing concern, Wintermute, a major crypto market maker and liquidity provider, transferred around 5,100 BTC worth approximately $399 million to Binance over the past two days.

Needless to say, this transfer has created the possibility of increased sell-side supply in the market. However, that does not necessarily mean Wintermute is dumping Bitcoin but could rather be moving assets onto exchanges to provide liquidity or rebalance inventories. 

Final Summary

• Michael Saylor’s new tease hints at a new Bitcoin purchase, but hints of a sell-off also remain.
• BTC’s price action is surging, but it still lacks real demand.