Michael Saylor’s firm, Strategy, has made another significant move by acquiring 397 Bitcoins valued at approximately $45.6 million, signaling a cautious start to November. The purchase was disclosed in a recent filing with the U.S. Securities and Exchange Commission, revealing that the average cost per coin for this acquisition was $114,771. Despite the substantial dollar amount, the pace of buying has notably decreased when compared to previous months, raising concerns among analysts and investors about Bitcoin’s short-term momentum.
With this latest acquisition, Strategy’s total Bitcoin holdings have grown to 641,205 BTC. The company’s overall investment in Bitcoin now stands at approximately $47.49 billion, with an average entry price of $74,047 per coin. This represents a year-to-date return of 26.1%, highlighting the long-term profitability of Strategy’s Bitcoin accumulation strategy. However, the slowdown in purchase volumes is becoming increasingly evident.
In October, Strategy added only 778 BTC to its portfolio—one of its lowest monthly acquisitions in recent years. The contrast is stark when compared to September’s haul of 3,526 BTC, showing a sharp 78% drop in monthly buying activity. This deceleration in institutional demand is being closely monitored by market analysts, as it could have broader implications for Bitcoin’s price trajectory.
CryptoQuant, a leading blockchain analytics platform, has pointed out that both Strategy and U.S.-based spot Bitcoin ETFs have been the primary sources of institutional demand throughout 2025. Their recent slowdown in accumulation is being viewed as a potential barrier to Bitcoin’s recovery to previous highs. According to CryptoQuant’s CEO, Ki Young Ju, unless these major players renew their aggressive buying patterns, the broader market may struggle to regain upward momentum.
The lack of strong ETF inflows further compounds the issue. Spot Bitcoin ETFs, once expected to inject significant liquidity into the market, have seen a dip in activity. This stagnation, combined with Strategy’s reduced buying pace, is dampening hopes of a rapid price rebound for the leading cryptocurrency.
Despite the short-term concerns, Strategy’s long-term commitment to Bitcoin remains unchanged. Michael Saylor has consistently advocated for Bitcoin as a superior store of value and a hedge against inflation. His aggressive accumulation strategy over the years has positioned Strategy as one of the largest corporate holders of Bitcoin globally, often influencing market sentiment with each purchase announcement.
Some market observers believe that Strategy’s slowdown might be tactical rather than indicative of a strategic shift. With Bitcoin prices hovering near local highs, the firm could be waiting for a more favorable entry point to resume larger-scale purchases. Alternatively, it may be adjusting its strategy in anticipation of regulatory developments or macroeconomic shifts.
There is also growing speculation about the potential inclusion of Strategy in the S&P 500 index following strong Q3 earnings—a development that could further boost investor confidence and potentially lead to a resurgence in Bitcoin buying.
Looking ahead, the crypto market is keeping a close eye on upcoming actions from both Strategy and ETF issuers. Should either party resume aggressive accumulation, it could serve as a catalyst for renewed bullish momentum. Conversely, continued hesitation may lead to prolonged consolidation or even downward pressure.
Meanwhile, other institutional players are also showing signs of caution. Regulatory uncertainty in the United States and global economic instability have made some investors wary of making bold moves in the crypto space. This hesitancy is reflected in the broader market, where trading volumes and volatility have declined.
Despite these challenges, Bitcoin’s fundamentals remain strong. Network activity, hash rate, and long-term holder metrics continue to suggest resilience and growing adoption. However, the short-to-mid-term price action may remain subdued unless large-scale institutional interest is reignited.
In summary, while Strategy’s $45 million Bitcoin purchase reinforces its long-term bullish stance, the noticeable slowdown in buying activity signals a cooling period for institutional demand. Market participants will be closely monitoring future acquisitions and ETF flows to gauge the next phase of Bitcoin’s price cycle.