Strategy stops massive BTC buying: Should we worry?

Since 2020, Strategy embodied absolute trust in bitcoin, accumulating thousands of BTC each month. However, in December 2025, the giant seems to mark a sudden pause. Purchases collapse, cash reserves swell, and questions arise: does this turnaround announce a prolonged crypto winter or just caution in the face of uncertainty?

Strategy suddenly slows its massive bitcoin purchases: Why?

The numbers speak for themselves: Strategy has decreased its monthly bitcoin purchases from 134,000 BTC in November 2024 to only 130 BTC at the end of November 2025. According to CryptoQuant, this vertiginous drop reflects a shift toward a conservative strategy focused on liquidity. The last significant purchase made on November 17, 2025, was 8,178 BTC for 835.5 million dollars! Bringing its reserves to 650,000 BTC, with a total cost of about 48.38 billion dollars.

CryptoQuant interprets this slowdown as preparation for a bear market. The monthly purchase chart confirms this trend: after a peak in 2024, the curve collapses, revealing almost no accumulation at the end of the year. This change comes after bitcoin’s largest drawdown in 2025, in a context marked by the end of the “BTC proxy trade” and increased pressure on crypto treasury companies.

Selling BTC? The Strategy CEO sets a condition that worries markets

Recently, the CEO of Strategy mentioned an unexpected possibility: selling part of the bitcoin reserves under a specific condition. A statement that sowed doubt among investors used to seeing the company as an unconditional BTC pillar. According to CryptoQuant, this caution is explained by several factors:

• The need to preserve liquidity in an uncertain market;
• Pressure from shareholders;
• An unfavorable macroeconomic environment.

Strategy’s last massive purchase in November 2025 might seem contradictory with this new approach. Yet, it might rather be an opportunity seized at an attractive price before a potential prolonged decline. Speculations abound: does Strategy anticipate a major correction, or is it simply trying to reassure its investors?

Bitcoin at a turning point: immediate rise or risk of fall?

A burning question for investors: if Strategy, the historic leader in bitcoin accumulation, slows its purchases, should we expect a rise or a fall of BTC? Two scenarios clash. On one side, a surprise rise remains possible if institutional players take advantage of low prices to buy discreetly, creating scarcity effects. On the other, a risk of fall persists: weakened demand might lead to a deep correction, especially if other companies follow Strategy’s example.

The indicators to watch are many: whale behavior, Bitcoin ETF reactions, and regulatory developments. One thing is certain, the market is at a tipping point. The coming months will be decisive to determine if Strategy was right preparing for a crypto winter, or if its caution was excessive. For investors, doubt settles in: should they follow this trend or bet on a rebound?

Strategy is not turning its back on bitcoin, but its change of course reflects uncertainties of a market in full mutation. Between opportunities and risks, one thing is sure: 2026 promises to be decisive. And you, would you be ready to buy BTC in this context, or are you waiting for a more marked drop before investing?