Strategy’s Bitcoin metrics go negative amid $3.2B cash – sells 7.5M shares but buys 0 BTC for 4 weeks
The company’s quarterly BTC Yield and BTC Gain turned negative after its share count rose while its 843,775-Bitcoin balance remained unchanged.

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Across its first five buybacks, B HODL added 24% more gross Bitcoin per share for every pound spent than a direct BTC purchase would have.
Deribit data shows more than 20,000 calls open at each strike, while July touch odds stood at 14.5% and 4.1%.
The Hyperliquid Bitcoin whale wipes out $61,605 liquidation risk, erasing the market’s clearest liquidation target.
The current period cannot reach the 55% threshold, leaving one full ordinary window before enforcing nodes require bit 4.
The split between improving Wall Street demand and weakening trading liquidity leaves $57,000 in view if support fails.
Bitcoin’s long-term case is strengthening for the same reason its price keeps suffering