Bitcoin

Key insight

Strategy's announcement that it will no longer allocate 100% of new capital raises to Bitcoin removes a key institutional bid that had been a structural support for BTC, arriving exactly as the asset enters August — its worst seasonal month with a median return of -7.5%.

BTC at $62,598 is trading below the critical 100-day EMA at $67,481 and the 200-day EMA at $73,133, entering its statistically worst calendar month with Strategy pivoting away from 100% BTC capital allocation and options flow pricing in a test of $60,000.

Main risk

Strategy BTC Allocation Policy Reversal

Michael Saylor confirmed Strategy will sell BTC opportunistically and no longer direct all new capital raises into Bitcoin, eliminating a major recurring institutional buyer that had underpinned sentiment.