Large Investors in Bitcoin Strategy ceased accumulation, with cash reserves soaring to $2.19 billion.

[Block Rhythm] Large Investors in Bitcoin have been a bit cautious lately. Strategy decided last week to hold off and temporarily did not increase their Bitcoin Position, instead raising their cash reserves from previous levels to $2.19 billion. The reason behind this is very practical: they raised $748 million by selling stocks, specifically to create a cash buffer to deal with upcoming Dividend and debt expenses.

The timing of this action is worth pondering. Just recently, Strategy was still continuously increasing its Bitcoin holdings, but now the market has changed—Bitcoin has fallen nearly 30% from its all-time high set in October. In the face of such market volatility, institutions have clearly changed their thinking, shifting from an aggressive coin-holding strategy to a more prudent cash allocation.

According to the data, Strategy currently holds a total of 671,268 BTC, with a market value exceeding $60 billion, and its mNAV is approximately 1.1. This indicator reflects that, in a highly volatile market environment, this large institution has adopted a significantly more defensive stance. In other words, it is using concrete actions to remind the market: the time for caution has come.