The largest bulls are starting to loosen their grip.

Strategy announced a $1.38 billion discounted buyback of $1.5 billion in convertible bonds, while clearly indicating the possibility of selling Bitcoin to raise funds.
This is not the first hint, but this time the scale of the buyback, the discount margin, and the massive volume of preferred stock transactions combine to send a signal more direct than ever before.
Michael Saylor's balance sheet has never been just a tool for hoarding coins; it is a sophisticated debt machine.
The 2029 notes have a relatively high interest rate, and now the discounted buyback effectively erases debt with less money, but where does the money come from?
The company's Bitcoin holdings are the only assets that can be quickly liquidated.
The market has already voted with its feet.
The daily trading volume of STRC preferred stock soared to $1.53 billion, indicating that institutions are rushing to buy preferred stock rather than common shares—
they are betting that Bitcoin will not be sold, but also hedging.
If Strategy really sells coins, even just partially, the impact on market psychology will far exceed the actual selling pressure.
More importantly, this occurs at a point when Bitcoin has fallen below $80k and the macro environment is worsening.
U.S. Treasury yields are soaring, U.S. stocks and crypto concept stocks are broadly declining, and liquidity is being drained.
Strategy choosing to optimize debt rather than continue adding positions at this time is itself a cautious signal about the future market.
The downside risk is that if Bitcoin prices continue to decline, Strategy’s debt leverage could face even more severe tests, and the pressure to sell coins will be greater.
This is not panic, but a structural signal— the game rules for the maximum bull are shifting from "infinite hoarding" to "refined debt management."
$btc #strc #defi #rwa #Blockchain