CryptoQuant founder publicly recommends pausing the Strategy from buying coins, arguing that its buying activity is more like a liquidity absorber rather than a price catalyst. Over the past two years, Bitcoin's market capitalization has increased by $467 billion, yet the price has actually dropped by 1%.

This points to a structural issue: when the largest institutional buyers are only defending price ranges rather than pushing through breakthroughs, the market needs a new narrative. Ki Young Ju suggests establishing a systematic buying framework and disciplined selling strategy—this is more valuable for long-term holders than just shouting buy signals.
But the risk is that if the Strategy truly pauses, short-term selling pressure could accelerate, and the market clearing process might become more intense. Currently, Bitcoin has been below the short-term holder cost basis of $74,800 for eight consecutive months, with an average unrealized loss of 14.4%, which is itself a bearish signal.
Institutional buying is not a panacea. When the largest buyers start to reconsider their strategies, retail investors should also examine their own position logic.
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