Strategy has shifted from only buying to potentially doing two-way offloads—this script is so familiar it really stings.

According to Bloomberg, JPMorgan stated that after Strategy adjusted its financing policy, the market must face the risk of it shifting from a major Bitcoin buyer to a potential seller. The report said that Strategy selectively sells Bitcoin to pay preferred stock dividends and manage its balance sheet, introducing an avoidable two-way flow risk to the market; to reduce the likelihood of future Bitcoin sales, Strategy needs to maintain sufficient liquidity to cover two to three years of dividend payments. JPMorgan said that Strategy has purchased approximately $8.2 billion in Bitcoin this year, accounting for about 70% of the estimated net inflow of digital assets year-to-date, with its holdings representing roughly 4.2% of the total Bitcoin supply.