#每周来晒 #Gate广场万圣节 #StriveCEO暗示继续增持比特币

Some are fleeing, others are moving in—at the $80K level, are institutions accumulating or retreating?

Over the weekend, BTC plunged through $80,000 in a single wick, burying $239 million in long positions and leaving retail traders in despair. Then the news broke on Monday: Strive CEO Matt Cole was making headlines again, saying, “We’re going to keep buying.”

How aggressively has this guy been buying lately? Here are the numbers:

October 5–9: spent $280 million in five days to acquire 3,311 BTC;

October 19: acquired another 1,223 BTC;

Total holdings have reached 36,818 BTC, worth around $2.9 billion at $80,000 per BTC;

Bought 8,137 BTC in Q3 alone, at an average price of $78,000.

The most interesting thing is that this company is taking the exact opposite approach to Saylor’s: zero debt, issuing 15% high-yield preferred shares (SATA) to finance its crypto purchases, and claiming it will maintain enough reserves to cover 18 months of dividends. In plain English: Saylor is going all-in with leverage—he makes a fortune when BTC rises and gets liquidated when it falls; Strive is steadily accumulating with long-term capital at a fixed cost, and can weather price declines.

So here’s the question: Haven’t we been hearing that institutional ETF funds are flowing out? At the $80K level, are institutions buying or selling?

We’ve already covered Strive’s buying power. Now let’s look at US spot Bitcoin ETFs (representing institutional funds engaged in swing trading and macro hedging), with data from SoSoValue:

October 21: Net inflows of +$528.4 million across the spot ETF market; funds were still coming in;

October 22: The tide turned sharply, with daily net outflows of -$635.5 million. BlackRock’s IBIT saw $254 million in outflows, while Fidelity’s FBTC saw $217 million—the strongest single-day redemptions since this correction began;

October 22 and 23: Combined net outflows of -$773 million over two consecutive days. These funds are highly sensitive to US Treasury yields and Fed expectations. They are flexible trading capital, and when inflation expectations rebound and risk appetite wanes, they tend to redeem and exit first. They are the main source of selling pressure in the market recently.

It’s clear that spot ETFs and Strive have made completely opposite decisions. Overall, Strive’s buying pressure is stronger, while the selling pressure from short-term ETF outflows is greater, weighing on prices. But continued buying from long-term treasury companies will limit the downside, making this a shakeout driven by diverging capital flows midway through a bull market, with dips below $80,000 offering value.

ETF redemptions mainly come from hedge funds, macro allocation funds, and arbitrage firms—short-term, high-beta capital that closely tracks US Treasury yields and risk sentiment. Recently, rising Treasury yields and growing expectations of a hawkish Fed have prompted these funds to redeem ETF shares for safety, forcing the funds to sell spot holdings. This is just a short-term reduction in trading positions, not a sign that issuers such as BlackRock and Fidelity are bearish on Bitcoin; these funds only seek returns from macro swings and do not hold long term.

Treasury companies such as Strive and Strategy operate on completely different funding logic. Strive raises long-term capital by issuing perpetual preferred shares, with funds dedicated to expanding its Bitcoin reserves on the balance sheet. Its core goal is to increase the amount of Bitcoin per share, not to profit from short-term price swings. After the price fell below $80,000, the CEO’s signal that it would buy more was not an off-the-cuff remark, but part of its established accumulation strategy: as long as the price remains within its long-term cost range, pullbacks are opportunities to accelerate purchases, regardless of short-term interest rate swings or ETF flows.

The market dynamic is now clear: short-term selling pressure comes from ETF swing traders exiting, while long-term buying comes from treasury companies led by Strive accumulating at lower prices. These two types of activity are happening at the same time and are not contradictory. $BTC