Michael Saylor’s hint about a fresh one Bitcoin The purchase has renewed talks between traders and investors, even as stress signals on the chain indicate that the network will face greater strain. The mix of heavy purchasing by public companies and signs of miner overload is attracting the attention of both bulls and bears.
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Saylor’s tracker signals
According to one StrategyTracker chart shared by Michael Saylor, Strategy owns approximately 650,000 BTC with a portfolio value of almost $58 billion. The chart shows an average purchase price of $74,436 and shows 88 confirmed purchase events over time.
Saylor captioned the image “Back to Orange Dots?” – a short, familiar cue that often precedes a new round of accumulation.
Strategy’s most recent reported move was a purchase of 130 BTC, which fits with the company’s long habit of adding during periods of market fear. That pattern matters because when an entity makes repeated purchases during downturns, it determines how other investors respond.
Back to Orange Dots? pic.twitter.com/npB0NWSZ52
— Michael Saylor (@saylor) December 7, 2025
Corporate purchases continue
Based on reports from BitcoinTreasuries.NETThe top 100 listed companies now collectively own approximately 1,059,453 BTC. ABTC reportedly added 363 BTC, the biggest increase this week, while Cango Inc. Bought 130.6 BTC.
Other names mentioned in recent filings include Bitdeer, BitFuFu, Hyperscale Data, Genius Group and Bitcoin Hodl Co. These moves show that some companies continue to expand their reserves even as prices fluctuate.
For market watchers, the steady business accumulation may be a calming force, although it does not alleviate broader selling pressure.
Stress indicators on the chain
According to Glassnode charts shared by the Bitcoin Archive, the Hash Ribbon has turned bearish again, a sign that some miners are facing stress or even pausing their operations.
The NUPL for short-term holders has fallen below zero, meaning many recent buyers are holding coins at a loss. Historically, episodes of miners being squeezed while new holders are underwater have almost reached a significant low.
That outcome is not certain, but the combination of technical strain on miners and unrealized losses among short-term portfolios is the kind of setup that traders keep a close eye on.
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What traders are looking at now
Traders are watching to see whether the stress and losses among new miner buyers will coincide with renewed buying by major holders.
Some expect corporate and Strategy purchases could blunt the downtrend and spark a recovery. Others remain cautious because indicators within the chain point to real tension.
Market action around major events, such as central bank announcements, has also shown that Bitcoin can stagnate before policy moves and move sharply afterwards.
Featured image from Unsplash, chart from TradingView