Strategy chairman Michael Saylor indicated his firm could increase its Bitcoin holdings just as the market fell again on Sunday, a move that kept traders on edge and fueled a new debate over what’s causing the declines.
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Back to more orange dots
According to a post on “Back to more orange dots,” an abbreviation that investors interpret as new purchases.
Based on reports maintained by SaylorTracker, Strategy bought 10,624 BTC on December 12 – the largest purchase since late July.
The company now owns approximately 660,624 BTC, which at current prices is worth approximately $58.5 billion, and the average cost per coin is $74,696.
Go to more orange dots. pic.twitter.com/rBi1aagDVO
— Michael Saylor (@saylor) December 14, 2025
Sunday fuse, low liquidity
Bitcoin briefly fell to a two-week low near $87,750 in late trading on Sunday before climbing back above $89,000 at the time of writing.
Traders pointed to a familiar pattern: rapid declines on weekends when liquidity is tight. Ether showed relative strength while major altcoins lagged, and market participants positioned themselves ahead of a busy calendar US data and central bank decisions this week.
Analysts Eye Bank Of Japan
According to analyst commentary, some market participants attribute the selling to market expectations Bank of Japan.
People are seriously underestimating what the bank will do with crypto, said an analyst using the handle NoLimit.
Justin d’Anethan, head of research at Arctic Digital, said the drop to $88,000 “feels like a defeat” and linked the move to fears of an unwinding of the carry trade linked to Japanese interest rate expectations.
The markets may have priced this in
Sykodelic, another market observer, argued that Japan’s actions are largely priced in. “Markets are progressive, progressive. They move in anticipation of events, not when those events occur,” they wrote.
On that view, the recent decline is less about a new shock and more about the usual back-and-forth: macro funds reducing exposure, short-term traders taking profits and buyers entering at lower levels.
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This push-and-pull helps explain why Bitcoin continues to drop lower on thin liquidity pockets but fails to break decisively below key support.
Meanwhile, the tension between long-term holders – represented by companies like Strategy – and short-term macro flows is shaping the price action.
There are no signs yet of widespread liquidations or a funding crisis, suggesting the declines are measurable rather than chaotic.
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