The crypto market is facing a severe liquidity skew, according to Bloomberg analysts. They noted that Bitcoin's price action is now almost entirely propped up by Strategy's corporate playbook, while retail investors, hedge funds, and spot ETF buyers are steadily losing interest in the asset.
Meanwhile, Michael Saylor’s firm continues to sweep up all available supply on the market.
Since the start of 2026, Strategy has stacked over 171,000 BTC, a figure that vastly outpaces the new supply minted by miners, who themselves have currently flipped to the sell side, liquidating their stashes to fund artificial intelligence infrastructure.
Analysts estimate that Saylor now accounts for the lion’s share of Bitcoin's trading activity and exchange accumulation.
The dividend flywheel
The firm bankrolls its crypto shopping sprees by issuing high-yield preferred stock, non-voting shares that guarantee fixed payouts for investors.
Crypto community member Roman Zawadskii pointed out the "brilliant construction" of this setup.
"Saylor is selling exposure with high dividend yields and funneling the capital back into Bitcoin, creating an infinite loop where one asset cancels out the volatility of the other," he explained.
However, not everyone shares this bullish sentiment. User Solren pointed out that retail demand is shrinking. In his view, all the liquidity is flowing from a single player who is "milking money under promises of 11.5% returns, while constantly luring in new investors."
In a league of its own
This week, Strategy reported bagging another 24,869 BTC. The corporate giant’s balance sheet now holds a massive stash of 843,738 coins. Saylor makes no secret of his ambitions, aiming to accumulate 1 million Bitcoin by the end of the year.
