Michael Saylor's Strategy acquired 17,994 Bitcoin for roughly $1.28 billion last week | Credit: Joe Raedle / Getty Images.
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Key Takeaways
Strategy expands Bitcoin bet.
ETF flows show diverging trends.
MSTR technical outlook improving.
Michael Saylor’s firm Strategy has expanded its Bitcoin holdings with another multibillion-dollar purchase, as data shows crypto investment products beginning to attract fresh capital while Gold funds experience withdrawals.
The move has raised the question amongst crypto traders on whether Gold capital is beginning to rotate into Bitcoin.
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Strategy said it acquired 17,994 Bitcoin for roughly $1.28 billion last week, paying an average price of $70,946 per token.
The latest purchase brings the company’s total Bitcoin holdings to 738,731 BTC, worth about $50.77 billion at current prices.
Strategy accumulated the position at an average cost of $75,862 per Bitcoin, leaving the firm with an unrealized loss of roughly $5.3 billion, or about 9.4%, based on recent market prices.
Strategy has acquired 17,994 BTC for ~$1.28 billion at ~$70,946 per bitcoin. As of 3/8/2026, we hodl 738,731 $BTC acquired for ~$56.04 billion at ~$75,862 per bitcoin. $MSTR$STRChttps://t.co/wB1k3Nt1xa
The move has led to mixed reception from the crypto community — including those who are questioning if the mass accumulation is “still good for Bitcoin.”
“I’m starting to doubt if this is actually good for Bitcoin,” one X user wrote.
Another said: “Soon Strategy will own too much Bitcoin. And then what? BTC’s price would collapse. If one entity accumulates most Bitcoins and never sells, there’s no market, no use case left.”
However, others in the industry celebrated the return of Bitcoin’s biggest bull, stating it reinforced bullish momentum in crypto.
Bitcoin ETF Flows Turn Positive
Recent exchange-traded fund (ETF) data suggests investor demand may be shifting back toward Bitcoin.
Over the past 30 days, net flows into Bitcoin ETFs have moved back into positive territory, reversing the heavy withdrawals seen earlier in the year.
Meanwhile, Gold-backed ETFs have begun to see outflows after a prolonged period of strong demand.
BREAKING: The largest US gold-backed ETF, $GLD, posted a record -$3.0 billion outflow on Wednesday.
This surpasses any previous large daily outflow seen over the last 2 years by +200%.
At the same time, silver ETFs recorded small outflows, while Bitcoin ETFs saw modest inflows.… pic.twitter.com/XF8y99cPSV
— The Kobeissi Letter (@KobeissiLetter) March 6, 2026
The largest U.S. gold ETF, SPDR Gold Shares (GLD), recently recorded its biggest single-day withdrawal in more than two years, according to The Kobeissi Letter.
The outflow came shortly after Gold prices fell sharply, after record surges, suggesting some investors may be taking profits following the metal’s strong rally earlier in 2025.
Is Capital Rotating?
The divergence in flows has prompted debate among market observers about whether capital may be rotating from Gold into Bitcoin.
Historically, the two assets have sometimes moved in cycles, with investors shifting allocations between them depending on macroeconomic conditions and risk appetite.
However, analysts have continued to argue that the current environment—marked by declining economic sentiment and weaker risk appetite—still poses headwinds for Bitcoin.
Periods of economic uncertainty have historically benefited Gold, which investors often treat as a defensive store of value during market stress.
Bitcoin, by contrast, is still considered a risk-sensitive asset, meaning demand can weaken when investors shift toward safer allocations.
While recent ETF flow data suggests capital has begun returning to Bitcoin products, it is possible that it is short-term positioning rather than a full structural shift.
However, the rise of institutional investors have suggested investors treat Bitcoin as a complement to Gold rather than a replacement — allocating small portions of portfolios to both assets.
MSTR Breakout?
Some market analysts say the scale of Strategy’s latest Bitcoin purchase could strengthen a developing technical recovery in its stock, MSTR.
Victor Olanrewaju, an analyst at CCN, said the stock had already been forming a pattern of higher lows in recent sessions.
Olanrewaju, the $1.28 billion Bitcoin purchase announced by Strategy arrived just as this shift was emerging, potentially acting as a fundamental catalyst that could accelerate a broader recovery in the stock.
He said the size of the purchase itself sends a strong signal to the market.
“A $1.28 billion commitment is not a routine accumulation event,” Olanrewaju noted.
MSTR Weekly Chart | Credit: TradingView
Technical indicators on the daily chart appear to support the improving outlook.
Momentum indicators are also beginning to shift.
The Chaikin Money Flow (CMF) indicator has moved above zero for the first time in several months, suggesting capital is beginning to flow back into the stock.
If bullish momentum continues, Olanrewaju said a potential initial upside target near $186.84, followed by a move toward $238.40, which would represent a gain of roughly 70% from current levels.
Strategy’s Bitcoin Downside Risk
Despite the improving technical signals, analysts caution that MSTR’s performance remains closely tied to Bitcoin’s price.
Because Strategy’s balance sheet is heavily concentrated in BTC, sharp declines in the crypto could quickly reverse gains in the stock, even after the latest purchase announcement.
Macro risks also remain a prominent factor.
Rising energy costs, persistent inflation pressures and geopolitical tensions could trigger broader risk-off sentiment in global markets.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
