Strategy, the corporate Bitcoin buyer led by Michael Saylor and long watched by investors, has sharply reduced its purchases this year, according to CryptoQuant. Once a steady force of demand, its monthly purchases have fallen dramatically, changing the way market observers view institutional support for Bitcoin.
Sharp drop in monthly purchases
According to reports, Strategy’s monthly accumulation peaked at around 134,000 BTC at the end of 2024. By November 2025, this figure had fallen to around 9,100 BTC. This movement equates to a drop of approximately 93% from the high water mark. Purchases this month have been almost zero, with only 135 BTC recorded in early December. These numbers show how quickly a major buyer can sell.
Bitcoin purchases by Strategy collapsed through 2025.
Monthly purchases fell from 134,000 BTC at the 2024 peak to just 9.1,000 BTC in November 2025, or just 135 BTC so far this month.
A 24-month reserve clearly shows one thing: they are preparing for the bear market. pic.twitter.com/qEwXR3JQ82
– CryptoQuant.com (@cryptoquant_com) December 3, 2025
A big buy amid the downturn
Reports revealed that on November 17, 2025, Strategy made a large purchase of approximately 8,178 BTC, a purchase worth almost $835 million at the time. The purchase is the largest made by the company since July and brought its total holdings to approximately 649,870 BTC. But while this single entry was significant, it didn’t reverse the broader trend: overall monthly activity is far lower than it was a year earlier.
Large assets but no more available liquidity?
According to CryptoQuant, Strategy has also accumulated cash: around $1.4 billion has been set aside. This reserve is kept to cover dividend payments, debt service, and other business needs. Observers say this signals a shift toward preserving liquidity rather than steadily accumulating Bitcoin. In other words, the company appears to be prioritizing cash flow stability over additional purchases for now.
BTCUSD trading at $91,995 on the 24-hour chart: TradingView
What CryptoQuant and Others Are Watching
Market analysts view the slowdown as a warning sign that corporate appetite for Bitcoin Treasuries may be cooling. If other large holders do the same, the structural demand that has helped support prices could weaken.
Some traders will read these numbers as a measure of preparation for a possible bear market. Others point out that Strategy’s huge reserve – almost 650,000 BTC – still allows it to weather a recession without having to sell immediately.
Key signals to watch for include upcoming monthly purchase totals and any changes in the strategy’s liquidity. Observers will be watching to see if the company returns to regular Bitcoin purchases or if reduced purchases become the norm.
It is also important to monitor other corporate treasuries, because if multiple downturns occur simultaneously, the market for newly issued and available Bitcoin could tighten significantly.
Featured image of JRU, chart by TradingView
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