Crypto
Strategy’s $28M Bitcoin Buy Stacks Atop These Bullish Cues
Strategy’s latest Bitcoin purchase arrives as exchange balances fall, ETF demand strengthens, and BTC builds another base beneath critical resistance.
BLOCKINSIDERLoadingStrategy’s latest Bitcoin purchase arrives as exchange balances fall, ETF demand strengthens, and BTC builds another base beneath critical resistance.
Strategy, the world's largest corporate Bitcoin holder, bought 334 BTC worth $28.4 million in the week ending October 4.
The buying lands as several indicators align, suggesting Bitcoin's recovery from June's $58,000 low is gathering pace. Moreover, BTC trades above $85,000 after defying its usual September weakness.
The purchase was modest next to earlier buys, yet it marks a third straight week of accumulation. Bitcoin traded near $85,700, comfortably above its 111-day moving average, which sits close to $70,000.
Strategy's average cost of $75,441 per BTC leaves its holdings well in profit at current prices. That cushion helps explain why the firm keeps buying while also repurchasing $176 million of STRC preferred stock. Strategy holds more than 4% of Bitcoin's 21 million supply cap, giving its buying outsized influence on sentiment.
The Pi Cycle Top chart shows that the 111-day average is turning upward after a long decline since October 2025.
It is now climbing toward the 350-day moving average multiplied by two, which has drifted down to roughly $155,000. Historically, this upturn has accompanied the early stages of bull runs.
During the 2023 recovery, the 111-day average rose for months before price approached the upper band.
The wide gap between price and that band suggests the cycle still has room to run.
Exchange reserves tell a similar story. Glassnode data shows balances sliding from 3.38 million BTC to 3.33 million BTC over two weeks.
That is roughly 50,000 BTC leaving exchanges, a sharp reversal after months of climbing balances. Reserves had risen from 3.21 million BTC in May, a pattern that often reflects coins positioned for sale.
Falling exchange supply now signals investors moving coins into long-term custody, which reduces immediate selling pressure. Bitcoin held near $84,315 on SoSoValue's data, showing demand absorbed available supply without a pullback.
The shift matches institutional demand. SoSoValue data shows spot Bitcoin ETFs attracted $311 million over the last 48 hours. That lifts inflows across the past two weeks to $2.5 billion.
Only brief outflows interrupted the run, while a near-$1 billion single-day inflow in mid-September set the tone. The latest daily inflow stood at $189.84 million, so fund buying has stayed consistent into October.
Together, the two datasets show coins leaving trading venues while regulated funds absorb demand. A similar drop in balances accompanied the spring rally, when reserves fell to 3.21 million BTC.
Price structure supports the case. Bitcoin sits just below the $86,663 resistance while trading near $85,684 on Monday.
The Parabolic pattern being formed at the moment shows three successive bases, forming near $66,584, $75,491 and now between $81,209 and $86,663. Each consolidation has produced a higher floor than the last, a pattern that typically precedes expansion.
BTC has spent about two weeks compressing beneath resistance, a setup that often precedes decisive moves. Monday's session briefly touched $86,997 before retreating, so a confirmed close matters. A daily close above $86,663 would complete the third base and open the path toward $100,000.
That target sits about 17% above current levels, a sizeable move. The curved structure on the chart implies accelerating momentum after a breakout.
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