Strategy co-founder and executive chairman Michael Saylor signaled a potential Bitcoin purchase after BTC fell sharply over the weekend, briefly trading below the company’s average acquisition price.
"More Orange," Saylor wrote on X on Sunday, posting a chart that tracks Strategy’s Bitcoin purchases since August 2020. Saylor has used the same chart format ahead of confirmed Bitcoin acquisitions during previous market drawdowns.
Bitcoin dropped more than 13% over the weekend, falling from $87,970 to a low of $75,892 late Sunday before stabilizing above $76,000.
More Orange. pic.twitter.com/b5iYIMARJX
— Michael Saylor (@saylor) February 1, 2026
Michael Saylor X.
Cost basis crossed for the first time in months
The decline pushed Bitcoin below Strategy’s estimated cost basis of $76,040. This was one of the few instances in recent years when the company’s Bitcoin holdings moved into unrealized losses.
Strategy holds more than 712,647 Bitcoin, making it the largest corporate Bitcoin holder. At current prices, the position is valued at roughly $55 billion.
Bitcoin later rebounded to around $76,765, returning Strategy’s holdings above cost basis within hours.
Another purchase would extend 2026 accumulation trend
If the signal reflects a completed or pending purchase, it would be Strategy’s fifth Bitcoin acquisition this year. The company’s largest 2026 purchase occurred on Jan. 20, when it acquired 22,305 BTC.
Strategy has continued accumulating Bitcoin during periods of market weakness, maintaining a strategy centered on adding exposure during pullbacks rather than price rallies.
Political shock triggers broader market reaction
The weekend sell-off followed political developments in the United States. On Friday, President Donald Trump nominated former Federal Reserve governor Kevin Warsh to replace Jerome Powell as chair of the Federal Reserve.
Markets reacted to the announcement as investors reassessed expectations for monetary policy. Warsh is generally viewed as more hawkish than Powell, with an outlook focused on fiscal restraint, lower inflation, and a faster exit from quantitative easing.
Gold and silver, which had rallied to multi-month highs, declined sharply after the announcement.
The S&P 500 fell roughly 0.43% over the same period.
Crypto sentiment weakens amid uncertainty
Crypto market sentiment deteriorated alongside the price decline. The Crypto Fear & Greed Index fell six points to 14 out of 100 on Sunday, its lowest reading in more than a month.
Former Binance CEO Changpeng "CZ" Zhao said the recent volatility had reduced his confidence in the Bitcoin supercycle narrative he referenced earlier this year.
"Given all the FUD and all the emotions that were stirred up in the community, I’m less confident about it now," Zhao said during a Binance Square AMA on Saturday.
Matvii Diadkov
Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource, and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice, HODL FM strongly recommends contacting a qualified industry professional.
