Strategy's treasury actions become pivotal for Bitcoin rally, Bitfinex says

Bitcoin jumped roughly 24% in a week, pushing the price above Strategy’s average purchase price of $75,385 per BTC. Bitfinex analysts view the corporate holder’s upcoming treasury decision as a decisive factor for the rally.

Current price levels and cost‑basis barriers

Bitfinex highlighted three key price zones:

• $73,500 – average cost for investors who bought in the past 3‑6 months; a weekly close above this level followed by a retest would confirm a breakout from the summer range.
• $86,500 – average break‑even for holders who bought 18‑24 months ago; could act as resistance if sellers target this level.
• $64,500 – average cost for the newest buyer group; a drop below would suggest the rally is losing momentum.

Strategy’s recent treasury activity

Strategy held 840,447 BTC unchanged last week after raising about $2 billion through sales of its MSTR shares. The company made no Bitcoin purchases or sales for the week ending August 16, keeping supply pressure low.

Earlier in August, Strategy sold 1,690 BTC at an average price of $64,262 and another 1,638 BTC at roughly $64,000, using the proceeds to repurchase preferred stock and pay dividends.

Market demand beyond forced buying

Bitfinex identified two main sources of lasting demand: U.S. spot Bitcoin ETFs and public companies holding BTC. ETFs recorded about $1.9 billion of net inflows in the week ending August 21, marking five consecutive weeks of inflows.

Short‑liquidation activity also contributed to the price rise, with nearly $2.7 billion of bearish positions closed in a 24‑hour period as Bitcoin broke $70,000. However, on‑chain activity remains near eight‑year lows, indicating limited holder participation.

Implications for investors

Strategy’s next treasury move—whether to accumulate more BTC or to sell at higher prices—will signal corporate spot demand. Accumulation could reinforce the rally, while new sales might add supply above market levels and curb further gains.