Cryptonary

Gm.

Wild week for the treasury guys, and a proper lesson in never trusting CT.

Saylor sold 32 BTC last week and CT lost its mind. Forced selling incoming. Strategy was finished. It was over lol.

Then he buys 1,550 BTC today and the same crowd flips. “Bad management.” “Irresponsible.” “He shouldn’t be buying.” From “he’s a forced seller who’s finished” to “he shouldn’t be buying” in the space of a week.

Same crowd psychology around Tom Lee. BitMine sitting on billions in paper losses on ETH, everyone calling him exit liquidity. Then he keeps buying. Same pile-on. Worth saying the two situations aren’t identical, BitMine’s balance sheet is younger and smaller, and ETH at least earns yield while BTC earns nothing. The vibes rhyme. The risk doesn’t.

Sell = he’s desperate. Buy = he’s reckless. There’s no version where these guys win with the crowd. Which tells you the crowd isn’t the thing to listen to.

And I’ll be honest, I love watching it. I’m bullish on these guys. They’re operating at a level almost nobody on that timeline can comprehend. These aren’t kids who fluked a memecoin, pulled a couple mill, shill tokens and call themselves KOLs. These are bad mfs who built actual empires. The people dunking on them have built nothing.

But respecting the players doesn’t mean ignoring the math. And the math this week is more interesting than the headlines.

That 32 BTC sale everyone freaked out about? $2.5M. In the same window, Strategy quietly sold over $120M of stock. The thing actually worth watching was 50x bigger than the coin sale, and CT focused on the wrong one.

Same with today’s buy. They funded it by issuing stock, used the cash to buy 1,550 BTC, and topped their dividend reserve up to $1B. That’s not reckless apeing. That’s buying Bitcoin and managing the bills at the same time. These guys are sharper than the timeline gives them credit for.

Here’s the part that matters though. Strategy owes around $1.6B a year in dividends on its preferred shares. Cash, every year, up market or down. Bitcoin produces none of it. So the bill gets paid by selling BTC, raising more debt, or issuing stock. Right now, with the stock trading below the value of the Bitcoin

When the market's in extreme fear, the question stops being "should I buy?" and becomes "at what price?" 💰

That's the whole idea behind dollar-cost averaging. Instead of trying to call the exact bottom, you accumulate in zones, and you lean in harder the deeper the discount gets.

Here are the levels we'd be watching:
BTC: $45K – $56K
ETH: $900 – $1,300
SOL: $30 – $40
HYPE: $26 – $38
XMR: sub - $135

These aren't predictions. They're the areas where the risk-to-reward starts getting interesting. Fear has a habit of creating prices that feel awful in the moment and obvious in hindsight.

So, real question: where would you throw the kitchen sink? 👇

Not financial advice. Always do your own research.