CryptoQuant: Increased Strategy Holdings Do Not Indicate a Market Bottom

On August 20, Cryptoquant released a market analysis stating that Strategy’s purchases do not always coincide with market bottoms or directly drive up BTC prices. These purchases are typically made over-the-counter and settled on-chain in batches. Sometimes, this approach aligns with market momentum and boosts sentiment, but overall market depth far exceeds the impact of any single transaction. The best way to interpret Strategy’s buying activity is to view it as part of the demand backdrop, and then confirm it through ETF flows, spot CVD, and the premium of a certain U.S. exchange platform.