Strategy's Bitcoin Buying Strategy Under Fire from CryptoQuant

CryptoQuant has issued a warning to Strategy regarding its Bitcoin buying strategy. The firm says Strategy's cash reserve has fallen by 38% in 2026, and its annualized dividend obligations have nearly quadrupled to $1.2 billion.

CryptoQuant CEO Ki Young Ju argues that Strategy's Bitcoin buying no longer acts as a clear price driver in the current market. He suggests that the company should pause purchases, rebuild cash reserves, and adopt a systematic framework for purchase timing.

Ju notes that Bitcoin's realized cap has grown by $467 billion over the past two years, while its price is down 1%. This indicates that capital is moving through the market without creating a strong upward trend. He also warns that continuous buying may delay a deeper market reset.