#Web3FebruaryFocus Crypto Market Observation (02.02): MicroStrategy Increases Holdings Against the Trend, Bitcoin Loses Key Support Level

The current crypto market is at a delicate turning point. Despite Bitcoin's recent sharp decline to a 9-month low, institutional players represented by MicroStrategy continue to execute their steadfast "Bitcoin-centric" strategy.

1. MicroStrategy's Holdings and Market Play

MicroStrategy (MSTR) has once again demonstrated its "diamond hands" during this downturn.

**Position Size:** As of February 1, 2026, its total holdings have reached 712,647 BTC, accounting for approximately 63% of the total Bitcoin holdings among the top 100 publicly listed companies worldwide.

**Risk Resistance Design:** The company's balance sheet is highly robust. Its Bitcoin holdings are unsecured assets, and its main liabilities are long-term unsecured convertible bonds. Even if Bitcoin's price drops to $1, the company will not face forced liquidation. Additionally, its $2.25 billion cash reserve is sufficient to cover interest payments.

**Countertrend Accumulation:** Currently, MicroStrategy's average cost basis for Bitcoin is about $76,037. Despite the price falling below this cost, resulting in unrealized losses on paper, Michael Saylor still added 2,932 BTC at the end of January.

2. Bitcoin Price Fluctuations and Whale Behavior

In the short term, market sentiment has entered the "extreme fear" zone.

**Price Movement:** As of February 1, 2026, Bitcoin's price is around $82,500, with a 24-hour decline of 5.7%. It further dropped to the $75,000 - $76,000 range, breaking below the key support level of $83,000.

**Token Distribution:** Long-term holders (LTH) are accelerating their sell-offs, while retail investors are panic-selling. However, "whale" groups (such as MicroStrategy and large institutions) are accumulating against the trend. Reports indicate some whales have投入高达 10 亿美元进行抄底. (Note: The Chinese phrase "投入高达 10 亿美元进行抄底" means "invested up to 1 billion USD for bottom-fishing.")

**Macroeconomic Factors:** The market is closely watching the hawkish expectations brought by changes in the Federal Reserve leadership (such as Kevin Warsh being nominated as Fed Chair) and upcoming PPI data releases.

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