Saylor Reloads

Welcome back to The Warmup.

Happy Wednesday! This is CT during every market dip:

Here’s what we’re watching:

• Market Snapshot

• Saylor Reloads With His Biggest Bitcoin Buy in 9 Months

• BTC Trendline Defense Play

• Bitcoin Slips Below $90K as Trade War Jitters Hit Risk Assets

Market: Broad risk-off move with stocks and crypto down, while gold rallies. SOL holds steady, suggesting controlled de-risking, not panic.

Saylor Reloads With His Biggest Bitcoin Buy in 9 Months

What’s going on:

Michael Saylor’s firm Strategy just made its largest Bitcoin buy in 9 months.

They dropped $2.1B to scoop up 22,035 BTC at an average price of $95,280.

The twist? Strategy didn’t issue common stock.

Instead, they used STRC, a new preferred stock that trades near $100, pays monthly dividends, and yields around 11% annualized. It’s backed by a balance sheet dominated by Bitcoin, letting Strategy raise capital and keep stacking BTC without selling or diluting shareholders.

Over $100M flowed into STRC in a single week, and it held its peg even during a BTC pullback.

What it means:

Strategy is turning into a Bitcoin-backed capital machine, not just a BTC holder.

That’s bullish for MSTR (less dilution) and bullish for Bitcoin (new, repeatable buy pressure).

3% of all BTC owned by MicroStrategy was acquired last week.

BTC Trendline Defense Play

What’s going on:

Bitcoin is sitting right on a key ascending support line that’s been respected since November 2024, currently around $89K.

Price is at a decision point, offering a clean long setup with tight invalidation and a clear flip to short if support breaks.

Key levels we’re watching:

• Support: $89K → major ascending trendline

• Long zone: $89K–$91K → where bids may step in

• Upside: Above $91K → room for continuation

• Invalidation: Close below $88.9K

Directional Bias: Cautiously bullish

What we’re waiting for:

• Buyers defending $89K–$91K

• Clear bounce off trendline

• Breakdown below $88.9K to flip short, targeting $84.5K → $80K

Tight levels, clean structure. Let BTC decide.

Bitcoin Slips Below $90K as Trade War Jitters Hit Risk Assets

What’s going on:

Bitcoin briefly dipped below $90K, trading as low as $89,929 before bouncing, down ~2.5% on the day.

Markets reopened after the holiday with risk sentiment already shaky, and geopolitics did the rest. Trade war headlines pushed investors out of risk assets, even as crypto traded through the long weekend.

Crypto-linked stocks took it harder:

• Strategy fell 6% to ~$162, despite its recent massive BTC buys

• SharpLink Gaming dropped 7.8%, as investors reassessed ETH-heavy balance sheets

• MARA Holdings slid 5.7%, tracking broader risk-off moves

Meanwhile, Ethereum underperformed, falling 6%+ and slipping below $3,000. Bitcoin dominance climbed to nearly 60%, signaling broad altcoin weakness.

Outside crypto, the risk-off move was global. Japan’s Nikkei 225 fell 2.5%, Europe’s DAX dropped 1%, while gold and silver ripped higher as safe havens.

What it means:

This wasn’t a crypto-specific breakdown. It was a macro risk-off flush.

As long as $90K holds, this looks more like consolidation than capitulation. But if it cracks, the mid-$80Ks are back on the radar.

Zoom out: volatility is rising, geopolitics are creeping in, and Bitcoin is once again acting like the cleanest macro hedge in the room.

• Ethereum's Buterin backs decentralized social media's second act as Lens handover unfolds

• Winklevoss twins donate $1.2M in ZEC to back independent Zcash development

• Grayscale files with SEC to convert NEAR Trust into spot ETF

Bitcoin price action might look scary on red days, but ETF flows tell a much calmer story beneath the surface.

Long-term allocators aren’t panic selling, they’re steadily buying dips while short-term traders make the noise.

That divergence matters because it shows where conviction actually lives.

When price screams but flows stay strong, history suggests the bigger trend is still quietly intact.

— The Warmup Team

Always do your own research. This newsletter is supplemental material to help educate readers as they make their own decisions. Projects mentioned here are provided to give a potential early-mover advantage.