MicroStrategy invests another 1.28 billion: Is the "crazy" institutional buying behind market support or a sign of a trend reversal?

On March 10, MicroStrategy once again became the focus of the crypto market—this "Bitcoin's number one bull" announced that through a new round of financing, it increased its holdings by 17,994 BTC at an average price of about $70,946, totaling $1.28 billion. Meanwhile, the 20 millionth Bitcoin was officially mined, bringing the total circulating supply worldwide to 95.2%. This means that over the next 114 years, only the last 1 million Bitcoins will be left to mine.

These two pieces of news appeared on the same day, which is no coincidence.

1. Institutional-level dollar-cost averaging above $70,000

What’s most notable about MicroStrategy’s additional purchase isn’t the amount but the position—above $70,000. Previously, Bitcoin repeatedly faced resistance and retreated in this zone, forming a technical suppression. MSTR’s decision to leverage high-volume buying at this level sends two signals:

First, institutions have far more confidence in a bull market than retail investors. To them, $70,000 is not the top but the starting point of a new rally. Second, this may be a "market support" action—using real money to inject confidence into the market and prevent the price from breaking below a key psychological threshold.

But market support doesn’t necessarily mean a trend reversal. The act of institutional buying alone cannot directly change supply and demand unless it can motivate more funds to follow suit. The current question is: will retail investors buy in?

2. Only 5% supply remaining, highly concentrated chips—what does it mean?

The mining of the 20 millionth Bitcoin marks a historic moment. The remaining 1 million will take 114 years to mine out, meaning Bitcoin’s "fresh supply" will become extremely scarce. From an economic perspective, scarcity is the foundation of value but also an amplifier of volatility—because chips are highly concentrated, the buying and selling by a few whales can trigger intense fluctuations.

For retail investors, this is both an opportunity and a trap. The opportunity lies in the fact that long-term holders’ selling pressure will diminish over time, and as demand continues to grow, upward price movement is highly probable; the trap is that the short-term market is more easily manipulated by institutions and large players, making chasing gains or cutting losses very costly.

3. How should retail investors respond?

In the face of MSTR’s "crazy" accumulation and the long-term narrative of supply scarcity, the most rational strategy might be: abandon short-term speculation and embrace long-term dollar-cost averaging. Near $70,000, instead of guessing whether it’s "market support" or "trend reversal," it’s better to look further ahead—when only 1 million Bitcoins remain to be mined globally, today’s price might just be the starting point of a future reflection with a smile. $BTC

Of course, the premise is: you can hold on. #微策略再砸12.8亿美元增持BTC