$BTC Strategic Pivot: Analyst Urges Strategy to Halt Bitcoin Purchases Amid Market Uncertainty.
A major development for companies holding Bitcoin: a leading market analyst (Julio Moreno of CryptoQuant) has publicly advised Strategy (MSTR), the largest corporate Bitcoin holder, to temporarily halt its ongoing purchases of the cryptocurrency.
This opinion was issued on November 18, 2025, and runs counter to the company's long-standing strategy of buying and holding Bitcoin at all costs.
Why is the analyst advising this?
He believes that we are currently in a bear market (when prices fall or remain stable for an extended period). During this phase, it's better to accumulate cash and avoid spending it on high-level purchases.
We need to wait for clear signs of market improvement (the start of a bull market), which could take several months.
The classic idea is: "Hold cash in a bear market and invest at the start of a bull market."
How much Bitcoin does Strategy hold?
At the time, it was approximately 714,644 BTC. The total purchase price is approximately $54.35 billion.
The average price for 1 BTC is approximately $76,056.
The company, led by Michael Saylor, has always bought Bitcoin every quarter, regardless of the price, and Saylor has repeatedly confirmed: we will not sell, the plan is unchanged.
What is the essence of the dispute?
Two approaches to Bitcoin in corporate treasuries:
Constant accumulation (like Strategy)
Goal: accumulate as many BTC as possible.
Time: indefinitely.
Ignore current prices and cycles.
Bitcoin = the primary reserve asset.
Tactical approach (what Moreno recommends)
Goal: buy cheaper, lower the average price, achieve better returns with less risk.
Time: consider market cycles (bearish → bullish).
Hold cash during bad times, actively buy during good times.
Look at blockchain data (on-chain metrics): exchange flows, miner behavior, coin age, etc.