On May 9, 2026, BitcoinTreasuries.NET published a set of strikingly eye-catching numbers on its official X account: in April, Strategy MSTR alone purchased approximately 56,000 bitcoins, while the net increase from all other publicly traded companies during the same period was magnified into a comparison of about 28 times. During that time, the price of bitcoin had been fluctuating around the $80,000 mark, with most institutions choosing to wait and make slight adjustments to their positions during the consolidation period, while this "whale" boldly swallowed up a large amount of chips amid the volatility. Almost simultaneously, several Chinese cryptocurrency media outlets quickly re-shared this monthly data, juxtaposing MSTR's aggressiveness with the caution of other institutions on the same page; on the other side, crypto trader Eugene interpreted the charts on his personal channel: trading volume and open interest were both at relatively low levels, most tokens were "under-allocated," high leverage had long been washed out, and once marginal buying returned, prices could be easily lifted. In his eyes, this felt more like a silent phase approaching a potential bottom, with bitcoin's $80,000 mark becoming the final tug-of-war line between bulls and bears—if this threshold was effectively broken, market sentiment might shift from cautious defense to proactive offense, first lifting BTC and then igniting a new wave of upward movement in altcoins like ETH and SOL.

The Big Bet of MSTR's Swallowing 56,000 Bitcoins

While traders were still tugging back and forth around the $80,000 mark, with most institutions choosing to "under-allocate" and wait, Strategy MSTR had quietly placed its chips on the table. The monthly report released by BitcoinTreasuries.NET on May 9, 2026, showed that this company, already holding the largest position, purchased about 56,000 bitcoins in the recently passed April alone. This was not an ordinary increase— the report simultaneously pointed out that MSTR's purchasing volume was approximately 28 times that of the combined net increase from all other publicly traded companies during the same period, marking the largest single increase among publicly traded companies that month, indicating that while others were cautiously consolidating for a month, it practically absorbed the vast majority of the new chips on the institutional side all by itself.

More critically, all of this happened at a time when prices were not "cheap." Throughout April, bitcoin was consolidating around the $80,000 mark, with little gap and low trading volumes, and many were more willing to call it a "high-position tug-of-war" rather than a bottom-fishing opportunity. In such a range, MSTR chose to aggressively increase its position against the trend, effectively using the entire company's position to make a long-term bet on a critical threshold still full of controversy. Multiple Chinese cryptocurrency media outlets—including Jinse Finance, Odaily Planet Daily, and Shen Chao TechFlow—converged on May 9 to re-tell BitcoinTreasuries.NET's data, repeatedly emphasizing how this single-month absorption of 56,000 bitcoins further solidified its image as a "bitcoin whale," making this gamble in the consolidation range one of the most difficult storylines to overlook in the upcoming market narrative.

Public Companies Waiting and Strategy Going Against the Trend

Similarly, in April, while bitcoin's price was tugging around the $80,000 mark, Strategy MSTR swallowed approximately 56,000 bitcoins, whereas its publicly traded peers hardly made a sound. The report from BitcoinTreasuries.NET highlighted a striking ratio: MSTR's single-month purchase volume was about 28 times that of the combined net increase from all other publicly traded companies. Some media tried to give specific numbers on "how much other companies have bought," but even the reports themselves noted "to be verified," while the conclusion that was truly remembered by the market was another—apart from this already largest holding company, no other publicly traded company dared to come close in scale during April. For most, increasing their holdings was merely a cautious "adding a little," while for Strategy, it was a total rewrite of the asset-liability position decision.

Why would the other companies be so restrained? In the context where prices were already hovering around the $80,000 resistance level, any additional exposure from the board would mean having to explain volatility on financial reports, and most management teams preferred to push this step back. The state of "double low trading volume and open interest (OI), with overall positions relatively under-allocated," as described by crypto trader Eugene, did not only belong to the cooling of retail sentiment; it also reflected in institutional accounts: more were waiting, a few were liquidating, and very few players like MSTR chose to concentrate their chips against the trend. On one side was a completely different handling of the same asset by institutions internally, while on the other, there was a dislocation in positions between institutions as a whole and retail investors; both of these were compressed into this holdings statistic, becoming one of the most noteworthy sources of tension in the upcoming market.

Volume at Freezing Point: Eugene's Bottom Theory

Beyond this differentiated holdings ledger, Eugene was focused on another set of more "emotional" data. He repeatedly emphasized on his personal channel that multiple market charts and indicators were giving highly consistent signals: bitcoin and a broader range of crypto assets might have approached, or even completed, the construction of a phase bottom at some location. The most intuitive line was that the overall trading volume of most tokens had noticeably narrowed compared to the previous high cycle, as what was once a frenzy of hands grabbing onto any news had gradually retreated into a sparse or even somewhat silent quotation bar.

The cooling of trading volume did not exist in isolation. Eugene pointed out that open interest (OI) was also at a low level, high-leverage speculative positions had been cleanly washed out by waves of volatility, and both sides of the bulls and bears did not have high absolute holdings; he summarized the current overall position state as "under-allocated." In his view, this low position and low leverage environment was essentially a still state of a compressed spring: because both chips and leverage were not at extreme positions, as long as there was a relatively limited marginal buy, it would be sufficient to break the balance and push prices higher than what equal funds could have done in the past, also meaning that once funds chose not to wait any longer, the prices themselves would become amplifiers rather than resistances.

Above the $80,000 Resistance, Altcoins May Experience a Surge

The line that has been repeatedly written about by the media, the "80,000 dollars," is a thick line on the chart, but in the market, it feels more like a psychological barrier. In reports from multiple Chinese cryptocurrency media on May 9, they almost unanimously referred to this as a key threshold for this round of market development: not breaking through means a prolonged box tug-of-war; once effectively breached, it indicates that the phase bottom is most likely behind us. Eugene tied his judgment to this line— in his view, if bitcoin successfully stands above approximately $80,000, marginal buying would no longer be sporadic testing but would drive watching funds to come in in batches, first lifting this heaviest "anchor" up and then raising the entire market capitalization curve.

The subsequent story, according to his script, should be a flow of funds from bitcoin to altcoins. After bitcoin breaks and stabilizes at a critical resistance point, funds typically sink along the risk curve, first flowing towards leading assets like ETH and SOL that he specifically named, and then extending to more peripheral tokens; however, this time the backdrop of the stage is characterized by both low trading volume and low OI. Eugene repeatedly emphasized that in this environment, limited new money rotating through sectors could create dramatic price fluctuations in "catch-up" movements: major coins like ETH and SOL might compress the gap in price increases over the past few months in the short term, but the same forces could magnify any corrections into sharp drops, and the real risk lies in everyone watching that $80,000 line while very few are adequately mentally and position-wise prepared for the high volatility that might occur after a breakout.

The Next Tug-of-War Between Whales and Retail Investors

When Strategy MSTR swallowed about 56,000 BTC in April, with the purchasing scale being described by BitcoinTreasuries.NET as 28 times the combined net increase from other publicly traded companies, the pattern of holdings had already been rewritten: on one end are the "corporate whales" willing to increase positions against the trend in the $80,000 consolidation area with a longer cycle, while on the other end are traditional institutions with limited net increases that care more about net value drawdowns and regulatory winds, and further down are retail and smaller funds who have passively "under-allocated" after multiple rounds of volatility. Around $80,000, several possible paths may emerge next: either, as Eugene judged, subsequent prices and fund flows validate this as a period of potential bottom lurking, leading bitcoin to first break through the threshold and then spill over the gains to assets like ETH and SOL; or, the price repeatedly attempts to push higher without success, under the condition that trading volume and open interest (OI) remain sluggish, turning this period into a longer box consolidation; there is also a possibility that a macro variable or regulatory expectation might suddenly change, directly reshaping the risk appetite of funds, causing this "whale swallowing" to remain deeply in floating losses for a longer time. Eugene's judgment, at present, remains only a personal perspective and has not yet been fully verified by subsequent price behavior. Market participants need to closely monitor the on-chain flow, trading volume, and OI following May 9 to test whether the "bottom theory" and the "catch-up market" become a reality or are corrected, while also accepting a premise: under the current situation where officials and the media avoid giving any guarantees for an upward trend, there is no single causality that can explain the future market; what truly determines the direction will be the intricate funding curve woven together by the macro environment, regulatory expectations, and on-chain data.

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