Analysis: BTC falls below Strategy's holding cost line, MSTR has dropped 78% since its peak CryptoQuant analyst Axel Adler Jr. pointed out that the average cost of Strategy's approximately 847000 BTC holdings is around $75651 (total cost of approximately $64.1 billion), and the current BTC price has fallen below this cost line for the first time since the bear market in 2022. Adler pointed out that the real critical point of pressure lies in the company's shift from selling stocks to systematically selling BTC to pay dividends and debt interest; However, due to the fact that almost all of the debt is convertible bonds and there is no risk of additional margin, the baseline scenario is marginal buyer churn rather than cascading liquidation.