The most aggressive Bitcoin buyer in the world is running low on cash. Strategy owns around 847k BTC, worth roughly $52B or about 4% of all Bitcoin that will ever exist. So when @cryptoquant_com says they should pause purchases, that's not a throwaway comment. Strategy doesn’t have a Bitcoin problem, it has a CASH buffer problem. STRC, one of Strategy’s preferred stocks, is designed to trade near $100 and pay dividends. But it recently fell as low as $82.5, its biggest discount so far. Here's the number that got my attention: dividend coverage went from 7+ years to around 14 months. Strategy’s annual dividend obligations have reportedly jumped to around $1.2B, while cash reserves are down 38% this year. Think of it like owning a house worth millions, but only having one year of cash to cover your mortgage payments. Strategy could technically sell BTC, but a lot of recent buys are underwater, so selling here would lock in losses and weaken the whole story. That’s why CryptoQuant’s suggestion is more practical than bearish: stop buying BTC for now, rebuild the cash reserve, then resume buying with a cleaner balance sheet. The risk isn’t forced selling tomorrow. The risk is that one of Bitcoin’s biggest marginal buyers becomes less effective because its funding machine gets weaker. It’s a reminder that conviction is not the same as risk management. Leverage is fine when the market is going up. The test comes when the bills keep coming and the asset stops cooperating.(Edgy - The DeFi Edge 🗡️)