The announcement from Microstrategy yesterday was very interesting and thought-provoking! Worth focusing on research! Positive for BTC in the medium to long term ❗ ️ The original text is as follows: Strategy increased its US dollar reserves to $5.1 billion, established an additional $1.59 billion in cash, and repurchased $136 million worth of STRC. As of 8/23/26, Strategy holds approximately 4% of the total BTC supply and has a net leverage of approximately 0%. ” Let me give you a simple and straightforward explanation: Our micro strategy company has cleared its leverage and is not afraid of BTC's subsequent decline and adjustment. We can still confidently buy BTC with real money and silver. ” The announcement and actual operation of micro strategy reflect a deep strategic intention that can be broken down into three layers: From 'leveraged hoarding' to 'capital structure optimization'. In the past, the core strategy of Strategy was to issue bonds and borrow money to buy BTC. Now, the net leverage ratio is about 0%, which means that it has completed a phase of strategic transformation, shifting from relying on debt leverage for expansion to relying on equity financing and internal capital structure adjustment. The balance sheet is healthier and the sustainability of holding BTC is stronger. 2. Ammunition is ready, wait for the opportunity! This is a signal! The total reserve of $5.1 billion plus a cash pool of $1.59 billion is approximately $6.69 billion. Based on a price estimate of $79000-80000, it is sufficient to purchase approximately 83000-84000 BTC (approximately 0.4% of the total supply). If BTC experiences a pullback (such as falling to 72000-75000), micro strategies and these ammunition will come into play. 3. Confidence signals are greater than financial operations. The core message of the micro strategy tweet "0% net leverage+4% supply+$2.4 billion floating profit" is: we are the largest long-term holder of BTC, with no leverage risk, and currently have $6.69 billion in ammunition on hand. This is not only telling the market that 'we have money', but also reinforcing market confidence through Buffett's narrative of 'others fear my greed'. What is the impact of this announcement and operation of micro strategy on BTC price? Short term: Choosing to hoard cash instead of increasing BTC holdings for three consecutive weeks indicates their expectation of better buying opportunities in the short term (such as a pullback triggered by financial reports/macro data). But this' wait-and-see 'itself does not constitute selling pressure. Mid term: If BTC experiences a pullback after Nvidia's financial report or PCE data, $6.69 billion in ammunition may become a "support force", using real gold and silver to support BTC. This is a mid-term positive for Bitcoin! Long term: 0% net leverage+4% supply lock-in, forming a bullish narrative in the market and verifying the sustained recognition of BTC's long-term value by large institutions. Alright, combined with the recent strong rise of Bitcoin, the bear market has come to an end and the bull market has emerged and started amidst doubts. Pulling back to 71500-73500 is a great opportunity to get on the train, and you can also consider and follow around 75000.