Why Michael Saylor's bitcoin buys aren’t moving the needle anymore

Despite billions in purchases, MSTR demand is being outweighed by long term holder positioning and broader capital flows. What to know : Strategy accounts for only 7% of gross inflows, meaning its buying is small relative to total market demand and easily offset by larger forces. Long-term holder positioning, revived supply, and realized cap changes are dominating flows. U.S. spot ETFs have added roughly $1 billion of inflows over the past 30 days, while miner issuance, at 450 BTC per day, contributes around $880 million of monthly supply pressure.