The founder of CryptoQuant suggests that Strategy suspend buying coins until cash reserves and dividend coverage are restored.

BlockBeats news, on June 24, CryptoQuant founder Ki Young Ju stated bluntly that Strategy’s current Bitcoin buying behavior acts more as a liquidity absorber than as a price catalyst. Over the past two years, Bitcoin’s realized market value has grown by 467 billion dollars, yet its price has dropped 1%—even with hundreds of billions of dollars flowing in, turnover remains ongoing and the price has not risen. Ki Young Ju believes that in the current environment of heightened selling pressure, Strategy’s bids serve mainly to defend the price range rather than to drive a breakout. More seriously, continuous buying might obstruct a market-clearing deep correction, instead offering more liquidity for holders to realize profits. Comparing this to traditional Bitcoin cycles—with crashes, capitulation, weak hands exiting, and whales accumulating—the current cycle has seen nearly two years of wide-ranging sideways movement—not strong enough to confirm a new bull market, nor weak enough to trigger true capitulation. This means weak hands haven’t fully exited, strong hands haven’t actively re-accumulated, and the market may require a complete reset to build a stronger recovery.

Ki Young Ju made three recommendations to Saylor:

Pause Bitcoin purchases until cash reserves and dividend coverage are restored.

Establish a systematic, model-driven buying framework to change the market’s perception of always buying at local tops.

Establish a disciplined selling framework for the next bull cycle—selling a portion near the cycle’s peak is not betraying Bitcoin, but rather deleveraging, realizing shareholder value, and creating an ammunition pool for low-price re-accumulation. This is not trading; it is risk management.