Strategy's Michael Saylor has teased a fresh Bitcoin move following the U.S. midterm elections, posting "Connecting the dots" on X. The message echoes his past pattern of hinting at Bitcoin purchases on Sundays before adding to Strategy's treasury on Mondays.
Strategy's Bitcoin position slips into unrealized losses
This time, however, the context is different. Bitcoin has fallen below Strategy's average purchase price of $75,451, pushing the company's investment into unrealized losses. With holdings valued below total acquisition cost, Strategy is now sitting on approximately $1 billion in paper losses, according to a recent update from Bull Theory.
The shift marks a sharp reversal from just a month ago, when Strategy's Bitcoin position carried nearly $10 billion in unrealized profits. The company holds 849,327 BTC, worth approximately $62.98 billion.
Stock and market snapshot
On the stock front, Strategy's preferred stock STRC was trading at $99.80, up 0.34% over the past 24 hours, while its common stock MSTR stood at $128.93, down 0.29% during the same period. Bitcoin's price had fallen to $74,110.28, marking a 2.2% decline over the past 24 hours.
Bitcoin's downtrend continues
Crypto analyst Benjamin Cowen argued that Bitcoin's Q4 2026 decline draws familiarity to a pattern seen in 2014, 2018, and 2022. In each of those years, a correction in the equity market came on the heels of weakness in Bitcoin.
"People can mock these ideas (and they have), but it does not stop the events from happening all the same," Cowen said.
Another analyst highlighted that BTC was approaching its fifth consecutive weekly red candle, which, if formed, would mark its longest losing streak since the six-week decline recorded in January and February 2026.
Taken together, these point to weakening market momentum and persistent bearish pressure.
Strategy's market dynamics
These factors may explain why Strategy saw most of its paper gains accumulated during the 2025 rally disappear in 2026. With the PnL around -$102 million at press time, it indicates that investors sold at a loss, commonly known as the capitulation phase.
Meanwhile, the MVRV ratio also fell from approximately 1.8 in 2025 to around 1.0 in November 2026. This further placed the average holder close to their break-even level, following a period when the market was underwater.
All of this coincided with Strategy acquiring $208 million worth of STRC and retaining $4.9 billion in USD reserves to support future purchases and financial obligations just recently.
