Coinbase Institutional 🛡️ (@CoinbaseInsto): Strategy’s BTC buying matters more than you think

Strategy’s BTC buying matters more than you think Key Insights: • Strategy’s most direct role is reducing liquid float by acting as a persistent holder. • Within the last two years, the share of BTC supply held by digital asset treasuries has quadrupled to above 4%. • That supply-tightening effect may matter more if BTC is also moving into stronger hands as long-term holder supply rises and coins leave exchanges. • Strategy’s buying is likely to matter more when it helps facilitate a breakout at a key technical level, after which breakout traders, systematic funds, and momentum-driven bots can reinforce the move. • Price impact may be limited if the buying is anticipated, executed carefully, or overwhelmed by ETF flows, miner supply, derivatives hedging, liquidation flows, or macro risk appetite. Do you think DAT buying matters more by squeezing supply or by facilitating breakouts at key price levels?