Anchorage Digital’s latest analysis shows Bitcoin options traders remain defensive as near-term uncertainty persists, though markets are not pricing an extreme downside scenario for Strategy.

Bitcoin drops toward new 2026 lows as spot BTC ETF outflows and slowing accumulation from Strategy weigh on market sentiment.

The Swedish health-tech company moved closer to becoming one of Europe's largest publicly traded Bitcoin treasury firms after shareholders approved a key condition for its planned acquisition of two Norwegian investment companies.

Strategy's cash reserves are now enough to pay only 14 months of dividends from the previous seven-year level. CryptoQuant said the company should pause Bitcoin purchases and rebuild its reserves.

Strategy’s cash reserve is down 38% as dividend obligations near $1.2 billion, raising dilution risk for MSTR shareholders.

Michael Saylor’s Strategy boosted its USD Reserve to $1.4 billion and added 520 Bitcoin, funded through $335.5 million in MSTR share sales.

STRC’s slide below par has emboldened critics, slowed Strategy’s Bitcoin buys and sparked debate over whether Michael Saylor’s BTC flywheel is still fine.

Bitcoin bears hold the upper hand in the forthcoming Bitcoin options expiry, a potentially early warning that more BTC downside could unfold.