ChainCatcher 消息，CryptoQuant 创始人 Ki Young Ju 发文表示，Strategy 当前的比特币购买行为更像是“流动性吸收器”，而非有效的价格催化剂。
他指出，过去两年比特币实现市值增长了 4670 亿美元，但价格反而下跌 1%，说明大量资金流入只是实现了筹码转移，并未推动价格上涨。在当前抛压明显的环境下，Strategy 持续买入可能只是守住区间，而非真正驱动上涨。
Ki Young Ju 建议 Strategy 暂停比特币购买，直到现金储备和股息覆盖能力恢复；建立系统性的、模型驱动的买入框架，避免“总在局部高点买入”的市场印象；在下一轮牛市建立纪律性的卖出机制，通过在高点部分获利了结来降低杠杆、实现股东价值，并为低位再积累储备“干火药”。
他认为，本轮周期与以往不同，比特币已横盘近两年，既未形成强势牛市，也未出现充分的恐慌抛售和弱手出清，市场可能需要一次更彻底的出清才能开启更健康的反弹。
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