Major institutional buyers, led by MicroStrategy’s Michael Saylor, appear to be closing off opportunities for new investors to accumulate Bitcoin near prevailing average cost bases.
A prominent analyst noted on X that time may be running short for purchases aligned with the cost basis shared by Saylor and spot Bitcoin ETF holders. The warning follows MicroStrategy’s latest acquisition of 13,927 BTC for roughly $1 billion at an average price of $71,902 per coin. That purchase helped deliver a 5.6% BTC yield year-to-date through 2026.
As of April 12, MicroStrategy’s total Bitcoin holdings were 780,897 coins, purchased for approximately $59.02 billion at an average cost of $75,577 per BTC.
The buying has followed a well-established rhythm tied to MicroStrategy’s STRC convertible-note program. Purchases typically accelerate toward the end of each dividend cycle because investors do not need to maintain positions for the full month to qualify for payouts. With the current STRC deadline falling on April 15, analysts expect Saylor’s buying power to contract sharply afterward.
One researcher who flagged this pattern more than a week ago said events have unfolded precisely as anticipated. He expects the market to lose Saylor as a marginal buyer after tomorrow, potentially triggering a price drift downward. The same dynamic has played out after each of the past three STRC-driven buying spurts, with only modest timing variations linked to when funds became available.



 Meanwhile, Bitcoin rose 2.26% over the past 24 hours to $74,097.06, outpacing the broader market rally. The move was propelled by a short squeeze fueled by easing geopolitical tensions, particularly the de-escalation between the U.S. and Iran, which triggered rapid buybacks.
BTC’s tight correlation with traditional risk assets pointed to a macro-driven advance, reinforced by steady inflows into spot Bitcoin ETFs and softer-than-anticipated U.S. wholesale inflation data. If it holds above the key ETF cost-basis level near $74,232, it could challenge the $75,988 swing. However, a decisive break below the $73,400 support level could pave the way for a retest of the $70,480 level.
