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On-chain data from CryptoQuant shows MicroStrategy has consistently implemented its long-term Bitcoin accumulation strategy, having never sold anything since it began accumulating Bitcoin in 2020.
Its graph indicates continued buying — including a record purchase of 55,500 BTC in early 2025 while Bitcoin traded above $100,000.
MicroStrategy did not liquidate any position after several price drawdowns, including the 2021, 2022, and 2023 bear markets. This pattern held true even during periods of both volatility and upward momentum. In the last five years, MicroStrategy has only bought but never sold one coin.
In October 2024, Saylor presented the company's "21/21 Plan" to raise capital in an orderly manner through 2027. Despite announcing its plan in 2024, the 74.08 billion software company's Bitcoin acquisition began much earlier, with initial purchases in mid-2020.
On Wednesday, April 2, Bitcoin's price plunged from $88,000 to $83,000 as tariff news rocked the markets. A handful of crypto-related stocks also dipped in after-hours trading, with Strategy dropping 7%. But the tech titan did not sell any Bitcoin.
Analyst Maarten from CryptoQuant highlighted that several dormant wallets began to move—messages about the transfer of 15,838 BTC from wallets with coins frozen for 3–7 years.
Notably, 13,707 BTC originated from wallets aged 3–5 years, while 2,131 BTC were withdrawn from addresses aged 5–7 years. These upticks began to increase after November 2024, at which time more ETF-related buys and large-unit purchases by institutions, including MicroStrategy, came into play.
However, these addresses have slowly stopped moving.
The analyst says, “Dormant coin transfers like this picked up after November 2024, during heavy ETF and MicroStrategy buying,” Maarten noted in a post on X. “Activity has slowed recently… Is this the start of a new wave?”
At the time of writing, Bitcoin is trading at $82,308.61, as per Kraken’s price feed. The trading volume of the asset stands at $41.71B, a dip of 24.99% in the last 24 hours.