#加密市场观察 Crypto Daily(02.02): MicroStrategy Continues to Accumulate as Bitcoin Falls Below Key Support Levels

1. MicroStrategy's Bitcoin Holdings and Market Dynamics
1. As the world's largest publicly traded Bitcoin holder, as of February 1, 2026, its total holdings reached 712,647 BTC, accounting for approximately 63% of the total holdings of the top 100 publicly listed companies worldwide.
2. Its Bitcoin holdings are unencumbered, with a balance sheet design that prevents forced liquidation even if Bitcoin prices plummet (even to $1). The main debt consists of long-term unsecured convertible bonds, and it maintains $2.25 billion in cash reserves to cover interest and dividend obligations.
3. MicroStrategy's cost basis is approximately $76,037 per Bitcoin. Recently, Bitcoin's price fell below this cost basis, resulting in unrealized losses on paper. However, Executive Chairman Michael Saylor continues to increase holdings through the "More Orange" signal during market declines, adding 2,932 BTC in the week ending February 1, 2026.
2. Short-term Bitcoin Price Fluctuations and Whale/Institutional Behavior
1. Compared to the continued short-term decline in Bitcoin prices, as of February 1, 2026, the price was approximately $82,500, down 5.7% in 24 hours, breaking below the key resistance zone of $83,000–$85,000, with a low of $75,000, hitting a nine-month low.
2. Long-term holders are accelerating selling, retail investors are panicking and cutting losses, while whales (bn, Yilihua, MicroStrategy) are buying against the trend. bn invested $1 billion to buy Bitcoin, MicroStrategy continues to add positions, and institutions are positioning based on long-term value, policy signals (such as the Fed's leadership change), and the "harvesting panic chips" logic.
3. Market sentiment is subdued. Although the daily RSI has fallen into oversold territory, buying support is weak, and a secondary bottom may be imminent. Attention should be paid to the Fed's policy debut, PPI data, and the market's deleveraging progress.
3. Bitcoin Options Market Sentiment and Liquidity Changes
1. The Bitcoin options market shows divergent betting enthusiasm. As of February 1, 2026, the open interest for $75,000 put options on Deribit platform is valued at $1.159 billion, and for $100,000 call options at $1.168 billion, indicating equal market interest in downside and upside bets.
2. Market liquidity has been drained toward instant gratification speculative platforms (such as sports betting, in-game gambling, high-leverage ETFs, and same-day expiry options). These platforms provide rapid feedback loops, weakening Bitcoin and other long-term assets' price discovery ability, leading to decreased attractiveness in short-term speculative preferences.