Ki Young Ju called on Strategy to stop accumulating bitcoin: three lessons for Saylor
CEO of the analytical platform CryptoQuant, Ki Young Ju, made an unexpected statement regarding the company Strategy. In his opinion, the aggressive Bitcoin purchases by Michael Saylor's corporation have transformed from a growth driver into a "liquidity absorber." Ju believes that the current strategy only prevents the price from falling but does not create conditions for a new bull rally.
Why aren't the purchases working?
Ju's key argument is the imbalance between capital inflow and price dynamics. Over the past two years, Bitcoin's realized capitalization has grown by $467 billion, yet the asset itself has depreciated by 1%. This means that hundreds of billions of dollars are simply being redistributed among market participants without creating an upward trend. Essentially, Strategy acts as a market maker, buying up coins but unable to overcome seller pressure.
Ju emphasizes that the current market cycle is anomalous: Bitcoin has been fluctuating in a wide range for almost two years, unable to break historical highs or update its lows. The absence of a deep drawdown deprives the market of a cleansing mechanism—the capitulation of weak holders, which traditionally precedes a new wave of growth.
Three tips for Saylor
Addressing the founder of Strategy directly, Ki Young Ju proposed three specific steps to normalize the situation:
1. Suspend purchases until reserves are restored. The company's annual dividend obligations have increased nearly fourfold—to $1.2 billion, while cash reserves have shrunk by 38%. Dividend coverage has fallen from seven years to 14 months. Ju insists: first, the financial cushion needs to be strengthened.
2. Implement a systematic approach to timing trades. The phrase "Strategy always buys at the local top" has become a market meme. Unscheduled purchases when free capital is available are not a strategy but a risky impulse, the analyst believes.
3. Develop a disciplined sales scheme at cycle peaks. Partial profit-taking near the highs does not mean abandoning Bitcoin. On the contrary, it will reduce debt burden, lock in value for shareholders, and create a liquidity reserve for re-accumulation at lower levels. "This is not trading, but risk management," Ju concludes.
Expert comment: Ki Young Ju's call is not just criticism but a timely reminder that even the most convinced hodlers must consider macroeconomic reality. The "buy and hold forever" strategy works well in conditions of unlimited liquidity, but when obligations grow faster than reserves, it turns into a financial trap. The market needs not another dose of demand but a healthy correction that will clear the way for a new phase of growth.