CoinDesk
Michael Saylor declared the bitcoin "winter" over while the asset traded above $78,000, framing Strategy's latest 13,927-BTC purchase — which lifted the firm's treasury to 780,897 BTC — as the start of a more permanent institutional era. The visuals were Game of Thrones-coded, complete with fur coat and a horse, but the message was structural: corporate treasuries now anchor demand in a way the 2017 and 2021 cycles never did.
Not every analyst buys the "winter" framing. Jason Fernandes of AdLunam argued that even if bitcoin is past its trough, "it is still very cold for altcoins" — a reminder that the institutional bid is highly concentrated in BTC. Former eToro analyst Mati Greenspan of Quantum Economics went further, calling the post-October-10 selloff — which triggered roughly $19 billion in forced liquidations in 24 hours — a "large pullback within a broader bull market" rather than a true winter, and said the bottom is likely already in.
Why it matters
The agreement between Saylor and Greenspan is the part that matters: corporate treasury accumulation is no longer a one-firm story, and the next adoption wave they expect — nation-state reserves — is already moving from theory to balance sheet. The US plans a strategic bitcoin reserve (currently informal but backed by an estimated 300,000 BTC already held), El Salvador continues its daily buy program toward 7,500 BTC, and sub-sovereign actors like Wisconsin and New Jersey are layering BTC exposure into public pension allocations. Greenspan's framing of a fourth cycle — early adopters, 2017 retail, 2021 institutional, and now central banks — puts sovereign balance sheets at the center of the next leg.
Market impact
The near-term read is a structurally higher floor. Strategy now holds roughly 4% of all bitcoin that will ever exist, removing meaningful supply from circulation at a steady cadence. On the derivatives side, large perpetual traders on Hyperliquid have flipped from net short to their most aggressively net-long positioning since early March, with the group historically leading spot moves by days.
Frequently asked questions
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How much bitcoin does Strategy (MicroStrategy) hold right now?
Strategy holds 780,897 BTC after its latest 13,927-BTC purchase, according to the firm's disclosure cited in the source. That stash represents roughly 4% of all bitcoin that will ever be mined.
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Did the Oct. 10 crypto crash count as a 'bitcoin winter'?
Mati Greenspan of Quantum Economics argued it did not, calling the roughly $19 billion in forced liquidations within 24 hours a 'large pullback within a broader bull market' rather than a true winter. Jason Fernandes of AdLunam agreed on direction but said altcoins were still in a cold tape.
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What does 'nation-state bitcoin adoption' actually look like today?
The US is formalizing a strategic bitcoin reserve on top of an estimated 300,000 BTC already held, El Salvador continues a daily purchase program targeting 7,500 BTC, and sub-sovereign entities like Wisconsin and New Jersey are introducing BTC exposure in public pension allocations.
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Why are perpetual traders on Hyperliquid relevant to the price outlook?
Large Hyperliquid traders — typically running positions above $10 million — have historically led spot bitcoin moves by days. The group flipped from net short to its most aggressively net-long positioning since early March as BTC climbed from the mid-$60,000s toward $80,000.
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Does Saylor's 'winter is over' call apply to altcoins too?
No. Fernandes flagged a sharp BTC-versus-altcoin split: even if bitcoin is past its bottom, the altcoin tape is still cold. Institutional and treasury flows are a concentrated BTC bid, not a broad crypto bid.
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