MicroStrategy Nears 600,000 Bitcoin Haul—Defying Slumping Retail Demand

Corporate whale MicroStrategy inches closer to swallowing 600,000 BTC—even as spot markets yawn.

The Unstoppable Bitcoin Accumulator

While retail traders nap, Michael Saylor's NASDAQ-listed vehicle keeps vacuuming up satoshis like a Wall Street-themed Roomba. The 600k milestone looms.

Spot Markets Hit Snooze

Exchange reserves bleed out, but institutional buyers play the long game—proving once again that 'weak hands' and 'corporate balance sheets' rarely appear in the same sentence (unless bankruptcy lawyers are involved).

The Cynic's Footnote

Meanwhile, traditional finance still can't decide if Bitcoin is a 'risk asset' or 'digital gold'—maybe because their Excel spreadsheets crash at 21 million cells.

TLDR

• MicroStrategy’s Michael Saylor hinted at another Bitcoin purchase by posting his “Saylor Tracker Chart” on social media
• Institutional Bitcoin demand is failing to offset declining spot market demand, according to CryptoQuant analysis
• ETF and MicroStrategy purchases have slowed compared to December 2024, with ETFs buying 40K BTC versus 86K in December
• MicroStrategy currently holds 597,325 Bitcoin and needs just 2,675 more to reach 600,000 coins
• Standard Chartered maintains its $200,000 Bitcoin price target despite current market conditions

MicroStrategy co-founder Michael Saylor posted his “Saylor Tracker Chart” on social media platform X on July 6, hinting at another Bitcoin purchase. Saylor wrote “Some weeks, all you need to do is HODL” alongside the chart.

Some weeks you just need to HODL. pic.twitter.com/rVcFQkFoG0

— Michael Saylor (@saylor) July 6, 2025

The chart has historically preceded MicroStrategy’s bitcoin purchases. The company currently holds 597,325 Bitcoin and would become the first listed company to hold 600,000 coins with just 2,675 more purchases.

Bitcoin traded at $109,064 as of Monday morning, up 0.8% for the week and 4.5% for the month. The price has remained in a consolidation phase around the $108,500 level over the weekend.

Institutional Demand Slows Despite Corporate Purchases

A CryptoQuant report reveals that institutional Bitcoin purchases are not offsetting declining spot market demand. The firm found Bitcoin demand contracted by 895,000 coins over the last 30 days.

ETF and MicroStrategy purchases have slowed compared to December 2024 levels. ETFs purchased 40,000 Bitcoin in the recent month versus 86,000 in December.

MicroStrategy bought 16,000 Bitcoin in the recent period compared to 171,000 in December. The slowdown in institutional buying coincides with weaker overall market demand.

CryptoQuant notes that “overall demand contraction is more than offsetting these purchases.” The firm states that acceleration of overall demand growth drives price rallies.

Market Conditions Show Reduced Activity

Bitcoin’s mempool remains nearly empty, indicating limited retail spot demand. The mempool measures pending transactions waiting for confirmation on the Bitcoin network.

This technical indicator suggests reduced trading activity from individual investors. Lower mempool activity typically correlates with decreased transaction volume and user engagement.

SkyBridge Capital’s Anthony Scaramucci predicts the corporate Bitcoin treasury trend will fade. He stated during a Bloomberg interview that “we’re having this replicative treasury company idea” that “will fade.”

Scaramucci noted that Saylor’s case differs because MicroStrategy has multiple products. He advised investors to examine underlying costs associated with treasury companies.

Standard Chartered maintains its $200,000 Bitcoin price target despite current market conditions. The bank remains bullish on Bitcoin’s long-term prospects.

The question remains whether continued slowing of institutional purchases will create price resistance. Market analysts are watching for signs of renewed demand to break Bitcoin out of its current consolidation pattern.