Strategy owns 649,870 BTC at an average cost of $74,430, with over 51% purchased above Bitcoin's current $86,900 price level. The company's market capitalization stands at $49 billion, trading below its $56.4 billion Bitcoin holdings. Analysis shows concentrated high-cost purchases occurred during 2021, 2024, and early 2025 market peaks.

Bitcoin stabilized around $87,000 as U.S. spot exchange-traded funds recorded $129 million in net inflows on November 25, reversing weeks of sustained redemptions. Approximately one-third of bitcoin supply remains below breakeven prices, with long-term holders accumulating while short-term cohorts drive selling pressure. Analysts view the current period as bitcoin's first major institutional stress test, with market direction hinging on Federal Reserve guidance, government shutdown resolution, and post-tax-season capital flows.

Texas purchased $5 million of BlackRock's iShares Bitcoin Trust on November 20 and allocated another $5 million for direct Bitcoin custody. Bitcoin is trading near $87,000 after testing support from a long-term rising channel, with analysts watching the $78,000–$79,000 zone as a key technical threshold.

US-listed Bitcoin exchange-traded funds recorded $3.7 billion in outflows during November, the largest monthly withdrawal since their launch, according to SoSoValue data. Bitcoin fell more than 35% from its October all-time high of $126,000, reaching $80,542 on November 21, the lowest level since April. Ethereum ETFs experienced $1.6 billion in outflows over the same period.

Bitcoin reached $87,541.80 after briefly surpassing $88,000, but the recovery from $80,000 has failed to restore trader confidence. Open interest dropped to $29 billion, the lowest level since April, while the Fear and Greed Index fell to 15 points. Derivative markets show negative funding rates and increased volatility of 1.97%, the highest in six months.

Strategy Inc., formerly MicroStrategy, accumulated roughly 641,000 BTC through $21 billion in capital raises during 2025 but remains barred from S&P 500 inclusion due to earnings volatility. The firm's institutional ownership declined by $5.38 billion as dilution concerns and Bitcoin-linked profit swings deterred large investors. Strategy transferred approximately 58,000 BTC valued at $5.1 billion to Fidelity Digital Assets to diversify custody arrangements.

Bitcoin is trading near $87,000 following a 4% weekly decline, according to CoinGecko. Analysts have identified $85,000 as a critical support level and $88,000 as immediate resistance. A break above or below these thresholds could drive the price toward $93,000 or $75,000, respectively.

Bitcoin recovered from $80,000 to approximately $88,000 following last week's decline, but institutional analysts say upward momentum has weakened. Trading desks cite reduced leverage, cautious year-end positioning, and limited liquidity as factors making a move above $100,000 unlikely before early 2026.