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Strategy paused Bitcoin purchases and increased cash reserves.

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Bitcoin spot demand has fallen toward -170,000 BTC after a short recovery, showing weaker buyer activity across the market. Miners remain resilient as the Puell Multiple reaches its highest cycle bottom on record, suggesting reduced financial pressure.

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Bitcoin is experiencing a very difficult month of July. Indeed, institutional investors are massively withdrawing their capital from tech stocks and the military situation in the Middle East is deteriorating.

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The first five repurchases generated 24% more gross Bitcoin-per-share accretion per pound than a matched BTC purchase.