The crypto market came under pressure in the first quarter as Bitcoin fell, contributing to a $14.5 billion Q1 loss reported by MicroStrategy. Despite the drawdown, the company continued adding to its Bitcoin holdings, underscoring its long-term commitment to the asset. The move signals that institutional adoption and corporate Bitcoin buying remain in place even amid heightened volatility. Full story in the comments.

Bitcoin's long-term holder (LTH) supply has turned positive again, signaling renewed accumulation. After bottoming at –674,000 BTC in late November, the 30-day moving average has rebounded to about +308,000 BTC, according to CryptoQuant analyst Darkfost. The shift suggests more BTC is moving into long-term storage than being sold, with holding now outpacing distribution. Similar inflection points have historically preceded stronger Bitcoin price performance, though analysts caution it's still too early to label the move a definitive structural trend.

U.S.-listed Bitcoin exchange-traded funds recorded $471 million in net inflows in a single day, marking their largest one-day haul since February.

Bitcoin miners are increasingly converting BTC reserves into cash as balance-sheet priorities shift, with recent filings and on-chain data pointing to sizable sales by MARA Holdings and Riot Platforms. MARA said it sold 15,133 Bitcoin between March 4 and March 25, 2026, raising about $1.1 billion at an average price near $72,689 per coin. The company plans to use most of the proceeds to repurchase its 0.00% convertible senior notes due 2030 and 2031. Under the repurchase agreements, MARA will buy back roughly $367.5 million of its 2030 notes for $322.9 million in cash and $633.4 million of its 2031 notes for $589.9 million. The transactions closed on March 30 and March 31. MARA expects to capture about $88.1 million in value from buying the notes at a discount, roughly 9% below par. It also estimates the move will cut outstanding convertible debt by about 30% and reduce potential shareholder dilution tied to conversion features. After completion, $632.5 million of the 2030 notes and $291.6 million of the 2031 notes will remain outstanding. Riot Platforms has also been trimming its Bitcoin position. Lookonchain data indicated Riot sold 500 BTC worth around $34.87 million and transferred a total of 1,500 BTC valued at about $102.3 million to NYDIG over five days. In its first-quarter 2026 operational update, Riot reported total Bitcoin sales of 3,778 BTC, generating $289.5 million at an average price of $76,626 per coin. At quarter-end, the company held 15,680 BTC, including 5,802 BTC pledged as collateral. The activity reflects a broader trend among publicly listed miners recalibrating treasury strategies, using Bitcoin reserves to fund operations and restructure liabilities. MARA, which held 53,822 BTC valued at roughly $3.74 billion as of February 26, remains among the largest corporate Bitcoin holders. Disclaimer: This content is for informational and educational purposes only and does not constitute financial advice. Readers should exercise caution before taking any action related to the companies mentioned.

INSIGHT: Bitcoin's long-term holder (LTH) supply has moved into positive territory, with roughly 308,000 BTC added. The shift indicates holders are accumulating faster than they are selling, an early bullish signal, according to CryptoQuant.

Riot Platforms, one of the largest Bitcoin miners in the U.S., appears to have sold an additional 500 BTC worth about $34.87M, according to lookonchain. Over the past five days, the company has deposited 1,500 BTC totaling $102.3M into institutional custodian NYDIG.

Strategy (formerly MicroStrategy) disclosed an unrealized loss of $14.46 billion on its Bitcoin holdings for the first quarter of 2026, according to an 8-K filed with the SEC on April 6. On its March 31 balance sheet date, Bitcoin was priced at $82,445. With a total cost basis of $58.02 billion, the portfolio's carrying value fell to $51.65 billion, leaving a $6.37 billion balance-sheet deficit. Loss per share was $16.53, sharply below the $0.11 analysts had expected. The software business also missed estimates, posting $111.1 million in revenue, 3.6% under the $117 million consensus. Fair-value rules are magnifying quarterly volatility The swings reflect the FASB accounting change under ASC 35060, effective in 2025, which requires digital assets to be carried at fair value with gains and losses recognized in the income statement. With roughly 762,000 BTC at quarter-end, Strategy estimates that every $1,000 move in Bitcoin shifts the balance sheet by about $762 million. The company recorded a $17.44 billion unrealized loss in Q4 2025; Q1's figure is smaller but still unusually large. CFO Andrew Kang pointed to Q2 as a reminder of how quickly results can reverse: at around $97,300 per Bitcoin, the company would already be sitting on an unrealized fair-value gain of roughly $8 billion. The imbalance between Strategy's operating business and its crypto exposure is becoming more pronounced. The software unit generates about $111 million in quarterly revenue, while the Bitcoin portfolio's carrying value of $51.65 billion is about 465 times larger. In practical terms, Strategy increasingly resembles a publicly traded Bitcoin vehicle with a software company attached. Buying continued despite the loss Strategy did not slow its accumulation. During Q1, it purchased 88,594 BTC for $7.25 billion at an average price of $80,929. From April 1 to April 5, it added another 4,871 BTC for $330 million at an average price of $67,718. Total holdings now stand at 766,970 BTC, roughly 3.65% of Bitcoin's circulating supply. Among publicly listed companies, Strategy accounted for 94% of all corporate Bitcoin buying in Q1; the other 194 companies collectively bought about 4,000 BTC. On a global basis, Strategy holds around 65% of all Bitcoin reported on corporate balance sheets. Execution timing also drew scrutiny. One analysis found Strategy paid above the respective weekly average price in 80% of its weekly Q1 transactions. On Q1 purchases alone, that implies an estimated $1.25 billion loss, or about $14,100 per Bitcoin acquired. Funding via ATM programs and preferred shares The company is financing purchases through multiple capital markets channels. Between March 30 and April 6, Strategy raised $474 million net via at-the-market programs. Of that amount, $330 million came from the STRC preferred class and $72 million from MSTR common shares. Under its '42/42 Plan,' Strategy targets $84 billion of capital raised by 2027, including $21 billion each through MSTR and STRC ATM issuance, plus $2.1 billion via STRK preferred shares. The STRC program still has $22.65 billion of remaining capacity. For shareholders, dilution risk is compounding weak price performance. MSTR is down 21% year-to-date and 74% below its 52-week high. The company's mNAV (market value relative to the Bitcoin net asset value) is now just under 1x, meaning the market is no longer assigning a premium to Strategy's Bitcoin holdings. At the peak, that premium exceeded 8x. As the premium compresses, the case for owning MSTR versus holding Bitcoin directly becomes less compelling. A long-running Bitcoin strategy, with complex tax effects Strategy has pursued Bitcoin accumulation since August 2020, when CEO Michael Saylor began with an initial $250 million purchase and repositioned the company as a 'Bitcoin Treasury Company.' In 2026, it has bought 94,440 BTC across 13 transactions for $7.59 billion. Across all purchases since 2020, the weighted average acquisition price is $75,644 per Bitcoin. The fair-value loss also creates complicated tax accounting. The Q1 loss generated a deferred tax asset of $2.42 billion, but Strategy recorded a $1.73 billion valuation allowance given uncertainty around realization. It also expects a $500 million valuation allowance tied to deferred tax assets from the software segment, leaving only a modest net benefit. The takeaway is increasingly straightforward: buying MSTR offers a leveraged Bitcoin proxy with ongoing dilution risk. With mNAV below 1x, the market is no longer paying a premium for that exposure. Strategy's approach remains unchanged: it keeps buying.

Spot bitcoin ETFs recorded $471 million in net inflows on Monday, marking the strongest daily intake in six weeks since Feb. 25. Analysts said sustained inflows could help lift BTC out of its current consolidation range and push prices higher.

Bitcoin (BTC) surged past the $69,000 resistance level on April 6, achieving a seven-day high, despite persistent divisions in overall market sentiment. The cryptocurrency's market capitalization increased by over $55.6 billion on Monday, reaching approximately $1.39 trillion, according to reports. This rally was primarily propelled by a short squeeze, forcing traders betting on a decline to cover their positions. CoinGlass data indicates that Bitcoin derivatives liquidations totaled $153 million over 24 hours, with $145.55 million attributed to short positions. Santiment analytics noted a spike in FOMO buying and reported that April 6 registered one of the most 'greedy' Bitcoin crowd sentiments observed this year, cautioning that sharp reversals often follow periods of extreme optimism.