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That most aggressive "die-hard bull" has started hoarding USDT Yesterday, when Strategy's financial report came out, the entire crypto community was sharing one number: $8.22 billion, net loss for the quarter. A loss of $24.45 per share, compared to a profit of $32.60 per share in the same period last year. MSTR's stock price has dropped 75% over the past year. But what really shocked the market wasn't the loss figure— it was Saylor breaking his "buy and never sell" mantra. What happened? Strategy currently holds 843,775 BTC at an average cost of $75,476 each. At the current price of $62,000–$63,000, the unrealized loss exceeds $10 billion. Bitcoin fell 14% in Q2, wiping out $8.2 billion in book value impairment alone. Even more drastic—the company announced it is ending the "buy the dip all in" strategy, and new funds will be allocated between BTC and USD reserves. In plain terms: no more all-in. For the past 5 years, Saylor's slogan was "just buy." Regardless of price, whenever financing arrived, he went all in on BTC. Now even he has started hoarding USDT. Cash reserves have grown to $3.75 billion, enough to cover dividends and interest for over two years. That once most fanatical die-hard bull has hit the pause button at the $60,000 level. What does this mean? It doesn't mean Saylor is bearish on Bitcoin's long-term prospects. It means he believes: the short term is unsustainable. What does $3.75 billion in cash mean? It means he can survive the next two years without being forced to sell, no matter how far BTC falls. He's buying insurance to "stay alive." And insurance is only bought when you think a storm might be coming. So how should ordinary people follow? Institutional thinking can actually be copied. Saylor's new strategy boils down to one sentence— "Bullish long-term, defensive short-term." Translated into action: balance offense and defense, don't go all in. My recent approach is a "50-50 allocation": • 50% of funds: place staggered buy orders at $60,000, $58,000, and $55,000 to accumulate BTC—buying more as it falls, this is "offense." • 50% of funds: keep in USDT-based yield products to earn interest, or hold some short positions as a hedge—in case of further drops, I have ammo to average down, this is "defense." If it rises, I don't miss out; if it falls, I have backup. Don't underestimate this strategy. Saylor manages hundreds of billions this way; if you have tens of thousands of USDT, why not leave yourself a way out? When you went all in at last year's peak, you thought, "Anyway, Saylor never sold." Now Saylor has started selling, and you're still holding hard. He hoards USDT, you hoard coins; he bottoms out, you go full position—this is the difference between institutions and retail. $BTC $MSTR $XMSTR #Strategy终止逢低买币，Q2账面亏82亿