Time To Buy? Bitcoin Slips Below Cost Basis — Saylor Signals ‘More Orange’

Bitcoin’s price crash over the weekend pushed some big holders into the red for a short while, but a handful of major players signaled they were still buying into the dip.

Strategy’s executive chairman Michael Saylor posted on X “More Orange” after the slide, hinting at fresh accumulation for a company that has been steadily adding to its stash for years.

Reports show Strategy’s holdings remain large, at roughly 712,647 BTC, which underlines why its moves draw so much attention from traders and investors.

Average ETF Cost Still Above Trading Levels

Reports say US spot Bitcoin ETFs manage about $113 billion and hold roughly 1.28 million BTC, putting an implied average buy price above current market rates.

This gap explains why many ETF positions are showing losses on paper even though some institutions keep buying.

The fact that passive products can be underwater at the same time a corporate buyer adds to its balance sheet creates an odd mix of market signals.

More Orange. pic.twitter.com/b5iYIMARJX

— Michael Saylor (@saylor) February 1, 2026

Exchange Balances Continue To Fall

One sign the sell-off may not be pure panic is the steady flow of coins off exchanges into private wallets. Reports note exchange reserves have slid to levels not seen in years, a trend that often points to long-term hoarding rather than immediate selling.

Lower exchange balances usually mean there are fewer coins ready to be sold quickly, which can make price swings more extreme when demand dries up.

Transaction Costs Remain Low

On the network side, average transaction fees stayed relatively modest during the crash, so ordinary activity did not choke the chain.

Data show the typical fee hovered around $0.7 per transfer in late January, which keeps small transfers practical and means the network was not under strain even as prices moved sharply. Low fees can encourage more on-chain movement without creating bottlenecks.

Network Security Saw A Brief Drop

Reports have highlighted a recent pullback in hashrate, as miners in some regions faced weather and operational disruptions, causing a near-term drop of roughly 12% from prior highs.

Strategy has acquired 22,305 BTC for ~$2.13 billion at ~$95,284 per bitcoin. As of 1/19/2026, we hodl 709,715 $BTC acquired for ~$53.92 billion at ~$75,979 per bitcoin. $MSTR $STRC $STRK $STRF $STRD $STRE https://t.co/6hpAeOxp2I

— Strategy (@Strategy) January 20, 2026

Optimism Is High

Strategy has ramped up its Bitcoin buying after a slower period in 2025, completing its largest purchase since February last year. The firm added 13,627 BTC worth about $1.3 billion, signaling a renewed push to grow its holdings.

Saylor’s latest post fits a familiar pattern that markets have learned to watch closely. Each time Bitcoin stumbles into fear-heavy territory, his brief messages tend to surface, often read as quiet confidence rather than noise.

While prices remain fragile and sentiment uneven, Strategy’s continued signaling suggests conviction has not faded at the corporate level.

Featured image from Alexander Spatari/Getty Images, chart from TradingView