As Bitcoin slips below the $60,000 mark, reigniting bearish fears across the crypto market, MicroStrategy CEO Michael Saylor remains unfazed.
Doubling down on his long-held conviction, Saylor’s emphatic post on X, “HODL”, signals unwavering confidence in Bitcoin’s long-term value even as short-term volatility rattles investors.
The four-letter post arrived at the exact moment Bitcoin was experiencing one of its sharpest drops in recent memory. The crypto asset traded as low as $59,820 before retracing. At the time of this report, BTC traded at $65,158.
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A Brutal Market Day for Bitcoin
Bitcoin fell roughly 15–17% in a single day, briefly dipping below $61,000 before recovering slightly to trade around $64,000–$65,000.
The move erased virtually all gains Bitcoin had made since the November 2024 U.S. presidential election and contributed to an estimated $2+trillion evaporation in total cryptocurrency market capitalization over the preceding weeks.
The sell-off was broad-based, affecting altcoins even more severely, but Bitcoin as the flagship asset set the tone for the entire sector. On Stocktwits, retail sentiment around BTC remained in extremely bearish territory, as chatter continued to be at extremely high levels over the past day.
Market data showed continued stress. CoinMarketCap’s Fear and Greed Index remained in ‘extreme fear’ territory, while data from Coinglass indicated high liquidation activity in recent sessions. Analysts and market participants have continued to discuss whether the recent decline reflects a short-term pullback or a longer-term shift in market conditions.
Strategy’s Massive Bitcoin Treasury Under Pressure
Saylor’s company Strategy, the world’s largest corporate Bitcoin holder, has seen its Bitcoin treasury come under pressure. The company entered February 2026 owning 713,502 BTC, purchased at an average price of approximately $76,052 per coin for a total acquisition cost of $54.26 billion.
At Bitcoin prices in the low-to-mid $60,000 range, the firm’s holdings were sitting on an unrealized loss estimated between $6.4 billion and $8 billion. Strategy’s most recent purchase, announced just days earlier on February 2, was 855 BTC acquired at an average of $87,974 near the local high.
On the same day Saylor posted “HODL,” Strategy reported a staggering $12.4–12.6 billion quarterly loss for Q4 2025, driven almost entirely by mark-to-market accounting on its Bitcoin treasury. The company’s Nasdaq-listed shares (MSTR) plunged more than 17% that day, extending year-to-date losses to nearly 30%.
Notably, Saylor has consistently framed Bitcoin as “digital capital” and a long-term store of value superior to fiat currencies, real estate, gold, or any other traditional asset class. He has repeatedly stated that Strategy’s strategy is built for indefinite holding not short-term trading or market timing.
While Saylor has insisted there are no margin calls and said the firm holds $2.25 billion in cash, enough to cover interest obligations for more than two years, pressure is mounting as Bitcoin continues to trade well below Strategy’s reported average acquisition price of $76,052.
Outlook
For now, the crypto market remains deeply divided. One camp sees the current correction as a healthy reset after an overheated 2024–2025 bull run, with many still believing Bitcoin will eventually surpass its previous all-time high of $126,000.
Another camp warns that sustained institutional outflows from spot Bitcoin ETFs, forced deleveraging, and macro headwinds could push prices significantly lower before any meaningful recovery.
Amidst all of these, Saylor has cast his vote with four simple letters, “HODL”. And whether the market follows his lead or proves him wrong, the post has already etched itself into crypto folklore, another chapter in the never-ending saga of Bitcoin maximalism meeting brutal price reality.