There has been an interesting shift in recent days — the tech company holding over 670,000 BTC has started to become cautious. They have set aside a cash buffer of $2.2 billion, but this money is not used to further increase their BTC holdings; instead, it is prioritized for dividend payments on preferred shares and debt interest.

In simple terms, they have shifted from an aggressive accumulation strategy to a defensive stance. The underlying reasons are worth pondering — the decision by the MSCI index in January could become a key turning point. It’s important to note that this company’s current BTC holdings are valued at as much as $58.7 billion, and every move they make influences the market nerves.

This strategic adjustment reflects the true thoughts of major holders in the current market environment: they want to protect their existing gains while reserving enough space for uncertainties.