Saylor’s Strategy recently acquired bitcoins valued at US$2.46 billion.
Between July 28 and August 3, they purchased 21,021 bitcoins. These bitcoins had an average purchase price of US$117,256.
With this acquisition, the total bitcoin holdings for MSTR reached 628,791 units as of August 3.
We’ve seen a major purchase of over 21,000 bitcoins, confirming a strong institutional belief in higher prices. This massive buy-in provides a signal of confidence in the market. Derivative traders should expect a spike in implied volatility, particularly for near-term options contracts expiring in August and September 2025.
The average purchase price around $117,000 creates a new psychological support level for the market. We believe traders should view this area as a significant floor, at least for the next few weeks. Considering selling cash-secured puts with strike prices below this level, such as $115,000 or $112,500, could be a viable strategy to collect premium.
Recent data shows Bitcoin’s implied volatility index has already jumped to 78%, its highest point since the post-halving consolidation we saw back in May 2024. With options becoming more expensive, constructing bull call spreads may be more prudent than buying calls outright. This allows for a bullish position while helping to finance the trade by selling a higher-strike call.
Looking back, we remember how similar large-scale acquisitions during the 2020-2021 period often preceded sustained price rallies. History suggests that this kind of accumulation can absorb market supply and lay the groundwork for a move upward. This pattern reinforces the case for bullish positioning through the end of the third quarter.
In the futures market, open interest has surged by nearly $4 billion since the start of August 2025, signaling new capital is entering with a directional bias. Funding rates on perpetual swaps have also turned consistently positive, indicating longs are paying shorts to maintain their positions. This market structure supports taking on moderately leveraged long futures, while keeping a close eye on the $117,000 level as a potential area for liquidation defense.
