CryptoQuant says the cash cushion behind Strategy's STRC has thinned from seven years of coverage to 14 months, and buying BTC at cycle tops has left the company with a $10.6 billion paper loss.

Strategy bought 520 BTC for $35M, lifting its reserve to 847,363 bitcoin. Saylor's third straight weekly buy.

Strategy's total holdings account for more than 4% of the 21 million bitcoin supply cap — worth around $55 billion.