Bitcoin's fall affected all investors. However, institutional investors who held large amounts of Bitcoin suffered even greater losses.
To date, Strategy, the largest institutional holder of Bitcoin, has lost approximately $5 billion.
However, despite the price drop and losses, Strategy continues to purchase Bitcoin.
Strategy founder Michael Saylor said he would continue buying, but one analyst said Strategy should stop buying Bitcoin.
At this time, Julio Moreno, senior analyst at CryptoQuant, said that Strategy (MSTR), the largest institutional Bitcoin holder, should temporarily suspend purchases.
Moreno said that since Bitcoin is in a bear market, Strategy should acknowledge the current bear market and therefore temporarily suspend its purchasing activity.
The analyst advised Strategy to wait until market conditions improve before continuing with Bitcoin purchases. He noted that it could take months for market conditions to improve, and added that continuing to buy at market peaks is not the right approach.
The analyst recommended holding cash during a bear market and investing when a bull market begins.
Michael Saylor did not directly respond to the advice, but said the company would continue to make acquisitions. $BTC We have no plans to sell our Bitcoin holdings every quarter.
With this latest purchase, Strategy now owns 714,644 $BTCworth approximately $54.35 billion. Average purchase cost is $76,056.
*This is not investment advice.
