Strategy stopped buying Bitcoin. The flywheel runs backward 
Four weeks without adding a coin, two of them spent selling, a $1.25 billion sale authorization on file, and stock sales now funding a cash pile instead of Bitcoin. The most influential machine in crypto has shifted into reverse, and the entire treasury sector is watching its own future run at MicroStrategy speed. 
For five years, the most reliable event in crypto was not the halving or the Fed meeting. It was Michael Saylor’s Sunday night chart. The orange dots, the coy caption, the Monday 8-K, another tranche of Bitcoin added to the largest corporate stack on earth: 108 purchases, 843,775 coins, a ritual so dependable that traders built indicators around it and dozens of companies built entire business models by imitation. 
The ritual has stopped. Strategy has now gone four consecutive weeks without adding a single Bitcoin, its longest fallow stretch in two years, and the composition of those weeks is the story: two of them were spent selling, 3,588 BTC liquidated for roughly $216 million to pay preferred dividends, under a standing authorization to sell up to $1.25 billion more. The company is still raising hundreds of millions weekly through stock sales, and the money now flows to a $3.2 billion cash reserve instead of coins.
