After months of reducing holdings, Strategy has returned to the ranks of those buying Bitcoin. Meanwhile, the net inflow of spot Bitcoin and Ethereum in the United States ETF continues, and the market is also paying attention to whether perpetual contract products will make a comeback to the US domestic market.

Strategy Resuming Bitcoin Buying

Strategy Bought 4,603 Bitcoins on Monday, investing approximately $369.7 million, with an average purchase price of around $80,318 each. This is the first time the company has resumed increasing its holdings since June.

Previously, between May and August, Strategy sold 6,948 bitcoins, cashing in about $432.5 million, with an average selling price of around $62,250. In terms of quantity, the company still holds 2,345 fewer bitcoins than it did in the spring.

This round of selling first and then buying is related to the changes in their financing tool STRC. Previously, after STRC fell below its $100 par value, Strategy's approach of raising funds by issuing stocks and preferred stocks to buy coins was once hindered. Subsequently, the company was approved for a maximum of $1.25 billion in Bitcoin sales to be used to pay preferred stock dividends and repurchase discounted shares.

Stock financing has once again become the main channel.

As the stock price of MSTR recovers, Strategy has once again turned to equity financing. Last week, the company sold 4,531,421 shares of MSTR stock, raising approximately $602.8 million in net funds, of which:

• $369.7 million was used to buy Bitcoin.
• $151.8 million is used to repurchase STRC.
• $50.7 million was used to pay preferred stock dividends.

Another $30 million is set aside as cash. What the market is focusing on is that, while continuing to increase its holdings of Bitcoin, Strategy has also replenished its cash reserves.

On the same day, other crypto treasury companies also took action. Strive purchased 1,800 Bitcoin, for an amount of approximately $143 million, at an average price of around $79,431 per coin, increasing its holdings to 23,156 coins. Tom Lee's subsidiary, Bitmine, also completed its largest Ethereum purchase in over 6 months.

ETF Capital maintains a net inflow

In terms of funding, on Monday, the spot Bitcoin market in the United States recorded a net inflow of $217 million, while the spot Ethereum market saw a net inflow of $88 million, continuing the recent trend of inflows.

The trends of major crypto assets have diverged. Bitcoin was around $78,000 today, down by about 0.8%; Ethereum was at $2,455, up by about 0.2%; Solana fell by about 1%. HYPE rose by about 3%, while ARB, CRV, and UNI saw even larger increases.

The US perpetual contract market attracts renewed attention

In terms of trading platforms, Kraken's parent company, Payward, is in deep talks with Hyperliquid Labs to bring sustainable futures products to American traders. Not long before this news emerged, Trump stated that the Commodity Futures Trading Commission (CFTC) in the United States was studying compliant domestic pathways.

Another group of officials, identified as SEC and CFTC, have called on regulators to adopt more lenient rules for derivatives. They believe that if the regulation is too strict, it may continue to drive the approximately $90 trillion offshore perpetual contract market outside of the United States.

Additional information:In addition to market and regulatory developments, the Federal Savings Bank of Russia plans to include ETH and USDT in the range of loan collateral, along with Bitcoin, after the new law comes into effect; meanwhile, the London Stock Exchange is collaborating with Payward to advance the tokenization project for stocks of British listed companies.