Michael Saylor picked a rough day to talk about the future. While Bitcoin was experiencing a slump and tons of leveraged bets were being wiped out, the Strategy chairman dropped a post with a dystopian cityscape and the caption "The Future is Orange."
This message of long-term conviction is happening in the middle of one of the messiest periods Bitcoin has had in weeks.
Just in the last day, over $410 million in positions were liquidated across exchanges, and most of the damage was from longs. Around $350 million in bullish bets were erased as Bitcoin plunged to $109,000.
Even in the four-hour period leading up to the drop, around $200 million in longs were liquidated, showing how crowded the upside trade had become after the run toward $123,000 earlier this month.
Derivatives data shows the scale. Open interest fell to about $80 billion, but the long-to-short ratios on Binance and OKX remained high, showing many stayed long into the fall. Yet, open interest dropped more than 20%, suggesting contracts were closed instead of new positions. On paper, it looks like a market that went too far and then hit a wall.
Saylor not bothered
For Saylor, this does not matter as much as it does for short-term speculators. Strategy holds over 200,000 BTC, and his feed rarely changes tone no matter what the chart is doing.
The post, which depicts a man walking alone through an orange haze toward a futuristic vehicle, reads as a statement of faith: volatility is temporary, conviction is permanent. Whether the market agrees is another question, as Bitcoin is just above $109,000 with liquidation risk still high.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team