Michael Saylor again signalled the possibility of additional bitcoin purchases by Strategy after posting a chart tracking the company’s bitcoin holdings. Market attention is focused less on the signal than on the company’s ability to raise funds as selling pressure has pushed STRC, a $100 par floating-rate perpetual preferred stock paying 11.5 percent dividends, below $89. That could lift annual dividend costs by about $53 million and adds to constraints on common stock issuance.

Bitcoin fell to around $65,000, its lowest level in nine weeks, triggering heavy liquidations in crypto derivatives markets. More than $1.83 billion was liquidated across the market in a day, including $774.2 million in bitcoin long positions and $440 million in ether long positions, according to Coinglass data. Attention is focused on whether bitcoin can defend the key $60,000 support level, amid increased exchange inflows and rising volatility.