Analyst: Strategy's 'Saylor Vortex' a key factor in recent BTC drop

Jamie Coutts, a crypto market analyst at Real Vision, has suggested that the recent decline in Bitcoin is more likely influenced by the Saylor Vortex than by the strength of the U.S. dollar. The term refers to the structure through which Strategy raises funds by issuing preferred stock and convertible notes to repeatedly purchase Bitcoin. Coutts explained that while the Dollar Index (DXY) surpassed the 100.5 level—often seen as a headwind for risk assets—the MOVE index, which measures U.S. Treasury bond volatility, declined, and the stock market continued its upward trend. He argued that Bitcoin's weakness may stem from market structural issues surrounding Strategy (STMR) rather than macroeconomic variables. Previously, The Block reported that STRC is trading below its face value, leading Strategy to halt its at-the-market (ATM) program for the preferred shares.