While the crypto market bleeds, Cardone Capital is not backing down. Investor Grant Cardone confirmed his firm bought more Bitcoin at around $72,000, directly addressing those waiting for lower prices: "If you wanted a discount, this might be it." He also joked about predictions of BTC going to zero, calling such claims "still far away."
Why Cardone Capital Buys Now?
Buying during a downturn typically signals a focus on long-term value rather than short-term swings. Cardone gave a simple example: if only 35% of the world's estimated 60 million millionaires bought one BTC each, supply would shrink fast. But not everyone agrees. Several market participants countered that Bitcoin's pricing is no longer purely based on scarcity; derivatives like ETFs, futures, and options create "paper Bitcoin," allowing large exposure without holding the real asset. Leverage now plays a bigger role in price action.
Strategy's $3.8B Unrealized Loss Adds Pressure
Strategy, led by Michael Saylor, is sitting on roughly $3.8 billion in unrealized losses on its BTC holdings after the recent drop. While not realized unless sold, those losses highlight how swiftly sentiment has soured. Saylor's buy-and-hold mantra is being tested by the sharp decline.
Bitcoin Price and Capital Flows
Bitcoin trades near $71,550, down about 6.14% in 24 hours and nearly 20% over the past week. Spot Bitcoin ETFs recorded $1.2 billion in outflows last week. The Coinbase Premium Gap turned deeply negative, often a sign that large investors are selling. Weak tech earnings triggered a broader market selloff, pushing investors away from risk assets like crypto. On-chain data shows the Royal Government of Bhutan moved over 184 BTC to exchanges and trading firms, fueling fears of added supply.
Market Stress: Liquidations Near $800M
Leveraged liquidations across crypto hit nearly $800 million in 24 hours, and total market capitalization shed almost $900 billion within weeks. These numbers explain why Cardone Capital's contrarian move draws attention. Technically, BTC remains under pressure, with sentiment in extreme fear. If BTC fails to reclaim the $72K–$73K range, traders may eye $65K as next support. Still, markets rarely move in straight lines; sharp drops sometimes lead to temporary bounces.
Downturns reveal true conviction. Some rush for the exit, others quietly accumulate. Cardone Capital's buy reflects a belief that Bitcoin's long-term story remains intact. Whether this timing proves perfect or premature will only be clear in hindsight.