A recent data point broke out on Wall Street that directly affects whether Bitcoin can hold steady this month.

It all starts with a company called Strategy. It's currently one of the publicly traded companies holding the most Bitcoin, and JPMorgan did the math: the company's total market cap divided by the value of its Bitcoin holdings must stay above 1, or else it will be forced to sell its coins at a loss.

Right now, that number is 1.13—just barely above the threshold.

Why does this matter? Simple: the biggest public Bitcoin holder doesn't need to rush to sell anymore, which should ease market fears about whales dumping their coins. For this period of wild price swings, it's a bit of breathing room.

But don't get too excited. In the past three months, Strategy's stock price has been cut in half, and more strikingly, its pace of buying Bitcoin has slowed by over 90%. Even a player of this caliber is choosing to wait and see, which shows just how delicate the current market is. If Strategy can't hold out, it's going to be tough for market sentiment to truly recover.

So what should regular people do?

If you're a beginner, the most important thing now is to learn. Treat this as a market lesson—watch how institutions operate, understand their logic, and keep your cash on hand.

Experienced players should recognize that this is only a slowdown in the decline, not a reversal. If you're heavily invested, take this window to optimize your portfolio. If your position is light, research your targets and make a list for staggered entry, but definitely don't go all-in.

Overall, the market is shifting from panic mode to wait-and-see mode. The 1.13 line is more of a sentiment indicator—it means the risk of systemic collapse is lower, but we're still a long way from the return of a bull market.

For now, less trading, use spare funds, and focus on the long term—that's the way to go.