Bitcoin opened the new week on the back foot, slipping toward the $77,600–$78,000 range after a volatile weekend that combined a hawkish Federal Reserve message with escalating geopolitical risk. At the same time, the market's largest corporate Bitcoin holder delivered a starkly different signal: Strategy, the company formerly known as MicroStrategy, confirmed it had resumed buying Bitcoin after a 10-week hiatus, snapping up $370 million worth of the asset. The two developments frame a market pulled in opposite directions — macro caution on one side, institutional conviction on the other.
A Hawkish Fed Rattles Risk Assets
The pressure on crypto prices traces back to Fed Chair Kevin Warsh's remarks at the Jackson Hole symposium on August 28, which pushed Treasury yields higher and forced traders to abandon hopes of near-term rate cuts. That repricing rippled through risk assets broadly, with Bitcoin settling around $77,600–$77,700 to start the week, down roughly 0.7–0.8% from Sunday's open, while Ethereum slipped below $2,420, and Solana and XRP posted similar declines. The macro shock also ended a nine-day inflow streak for U.S. spot Bitcoin ETFs, which recorded roughly $200 million in net outflows heading into the weekend.
Iran Tensions Add to the Selloff
Compounding the rate-driven pullback, renewed U.S. military action against Iran-linked targets near the Strait of Hormuz sent oil prices higher and weighed further on stocks and crypto alike over the weekend. Bitcoin, which had briefly broken above $80,000 and touched roughly $81,000 earlier in the week, gave back those gains as geopolitical risk became the dominant short-term driver. Despite the pullback, Bitcoin remains on pace for one of its strongest months in nearly two years, still up sharply from its summer lows near $62,000.
Strategy Breaks Its Pause With a $370 Million Buy
Against that jittery backdrop, Strategy delivered a notable counter-signal. According to an SEC filing, the company acquired 4,603 BTC for approximately $369.7 million between August 24 and August 30, at an average price of $80,318 per coin — its first disclosed purchase since June 22. The buy lifts Strategy's total holdings to 845,050 BTC, acquired for a cumulative $63.73 billion at an average cost of $75,412 per coin, keeping it by far the largest corporate holder of Bitcoin.
Executive Chairman Michael Saylor flagged the return to accumulation with a "We're Back" post on X, alongside a chart tracking the company's buying history. The purchase was funded through an at-the-market sale of roughly 4.5 million Strategy shares, which generated about $602.8 million in net proceeds. Of that, $151.8 million went toward repurchasing shares of the company's STRC preferred stock, $50.7 million covered STRC dividends, and the remainder was added to Strategy's cash reserves — a move the company said reduced its net leverage to effectively zero. Shares of Strategy (MSTR) rose in Monday trading following the disclosure.
What It Means Going Forward
The split picture — a Fed-and-Iran-driven pullback in spot prices alongside renewed institutional buying — captures where the market stands heading into September. Traders will be watching whether Bitcoin can hold support above $77,000 as rate-cut expectations reset, while Strategy's return to accumulation suggests large holders still see current levels as an attractive entry point rather than a reason for caution. Investors should expect continued volatility this week as the market digests both the Fed's tone and any further developments in the Middle East.
