According to ChainCatcher, MicroStrategy announced on Monday that it spent $561 million to purchase 5,262 bitcoins at a unit price of about $106,662, pushing the total bitcoin holdings on the software company's balance sheet to 444,262.

But QCP analysts pointed out that "this is its smallest purchase in recent weeks, raising questions about its appetite for buying Bitcoin at current levels."

In addition, analysts at QCP Capital pointed out in a report on Tuesday that currently, as 2024 draws to a close, enthusiasm in the cryptocurrency market seems to be waning. As of Monday, spot Bitcoin exchange-traded funds (ETFs) have been outflowing for three consecutive days.