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Strategy’s stock has fallen about 65% since July, fueling memes and fear around leverage and forced selling.
Bitcoin (BTC) traders are growing louder in their criticism of Michael Saylor and Strategy as the flagship cryptocurrency struggles to regain momentum in late December 2025, with social media filled with fears around leverage, debt, and forced selling.
However, on-chain analytics firm Santiment says that the wave of pessimism may be flashing a contrarian signal. According to it, extreme negativity toward high-profile Bitcoin holders has often appeared near local market lows, suggesting selling pressure may be close to exhaustion rather than just beginning.
Rising Hostility Toward Saylor as Bitcoin Stalls
In a Christmas Eve post, Santiment noted that discussions around Strategy and Saylor spiked sharply in mid-November as Bitcoin failed to regain upside traction. The firm stated that a key trigger for the backlash was the steep fall in Strategy’s stock price, which dropped from around $456 in July to roughly $160 in December, a decline of about 65%.
Santiment wrote that the drop “has come with quite a bit of hostility, distraught, and of course memes,” reflecting growing frustration among retail traders. Much of the concern centers on Strategy’s aggressive borrowing to buy Bitcoin, a plan that worked well during strong markets but looks risky during downturns.
On X and Reddit, the topic has often been simplified into fears of over-leverage and liquidation, even though most of the company’s debt does not face daily margin calls.
Santiment also pointed out that another source of anxiety is Strategy’s identity shift under Saylor, with many traders viewing it less as a software firm and more as a Bitcoin proxy. The market intelligence platform noted that social posts frequently jump to worst-case scenarios, including forced BTC sales or shareholder dilution, even when such outcomes are not automatic.
Additionally, less than three weeks ago, Polymarket data showed 61% of traders betting that Strategy could be removed from the MSCI index by March 31 next year, adding to the gloomy mood.
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It is the hostility that Santiment contends may be a signal.
“Heavy bearishness toward Strategy and Michael Saylor is arguably a stealth bottom signal because it shows emotions have reached an extreme level of FUD,” the firm remarked.
It added that when fear becomes one-sided, it means that many weaker hands have already sold, leaving fewer sellers behind.
This view comes as other data points show Strategy shifting into a more defensive stance. A CryptoQuant report from earlier in the month said the company has slowed Bitcoin purchases through 2025 and built a dollar cash buffer to cover dividends and interest for at least a year.
While Strategy still holds more than 670,000 BTC, recent disclosures confirm it now allows for Bitcoin sales or derivatives use as part of risk management.
Santiment added that when sentiment toward figures like Saylor is deeply negative, even modestly positive developments can shift narratives quickly. And even though fear alone does not guarantee a rebound, history suggests that when social chatter turns relentlessly hostile, downside risk may already be priced in.
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