# Saylor is Back in the Market 

_How does this impact market structure?_

March 18, 2026 • Michael Nadeau

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# Saylor is Back in the Market

## How does this impact market structure?

Michael Nadeau
 March 18, 2026

 Hello readers,

 BTC is up 16.6% since the war in Iran started. Meanwhile, the Nasdaq is down 1%, and Gold is down 4.2%.

 As this plays out, a new (large) buyer has entered the market. Michael Saylor is back. And he just purchased *40k BTC *($2.9b). It’s material. And something we’ve yet to see in a bear market.

 In this week’s report, we examine the current setup across macro and BTC market structure, wrapping with a brief note on HYPE.

 Topics covered:

- [Liquidity Conditions](#liquidity-conditions)

- [Onchain Data & Market Structure](#onchain-data-market-structure)

- [HYPE Note](#hype-note)

- [Closing Thoughts & Portfolio Management](#closing-thoughts-portfolio-manageme)

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 Let’s go.

# Liquidity Conditions

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