{"id":6547,"date":"2026-06-05T16:48:06","date_gmt":"2026-06-05T16:48:06","guid":{"rendered":"https:\/\/global.livebitcoinnews.com\/fr\/2026\/06\/05\/le-modele-de-bitcoin-a-effet-de-levier-de-strategy-commence-t-il-a-se-fissurer\/"},"modified":"2026-06-05T16:48:06","modified_gmt":"2026-06-05T16:48:06","slug":"le-modele-de-bitcoin-a-effet-de-levier-de-strategy-commence-t-il-a-se-fissurer","status":"publish","type":"post","link":"https:\/\/global.livebitcoinnews.com\/fr\/2026\/06\/05\/le-modele-de-bitcoin-a-effet-de-levier-de-strategy-commence-t-il-a-se-fissurer\/","title":{"rendered":"Le mod\u00e8le de Bitcoin \u00e0 effet de levier de Strategy commence-t-il \u00e0 se fissurer ?"},"content":{"rendered":"<p><em><strong>Grayscale affirme que Strategy a vendu 32 BTC le 1er juin alors que la pression sur son mod\u00e8le Bitcoin \u00e0 effet de levier alimente la volatilit\u00e9 du march\u00e9.<\/strong><\/em><\/p>\n<p><span style=\"font-weight: 400\">Le mod\u00e8le Bitcoin de Strategy fait face \u00e0 de nouvelles questions du march\u00e9 apr\u00e8s que Grayscale Research a d\u00e9clar\u00e9 que la soci\u00e9t\u00e9 avait vendu 32 BTC le 1er juin.<\/span><\/p>\n<p><span style=\"font-weight: 400\">La vente \u00e9tait faible par rapport \u00e0 ses avoirs totaux, mais Zach Pandl a d\u00e9clar\u00e9 que la pression sur la structure \u00e0 effet de levier de l\u2019entreprise pourrait ajouter \u00e0 la <\/span><a href=\"https:\/\/www.livebitcoinnews.com\/strategys-1-6b-bitcoin-loss-meets-analysts-bold-bottom-prediction\/\"><span style=\"font-weight: 400\">volatilit\u00e9 du Bitcoin<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<h2><b>Grayscale Research pointe du doigt la vente de BTC par Strategy<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Le responsable de la recherche chez Grayscale, Zach Pandl, a d\u00e9clar\u00e9 que la vente de 32 Bitcoin par Strategy a accru les inqui\u00e9tudes autour de son mod\u00e8le d\u2019accumulation.<\/span><\/p>\n<p><span style=\"font-weight: 400\">La soci\u00e9t\u00e9 a longtemps \u00e9t\u00e9 consid\u00e9r\u00e9e comme la plus grande entreprise de tr\u00e9sorerie en <\/span><a href=\"https:\/\/www.livebitcoinnews.com\/btc-investors-just-bled-1-9b-the-chart-that-called-crypto-crash-is-flashing-again\/\"><span style=\"font-weight: 400\">actifs num\u00e9riques<\/span><\/a><span style=\"font-weight: 400\"> du march\u00e9.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Selon Grayscale Research, \u00ab Strategy a vendu du BTC, et tout le march\u00e9 l\u2019a ressenti. \u00bb<\/span><\/p>\n<p><span style=\"font-weight: 400\">Ce commentaire a li\u00e9 la vente \u00e0 des pr\u00e9occupations plus larges du march\u00e9, bien que la taille de la transaction soit rest\u00e9e limit\u00e9e.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83c\udd95 Grayscale Research: <a href=\"https:\/\/x.com\/Strategy?ref_src=twsrc%5Etfw\">@Strategy<\/a> sold <a href=\"https:\/\/x.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a>, and the whole market felt it.<\/p>\n<p>The world&#39;s largest digital asset treasury offloaded 32 Bitcoin on June 1.<\/p>\n<p>The real story is the pressure on its levered model, and what it means for <a href=\"https:\/\/x.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a>.<\/p>\n<p>Read the full article from <a href=\"https:\/\/x.com\/LowBeta?ref_src=twsrc%5Etfw\">@lowbeta<\/a> on the\u2026 <a href=\"https:\/\/t.co\/6S96Q0ssBI\">pic.twitter.com\/6S96Q0ssBI<\/a><\/p>\n<p>&mdash; Grayscale (@Grayscale) <a href=\"https:\/\/x.com\/Grayscale\/status\/2062570563139411998?ref_src=twsrc%5Etfw\">June 4, 2026<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">La vente a eu lieu le 1er juin, selon les informations partag\u00e9es par Grayscale Research.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Elle est survenue \u00e0 une p\u00e9riode o\u00f9 les traders de Bitcoin surveillaient d\u00e9j\u00e0 la liquidit\u00e9, la faiblesse des prix et les flux de tr\u00e9sorerie.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Pandl a d\u00e9clar\u00e9 que le probl\u00e8me plus large n\u2019\u00e9tait pas seulement la vente de 32 BTC. Il a soulign\u00e9 la pression sur le mod\u00e8le \u00e0 effet de levier de Strategy et son r\u00f4le dans les fluctuations du prix du Bitcoin.<\/span><\/p>\n<h2><b>La strat\u00e9gie Bitcoin \u00e0 effet de levier fait face \u00e0 des contraintes<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Strategy a construit sa position en Bitcoin gr\u00e2ce \u00e0 un mod\u00e8le de tr\u00e9sorerie qui utilise la dette et des actions privil\u00e9gi\u00e9es.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Cette structure a aid\u00e9 l\u2019entreprise \u00e0 augmenter son <\/span><a href=\"https:\/\/www.livebitcoinnews.com\/bitcoin-price-analysis-bear-flag-break-and-open-interest-reset\/\"><span style=\"font-weight: 400\">exposition au BTC<\/span><\/a><span style=\"font-weight: 400\"> au fil du temps. Pandl a d\u00e9clar\u00e9 que la baisse des prix des actions privil\u00e9gi\u00e9es pourrait rendre le mod\u00e8le plus difficile \u00e0 g\u00e9rer.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Des prix plus bas pourraient augmenter les obligations de dividendes et r\u00e9duire la flexibilit\u00e9 de l\u2019entreprise.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Grayscale a d\u00e9clar\u00e9 que la capacit\u00e9 de Strategy \u00e0 continuer d\u2019acheter du Bitcoin devient plus limit\u00e9e. Ce point de vue sugg\u00e8re que l\u2019entreprise pourrait faire face \u00e0 des conditions de financement plus strictes si la pression du march\u00e9 persiste.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Le mod\u00e8le de l\u2019entreprise d\u00e9pend de l\u2019acc\u00e8s au capital et de la demande des investisseurs. Lorsque ces canaux s\u2019affaiblissent, sa capacit\u00e9 \u00e0 ajouter du Bitcoin peut ralentir.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Pandl a \u00e9galement d\u00e9clar\u00e9 que la pression sur la structure pourrait entra\u00eener de nouvelles ventes de Bitcoin. De telles ventes pourraient se produire si les co\u00fbts de financement augmentent ou si les besoins du bilan s\u2019accroissent.<\/span><\/p>\n<p><b><i>Lire aussi :<\/i><\/b><\/p>\n<p>https:\/\/www.livebitcoinnews.com\/strategy-sells-32-bitcoin-as-btc-slips-below-71-5k\/<\/p>\n<h2><b>Le march\u00e9 du Bitcoin guette de nouveaux acheteurs<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Grayscale Research a d\u00e9clar\u00e9 que des acheteurs suppl\u00e9mentaires pourraient \u00eatre n\u00e9cessaires pour que le Bitcoin forme un plancher durable. Ce point de vue met l\u2019accent sur la demande en dehors de Strategy et des autres entreprises de tr\u00e9sorerie.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Le Bitcoin a souvent r\u00e9agi aux mouvements institutionnels importants. L\u2019activit\u00e9 de tr\u00e9sorerie peut affecter le sentiment du march\u00e9 car elle relie les bilans des entreprises \u00e0 <\/span><a href=\"https:\/\/www.livebitcoinnews.com\/btc-short-term-holders-capitulate-as-etf-outflows-hit-4b-while-ai-draws-capital\/\"><span style=\"font-weight: 400\">l\u2019offre de Bitcoin<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<p><span style=\"font-weight: 400\">N\u00e9anmoins, la vente rapport\u00e9e de 32 BTC ne montre pas un changement complet dans le plan Bitcoin de Strategy. Elle montre que les traders surveillent de plus pr\u00e8s le mod\u00e8le de financement de l\u2019entreprise.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Grayscale Head of Research: Pressure on Strategy\u2019s Leveraged Model Is Fueling Bitcoin Volatility  <\/p>\n<p>Grayscale Head of Research Zach Pandl said Strategy\u2019s sale of 32 BTC has intensified concerns over its leveraged accumulation model. He argued that weaker preferred-share prices\u2026 <a href=\"https:\/\/t.co\/v0Jw35gaDw\">pic.twitter.com\/v0Jw35gaDw<\/a><\/p>\n<p>&mdash; Wu Blockchain (@WuBlockchain) <a href=\"https:\/\/x.com\/WuBlockchain\/status\/2062845573598728338?ref_src=twsrc%5Etfw\">June 5, 2026<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">L\u2019attention principale est de savoir si <\/span><a href=\"https:\/\/www.strategy.com\/\"><span style=\"font-weight: 400\">Strategy<\/span><\/a><span style=\"font-weight: 400\"> peut continuer \u00e0 accumuler du Bitcoin dans des conditions plus strictes. Si la demande pour ses actions privil\u00e9gi\u00e9es s\u2019affaiblit davantage, les pr\u00e9occupations du march\u00e9 pourraient persister.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Les traders de Bitcoin surveillent \u00e9galement si d\u2019autres acheteurs interviennent. Une demande plus forte pourrait aider \u00e0 absorber la pression de vente et stabiliser le <\/span><a href=\"https:\/\/coinmarketcap.com\/\"><span style=\"font-weight: 400\">march\u00e9<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Pour l\u2019instant, les commentaires de Grayscale ont plac\u00e9 la strat\u00e9gie Bitcoin \u00e0 effet de levier de Strategy au centre du d\u00e9bat du march\u00e9.<\/span><\/p>\n<p><span style=\"font-weight: 400\">La question reste de savoir si le mod\u00e8le peut continuer \u00e0 fonctionner dans des conditions de financement plus faibles.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Grayscale affirme que Strategy a vendu 32 BTC le 1er juin alors que la pression sur son mod\u00e8le Bitcoin \u00e0 effet de levier alimente la volatilit\u00e9 du march\u00e9. Le mod\u00e8le Bitcoin de Strategy fait face \u00e0 de nouvelles questions du march\u00e9 apr\u00e8s que Grayscale Research a d\u00e9clar\u00e9 que la soci\u00e9t\u00e9 avait vendu 32 BTC le [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":6546,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-6547","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Le mod\u00e8le de Bitcoin \u00e0 effet de levier de Strategy commence-t-il \u00e0 se fissurer ? - France Live Bitcoin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/global.livebitcoinnews.com\/fr\/2026\/06\/05\/le-modele-de-bitcoin-a-effet-de-levier-de-strategy-commence-t-il-a-se-fissurer\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Le mod\u00e8le de Bitcoin \u00e0 effet de levier de Strategy commence-t-il \u00e0 se fissurer ? - France Live Bitcoin News\" \/>\n<meta property=\"og:description\" content=\"Grayscale affirme que Strategy a vendu 32 BTC le 1er juin alors que la pression sur son mod\u00e8le Bitcoin \u00e0 effet de levier alimente la volatilit\u00e9 du march\u00e9. Le mod\u00e8le Bitcoin de Strategy fait face \u00e0 de nouvelles questions du march\u00e9 apr\u00e8s que Grayscale Research a d\u00e9clar\u00e9 que la soci\u00e9t\u00e9 avait vendu 32 BTC le [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/global.livebitcoinnews.com\/fr\/2026\/06\/05\/le-modele-de-bitcoin-a-effet-de-levier-de-strategy-commence-t-il-a-se-fissurer\/\" \/>\n<meta property=\"og:site_name\" content=\"France Live Bitcoin News\" \/>\n<meta property=\"article:published_time\" content=\"2026-06-05T16:48:06+00:00\" \/>\n<meta name=\"author\" content=\"frenchlbn\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"frenchlbn\" \/>\n\t<meta name=\"twitter:label2\" content=\"Dur\u00e9e de lecture estim\u00e9e\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/global.livebitcoinnews.com\\\/fr\\\/2026\\\/06\\\/05\\\/le-modele-de-bitcoin-a-effet-de-levier-de-strategy-commence-t-il-a-se-fissurer\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/global.livebitcoinnews.com\\\/fr\\\/2026\\\/06\\\/05\\\/le-modele-de-bitcoin-a-effet-de-levier-de-strategy-commence-t-il-a-se-fissurer\\\/\"},\"author\":{\"name\":\"frenchlbn\",\"@id\":\"https:\\\/\\\/global.livebitcoinnews.com\\\/fr\\\/#\\\/schema\\\/person\\\/cf8f1f85189588768e507a2eb234cba8\"},\"headline\":\"Le mod\u00e8le de Bitcoin \u00e0 effet de levier de Strategy commence-t-il \u00e0 se fissurer ?\",\"datePublished\":\"2026-06-05T16:48:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/global.livebitcoinnews.com\\\/fr\\\/2026\\\/06\\\/05\\\/le-modele-de-bitcoin-a-effet-de-levier-de-strategy-commence-t-il-a-se-fissurer\\\/\"},\"wordCount\":750,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/global.livebitcoinnews.com\\\/fr\\\/2026\\\/06\\\/05\\\/le-modele-de-bitcoin-a-effet-de-levier-de-strategy-commence-t-il-a-se-fissurer\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/global.livebitcoinnews.com\\\/fr\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2026\\\/06\\\/Michael_Saylor_Predicts_Bitcoin_Will_10x_Gold_Amid_Surge_in_Treasury.png\",\"articleSection\":[\"Bitcoin News\"],\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/global.livebitcoinnews.com\\\/fr\\\/2026\\\/06\\\/05\\\/le-modele-de-bitcoin-a-effet-de-levier-de-strategy-commence-t-il-a-se-fissurer\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/global.livebitcoinnews.com\\\/fr\\\/2026\\\/06\\\/05\\\/le-modele-de-bitcoin-a-effet-de-levier-de-strategy-commence-t-il-a-se-fissurer\\\/\",\"url\":\"https:\\\/\\\/global.livebitcoinnews.com\\\/fr\\\/2026\\\/06\\\/05\\\/le-modele-de-bitcoin-a-effet-de-levier-de-strategy-commence-t-il-a-se-fissurer\\\/\",\"name\":\"Le mod\u00e8le de Bitcoin \u00e0 effet de levier de Strategy commence-t-il \u00e0 se fissurer ? 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