{"id":6558,"date":"2026-06-05T18:13:31","date_gmt":"2026-06-05T18:13:31","guid":{"rendered":"https:\/\/global.livebitcoinnews.com\/fr\/2026\/06\/05\/le-modele-bitcoin-a-effet-de-levier-de-strategy-commence-t-il-a-se-fissurer\/"},"modified":"2026-06-05T18:13:31","modified_gmt":"2026-06-05T18:13:31","slug":"le-modele-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-bitcoin-a-effet-de-levier-de-strategy-commence-t-il-a-se-fissurer\/","title":{"rendered":"Le mod\u00e8le Bitcoin \u00e0 effet de levier de Strategy commence-t-il \u00e0 se fissurer ?"},"content":{"rendered":"<p><em><strong>Grayscale indique que Strategy a vendu 32 BTC le 1er juin, car 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 est confront\u00e9 \u00e0 de nouvelles questions de march\u00e9 apr\u00e8s que Grayscale Research a d\u00e9clar\u00e9 que la soci\u00e9t\u00e9 avait vendu 32 BTC le 1er juin.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">La vente \u00e9tait modeste par rapport au total de ses avoirs, mais Zach Pandl a d\u00e9clar\u00e9 que la pression sur la structure \u00e0 effet de levier de la soci\u00e9t\u00e9 pourrait s&rsquo;ajouter \u00e0 la situation.<\/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>La recherche en niveaux de gris pointe vers la strat\u00e9gie de vente BTC<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Zach Pandl, responsable de la recherche en niveaux de gris, a d\u00e9clar\u00e9 que la vente par Strategy de 32 Bitcoins avait accru les inqui\u00e9tudes concernant son mod\u00e8le d&rsquo;accumulation.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">L&rsquo;entreprise a longtemps \u00e9t\u00e9 consid\u00e9r\u00e9e comme la plus grande<\/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\">actif num\u00e9rique<\/span><\/a><span style=\"font-weight: 400\">soci\u00e9t\u00e9 de tr\u00e9sorerie sur le march\u00e9.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Selon Grayscale Research, \u00ab la strat\u00e9gie a vendu du BTC et l\u2019ensemble du march\u00e9 l\u2019a ressenti \u00bb.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Le commentaire liait la vente \u00e0 des pr\u00e9occupations plus larges du march\u00e9, m\u00eame si la taille de la transaction restait limit\u00e9e.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83c\udd95 Recherche en niveaux de gris\u00a0:<a href=\"https:\/\/x.com\/Strategy?ref_src=twsrc%5Etfw\">@Strat\u00e9gie<\/a>vendu<a href=\"https:\/\/x.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a>, et tout le march\u00e9 l&rsquo;a ressenti.<\/p>\n<p>Le 1er juin, la plus grande tr\u00e9sorerie d&rsquo;actifs num\u00e9riques au monde a d\u00e9charg\u00e9 32 Bitcoins.<\/p>\n<p>La v\u00e9ritable histoire est la pression exerc\u00e9e sur son mod\u00e8le \u00e0 effet de levier et ce que cela signifie pour<a href=\"https:\/\/x.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a>.<\/p>\n<p>Lire l&rsquo;article complet de<a href=\"https:\/\/x.com\/LowBeta?ref_src=twsrc%5Etfw\">@lowbeta<\/a>sur le\u2026<a href=\"https:\/\/t.co\/6S96Q0ssBI\">pic.twitter.com\/6S96Q0ssBI<\/a><\/p>\n<p>&#8211; Niveaux de gris (@Grayscale)<a href=\"https:\/\/x.com\/Grayscale\/status\/2062570563139411998?ref_src=twsrc%5Etfw\">4 juin 2026<\/a><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400\">La vente a eu lieu le 1er juin, sur la base des informations partag\u00e9es par Grayscale Research.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Cela s\u2019est produit \u00e0 une \u00e9poque 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 le plus important n&rsquo;\u00e9tait pas seulement la vente de 32 BTC. Il a soulign\u00e9 la pression exerc\u00e9e sur le mod\u00e8le \u00e0 effet de levier de Strategy et son r\u00f4le dans les fluctuations des 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 Bitcoin gr\u00e2ce \u00e0 un mod\u00e8le de tr\u00e9sorerie qui utilise la dette et les actions privil\u00e9gi\u00e9es.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Cette structure a aid\u00e9 l&rsquo;entreprise \u00e0 cro\u00eetre<\/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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Une baisse des prix peut accro\u00eetre les obligations en mati\u00e8re 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 \u00e0 acheter du Bitcoin est de plus en plus limit\u00e9e. Ce point de vue sugg\u00e8re que l\u2019entreprise pourrait \u00eatre confront\u00e9e \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 conduire \u00e0 de nouvelles ventes de Bitcoin. De telles ventes pourraient avoir lieu si les co\u00fbts de financement ou les besoins du bilan augmentent.<\/span><\/p>\n<p><b><i>Lire aussi :<\/i><\/b><\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"4Z3EK9ciw5\">\n<p><a href=\"https:\/\/www.livebitcoinnews.com\/strategy-sells-32-bitcoin-as-btc-slips-below-71-5k\/\">La strat\u00e9gie vend 32 Bitcoin alors que le BTC passe en dessous de 71,5 000 $<\/a><\/p>\n<\/blockquote>\n<h2><b>Surveillance du march\u00e9 Bitcoin pour les 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 Bitcoin forme un fond durable. Ce point de vue met l\u2019accent sur la demande en dehors de la strat\u00e9gie et des autres soci\u00e9t\u00e9s de tr\u00e9sorerie.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Bitcoin a souvent r\u00e9agi \u00e0 de grands mouvements institutionnels. L\u2019activit\u00e9 du Tr\u00e9sor peut affecter le sentiment du march\u00e9 car elle relie les bilans des entreprises aux<\/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\">Approvisionnement en Bitcoins<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<p><span style=\"font-weight: 400\">N\u00e9anmoins, la vente annonc\u00e9e de 32 BTC ne montre pas un changement complet dans le plan Bitcoin de Strategy. Cela 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\">Responsable de la recherche en niveaux de gris\u00a0: la pression sur le mod\u00e8le \u00e0 effet de levier de la strat\u00e9gie alimente la volatilit\u00e9 du Bitcoin<\/p>\n<p>Zach Pandl, responsable de la recherche en niveaux de gris, a d\u00e9clar\u00e9 que la vente de 32 BTC par Strategy avait intensifi\u00e9 les inqui\u00e9tudes concernant son mod\u00e8le d&rsquo;accumulation \u00e0 effet de levier. Il a fait valoir que la baisse des prix des actions privil\u00e9gi\u00e9es\u2026<a href=\"https:\/\/t.co\/v0Jw35gaDw\">pic.twitter.com\/v0Jw35gaDw<\/a><\/p>\n<p>-Wu Blockchain (@WuBlockchain)<a href=\"https:\/\/x.com\/WuBlockchain\/status\/2062845573598728338?ref_src=twsrc%5Etfw\">5 juin 2026<\/a><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400\">L&rsquo;objectif principal est de savoir si<\/span><a href=\"https:\/\/www.strategy.com\/\"><span style=\"font-weight: 400\">Strat\u00e9gie<\/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 faiblit davantage, les inqui\u00e9tudes du march\u00e9 pourraient persister.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Les traders de Bitcoin surveillent \u00e9galement si d&rsquo;autres acheteurs interviennent. Une demande plus forte pourrait aider \u00e0 absorber la pression de vente et \u00e0 stabiliser le march\u00e9.<\/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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">La question reste de savoir si le mod\u00e8le peut continuer \u00e0 fonctionner m\u00eame dans des conditions de financement plus faibles.<\/span><\/p>\n<p><!-- source_url: https:\/\/www.livebitcoinnews.com\/is-strategys-leveraged-bitcoin-model-starting-to-crack\/ --><\/p>\n<p><em>Source : <a href=\"https:\/\/www.livebitcoinnews.com\/is-strategys-leveraged-bitcoin-model-starting-to-crack\/\" rel=\"nofollow noopener\" target=\"_blank\">Live Bitcoin News<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Grayscale indique que Strategy a vendu 32 BTC le 1er juin, car la pression sur son mod\u00e8le Bitcoin \u00e0 effet de levier alimente la volatilit\u00e9 du march\u00e9. Le mod\u00e8le Bitcoin de Strategy est confront\u00e9 \u00e0 de nouvelles questions de march\u00e9 apr\u00e8s que Grayscale Research a d\u00e9clar\u00e9 que la soci\u00e9t\u00e9 avait vendu 32 BTC le 1er [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":6557,"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-6558","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 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-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 Bitcoin \u00e0 effet de levier de Strategy commence-t-il \u00e0 se fissurer ? - France Live Bitcoin News\" \/>\n<meta property=\"og:description\" content=\"Grayscale indique que Strategy a vendu 32 BTC le 1er juin, car la pression sur son mod\u00e8le Bitcoin \u00e0 effet de levier alimente la volatilit\u00e9 du march\u00e9. Le mod\u00e8le Bitcoin de Strategy est confront\u00e9 \u00e0 de nouvelles questions de march\u00e9 apr\u00e8s que Grayscale Research a d\u00e9clar\u00e9 que la soci\u00e9t\u00e9 avait vendu 32 BTC le 1er [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/global.livebitcoinnews.com\/fr\/2026\/06\/05\/le-modele-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=\"2026-06-05T18:13:31+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-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-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 Bitcoin \u00e0 effet de levier de Strategy commence-t-il \u00e0 se fissurer ?\",\"datePublished\":\"2026-06-05T18:13:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/global.livebitcoinnews.com\\\/fr\\\/2026\\\/06\\\/05\\\/le-modele-bitcoin-a-effet-de-levier-de-strategy-commence-t-il-a-se-fissurer\\\/\"},\"wordCount\":925,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/global.livebitcoinnews.com\\\/fr\\\/2026\\\/06\\\/05\\\/le-modele-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-1.png\",\"articleSection\":[\"Bitcoin News\"],\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/global.livebitcoinnews.com\\\/fr\\\/2026\\\/06\\\/05\\\/le-modele-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-bitcoin-a-effet-de-levier-de-strategy-commence-t-il-a-se-fissurer\\\/\",\"url\":\"https:\\\/\\\/global.livebitcoinnews.com\\\/fr\\\/2026\\\/06\\\/05\\\/le-modele-bitcoin-a-effet-de-levier-de-strategy-commence-t-il-a-se-fissurer\\\/\",\"name\":\"Le mod\u00e8le Bitcoin \u00e0 effet de levier de Strategy commence-t-il \u00e0 se fissurer ? 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