JPMorgan recently put forward an interesting viewpoint: stop focusing solely on miner selling pressure—the real factor that can influence Bitcoin’s short-term trend is whether Strategy (MSTR) can continue accumulating coins.

MSTR now has a key metric—the ratio of enterprise value to the market value of its Bitcoin holdings—which is currently around 1.13. As long as this number stays above 1, they’re unlikely to be forced into selling. What’s more reassuring is that the company has $1.44 billion in cash reserves, enough to cover two years’ worth of interest payments and dividends.

What does this mean? In the short term, Strategy is unlikely to sell coins due to funding pressure. As for what happens next, it may depend on whether there’s any new development on January 15th. Right now, the market is watching to see what MSTR’s next move will be.