Is GameStop buying Bitcoin a top signal for the market?

Checkonchain founder Checkmatey previously identified corporate Bitcoin purchases by “zombie companies” as a potential top signal for Bitcoin markets.

More than a year ago, Checkmatey predicted, albeit partially as a joke, that firms like GameStop “pulling a Saylor” by adding Bitcoin to their treasury reserves could indicate market exhaustion.

GameStop, widely considered a quasi-zombie company due to its stock valuation driven largely by meme culture rather than retail fundamentals, recently announced precisely such a move. This corporate strategy aligns with Checkmatey’s past thesis, highlighting the speculative enthusiasm often preceding Bitcoin cycle peaks.

In reply, market commentator CryptoVizArt shared his prediction from 2024, drawing parallels with MicroStrategy’s role. He asserted that when its “stock price starts heading south, the next bear market will begin, possibly way sooner” than crypto markets anticipate—perhaps as early as Q2 2025.

CryptoVizArt further warned that companies like MicroStrategy, whose valuations are also largely decoupled from core business metrics, could trigger severe selling pressure reminiscent of the Luna collapse.

However, according to past cycle patterns, we’re still midway through Bitcoin’s bull run. Historically, Bitcoin tends to peak around 540 days after halving events—placing the anticipated cycle top around September or October 2025.

However, the earlier-than-expected peak in January raises questions about the current market trajectory and whether corporate Bitcoin accumulation signals accelerated maturity or potential vulnerability. Bitwise CIO recently argued that the 4-year cycle for Bitcoin may be over, which could be confirmed by an earlier-than-expected bear market and market top.

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