Michael Saylor Breaks Silence on Bitcoin Returning Above $63,000

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As a seasoned crypto investor with a few years of experience under my belt, I’ve witnessed firsthand the volatility and unpredictability of the Bitcoin market. Michael Saylor’s recent bullish statement on X social media platform came as welcome news after last week’s significant 7% drop in BTC price. Seeing Bitcoin regain the $63,000 level and even surpass it briefly filled me with a sense of relief and optimism.

As a dedicated Bitcoin investor, I’m thrilled to witness the significant 5% upward trend in the price of Bitcoin over the past 24 hours. It’s exciting to see Bitcoin regain its footing and surpass the $63,000 mark yet again, with a brief spike above $63,560 on the X social media platform (previously known as Twitter). Michael Saylor, a well-known Bitcoin evangelist, co-founder, and executive chairman of MicroStrategy, has also taken notice of this impressive surge.

Saylor issued a bullish Bitcoin urge, addressing the global BTC community.

Bitcoin statement from Michael Saylor

The enthusiastic Bitcoin speaker has greeted the unexpected rise in Bitcoin’s value with a sense of quiet victory, encouraging members of the digital currency community to exchange their US dollars for Bitcoins using the resulting funds.

As a crypto investor, I’d interpret his tweet this way: “He merely wrote ‘sell Bitcoin’ or ‘buy Bitcoin’, where the first letters correspond to the US dollar sign and the Bitcoin logo respectively.”

$ell ₿uy

— Michael Saylor⚡️ (@saylor) June 30, 2024

Last week, I witnessed a significant drop in Bitcoin’s price from $64,470 to around $61,980, representing a hefty 7% decline. However, the market showed signs of recovery starting on Friday. Bitcoin rebounded, gaining 3.35%, and by Sunday, it had surged back up to $63,500 and above.

By now, though, a small rebound took place and Bitcoin is changing hands at $63,200.

As a researcher studying the latest developments in the cryptocurrency market, I can tell you that Mt. Gox, the embattled Bitcoin exchange, will distribute approximately $9 billion worth of Bitcoin to its investors this week. According to JP Morgan analysts, this payout could trigger a significant sell-off in the market due to the large volume of Bitcoin being released at once.

New Bitcoin ETF inflows

As a researcher, I’ve come across an intriguing finding from the latest report by Lookonchain analytics. On June 28, Bitcoin spot ETFs recorded a substantial inflow of over $36.5 million in cryptocurrency. Specifically, nine different ETFs acquired approximately 596 BTC collectively. Among these, Invesco Galaxy ETF experienced the largest influx, with 152 BTC added to its holdings. The Bitwise Bitcoin ETF followed closely behind, acquiring 131 BTC, and Fidelity ETF rounded up 109 BTC.

I analyzed the latest updates and found that nine ETFs collectively purchased 596 billion dollars worth of Bitcoin (an additional 36.5 million dollars). Among them, Grayscale acquired 60 billion dollars worth (3.6 million dollars), now managing a total of 275,955 Bitcoins valued at approximately 16.89 billion dollars. Simultaneously, Fidelity acquired 109 billion dollars worth (6.7 million dollars) and currently holds about 167,900 Bitcoins, valued at around 10.28 billion dollars.

— Lookonchain (@lookonchain) June 28, 2024

As a crypto investor, I’ve noticed that Ark Invest experienced the smallest inflow with only 30 Bitcoin added to its holdings. However, since mid-January, Bitcoin ETFs have taken center stage in the market. The Securities and Exchange Commission (SEC) in the US gave the green light for spot Bitcoin funds, enabling them to start trading. Ever since then, these ETFs have been actively purchasing Bitcoin daily. Before the Bitcoin halving event in late April, they were acquiring over 10,000 BTC per day.

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2024-07-01 11:33