Highlights
The recent Bitcoin activity by Michael Saylor’s Strategy has alarmed crypto investors, as they have moved $796M worth of tokens. This has sparked speculations that Saylor may have begun a BTC selling spree. Michael Saylor’s trust in BTC has led the Strategy (formerly known as MicroStrategy ) to buy this token actively and has inspired others, including Japan’s Metaplanet.
Despite a hint that Strategy may buy more Bitcoin, the crypto market investors are in turmoil, as the firm moved millions worth of BTC. According to on-chain analytics platform Lookonchain’s findings, Saylor’s firm has moved 7,382 BTC, equivalent to $796M on Sunday. Notably, these tokens have been transferred to three new wallets, but the team has not disclosed the potential reasons behind this move.
With 597,325 BTC, worth $64.48 billion, Bitcoin holdings, Strategy is the face of corporate companies’ digital asset buying. More importantly, with billions worth of holdings, their selling could crash the entire crypto market and wreck investors’ confidence to the bottom.
The fear of selling is also evident, as Michael Saylor has sold BTC in the past as well. Lookonchain noted that on Dec 22, 2022, they sold 704 BTC ($11.81M). However, they repurchased 810 BTC just two days after that.
Moreover, Strategy CEO, Phong Le, is on a MSTR stock selling spree, as he has moved the majority of his holdings. Experts cite it as a major bearish move for Bitcoin. Additionally, the CryptoQuant data highlighted a critical demand deficit for BTC. This indicates that a lot is happening involving Bitcoin at the current stage, which is generating fear among investors.
Saylor’s firm has been buying BTC for 12 straight weeks now. Last week alone, the firm purchased $26M worth of tokens and bought another 4,980 BTC today, continuing its long-term accumulation approach. Although the move can lead to any possibility, crypto market experts like Brian Rose consider this to be just a custody management or security protocol.
“MicroStrategy transferred 7,383 $BTC (~$796M) to 3 new wallets, for better custody management,” says Brian Rose.
More importantly, Michael Saylor has not sold any Bitcoin except in the December 2022 incident. He even endorses others to sell whatever they can to support themselves, not Bitcoin. With his perspective, the firm now sits on more than $21 billion in profits over BTC.
As Saylor envisions Bitcoin hitting $21 million in 21 years at the annual growth rate of 21% and buying $531 worth of BTC today, experts discard the selling possibility of the recently moved token.
On-chain experts’ breakdown of the Strategy $796M Bitcoin move as a custody protocol, not a sell-off. However, these are just speculations, and the firm’s clarification on the subject is pending at press time.
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