Key Takeaways
- Michael Saylor says Bitcoin remains under $150K due to short-term sellers.
- Strategy holds 555,450 Bitcoin, up 50.27% over its average purchase price.
- Spot ETFs have seen over $560 million in recent inflows as new investors enter.
Michael Saylor, executive chairman of Strategy, said Bitcoin’s struggle to surpass $150,000 is due to a wave of selling by holders lacking a long-term commitment.
Speaking on the Coin Stories podcast on May 9, Saylor explained that the recent price rally prompted a sell-off from non-dedicated holders, especially legal custodians and bankruptcy trustees.
Impact of short-term sellers
He said:
A lot of Bitcoin, for whatever reason, was left in the hands of the governments and the hands of lawyers, and in the hands of bankruptcy trustees. They thought this is a good exit point to get liquidity.
Saylor added that those sellers lacked a “10-year investor mindset,” and their exit has created room for a “new class of investors” entering through spot ETFs and treasury-based holdings.
Bitcoin’s price fluctuations
Bitcoin hit an all-time high of $109,000 on January 20, the day of President Trump’s inauguration, before dipping as low as $76,273 on April 9.
It recovered to over $100,000 on May 8 after Trump proposed new tariffs.
Saylor’s firm now holds 555,450 Bitcoin, valued at $57.23 billion—50.27% above its average purchase price of $68,569.
Institutional interest in Bitcoin
Spot Bitcoin ETFs saw $564.7 million in inflows over the last five trading days, indicating continued institutional interest.
U.S. government’s shift in sentiment
Saylor also expressed surprise at the pace of the U.S. government’s shift in sentiment toward Bitcoin, noting:
I didn’t expect all the Cabinet members to be so enthusiastic.
