Yuri Molchan
MicroStrategy cofounder addressed Bitcoin community on recent BTC price recovery, but analysts still expect sell-off coming
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Renowned Bitcoin evangelist, cofounder and executive chairman of MicroStrategy, Michael Saylor, has taken to the X social media platform (formerly known as Twitter) to comment on the impressive nearly 5% surge BTC has demonstrated over the past 24 hours as it regained the $63,000 level and even managed to surge above $63,560 briefly.
Saylor issued a message urging bullishness on Bitcoin, addressing the global BTC community.
Bitcoin statement from Michael Saylor
The vocal Bitcoiner has met the sudden BTC price increase with cold triumph and urged the cryptocurrency community to sell U.S. dollars in order to buy Bitcoin with the proceeds.
He tweeted only two words: “Sell” and “Buy.” The initials of those words, “S” and “B,” clearly form the symbols of the U.S. dollar and the world’s flagship digital currency.
Last week, Bitcoin plunged from the $64,470 level, dropping by a massive 7%. The gradual recovery started on Friday, when BTC rebounded and staged a 3.35% recovery, surging to $61,980 by Sunday. The next increase pushed the largest cryptocurrency back above $63,000 and up over $63,500.
By now, though, a small rebound has taken place, and Bitcoin is changing hands at $63,200.
However, as the battered Mt. Gox crypto exchange is to start paying out BTC to investors this week, JP Morgan analysts expect a massive sell-off to begin. The exchange is to pay out $9 billion worth of Bitcoin.
New Bitcoin ETF inflows
According to a recent report by the @lookonchain analytics account, on June 28, spot Bitcoin ETFs saw a cumulative inflow of more than $36.5 million in crypto; nine ETFs have added approximately 596 BTC. The largest inflow was witnessed by the Invesco Galaxy ETF – 152 BTC. It was followed by Bitwise Bitcoin ETF as it scooped up 131 BTC. The Fidelity exchange-traded fund sucked up 109 BTC.
The lowest inflow was witnessed by Ark Invest as it accommodated 30 BTC. Bitcoin ETFs have been dominating the market since the middle of January. Back then, the U.S. SEC regulator granted approval to spot BTC funds, permitting them to begin trading. Since then, these ETFs have been accumulating Bitcoin on a daily basis. Before the halving occurred in the second part of April, the ETFs scooped up more than 10,000 BTC per day.
About the author
Yuri Molchan
Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He has written for multiple crypto media outlets.
His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.