Eric Balchunas, Bloomberg’s well-known ETF analyst, believes Michael Saylor isn’t backing down from his Bitcoin strategy. He praised the consistent inflows into Bitcoin ETFs and highlighted Strategy’s role in supporting the market.
Michael Saylor Won’t Sell Bitcoin?
According to Balchunas, both ETF investors and Saylor have acted as strong holders, absorbing coins sold off during past market events. These include exits by short-term holders, distressed firms, and even government sell-offs.
He pointed out that ETFs like BlackRock’s $IBIT have seen $2.4 billion in inflows this year alone. This, in his view, has added stability to Bitcoin’s price. Balchunas says these investors are not easily shaken, and their presence is helping lower overall volatility in the market.
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Saylor’s Unchanging View
Michael Saylor, executive chairman and cofounder of MicroStrategy, has long stood firm on not selling Bitcoin.
Even during the massive price surge earlier this year, he made it clear that the company had no interest in cashing out. Saylor has even gone as far as to say that the community would “never forgive” MicroStrategy if it sold.
His strategy has become a symbol of long-term conviction in Bitcoin. The company has bought the dip repeatedly and now holds one of the largest corporate Bitcoin portfolios in the world.
Concerns Over Financial Pressure
Despite these strong words, not everyone is convinced that MicroStrategy will continue to hold. A recent filing with the SEC raised eyebrows. According to market chatter, the company may be forced to sell Bitcoin if the price drops further, to manage debt obligations.
This triggered speculation about a potential sell-off. However, further examination revealed that this was standard risk disclosure language. Similar warnings have been included in previous reports, including the company’s Q1 2024 10-Q filing. These are legal precautions, not signals of intent.
Bitcoin’s Nature and Price Actions
Saylor also commented on Bitcoin’s short-term behaviour. He said that, because it trades 24/7 and is extremely liquid, Bitcoin often acts like a risk asset in the near term. Traders can easily move in and out, which causes quick swings based on sentiment.
At the moment, Bitcoin is priced at $84,457.11 and is slightly up for the day. The total crypto market cap stands at $1.67 trillion. However, trading volume is down, reflecting reduced activity compared to recent highs.
What Lies Ahead?
While rumours about a potential MicroStrategy sell-off swirl, the facts still back Saylor’s commitment. Regulatory filings may raise questions, but history shows the company has stuck to its playbook through thick and thin.
At the same time, growing ETF inflows and stronger investor hands point to a maturing Bitcoin market. Whether Bitcoin continues to climb or faces more pressure, the conviction of long-term holders like Saylor may end up making the difference.
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