Recent reports of Michael Saylor strategy moving millions into Bitcoin have fueled speculation on Crypto Street. Is this a sell-off or just a wallet adjustment?
Michael Saylor's Strategy's recent Bitcoin activity has crypto investors worried, as they moved $796M worth of tokens.
It has sparked speculation that Saylor has begun selling BTC. Michael Saylor’s confidence in $BTC has led Strategy (formerly known as MicroStrategy) to actively buy the token and has inspired others, including Japan’s Metaplanet.
The strategy moves $796M of bitcoins to new wallets.
Despite hints that Strategy may be buying more Bitcoin, crypto market investors are worried, as the firm moved millions worth of BTC.
According to the results of on-chain analytics platform Lookonchain, Strategy has moved 7,382 BTC, equivalent to $796M on Sunday. Notably, these tokens have been moved to three new wallets, but the team has not revealed the possible reasons behind the move.
With 592,345 BTC, worth $64.28 billion, Bitcoin Holdings is the face of strategic corporate companies buying digital assets.
More importantly, with billions worth of holdings, their sale could destroy the entire crypto market and send investor confidence plummeting.
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.
Additionally, Strategy's CEO, Fong Li, has been busy selling MSTR stock, as he has shifted most of his holdings. Experts are viewing this as a major bearish move for Bitcoin.
Additionally, cryptoquant data highlighted a significant demand deficit for BTC. This shows that there is a lot going on with Bitcoin at the current stage, which is causing fear among investors.
Is this just a move or is Michael Saylor selling BTC?
Saylor’s strategy has been buying $BTC for 11 straight weeks now. Last week alone, the firm purchased $26M worth of tokens, continuing its long-term accumulation strategy.
While the move could lead to any number of possibilities, crypto market experts believe it is simply a custody arrangement or security protocol.
More importantly, Michael Saylor has not sold any Bitcoin other than the December 2022 incident.
He even advocates for others to sell whatever they can to help themselves, not Bitcoin. With his approach, the firm is now sitting on over $21 billion in profits against BTC.
As Saylor envisions Bitcoin reaching $21 million in 21 years at an annual growth rate of 21%, experts have dismissed the possibility of a recent token sale.
On-Chain Expert Breakdown Strategy $796M Bitcoin Moves as a Custodial Protocol, Not a Sale-Off However, this is just speculation, and the firm’s clarification on the subject is pending at press time.
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