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 strategy (formerly knows as MicroStrategy ) to buy this token actively and has inspired others, including Japan’s Metaplanet.
Strategy Moves $796M Bitcoin To New Wallets
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, Strategy 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 592,345 BTC, worth $64.28 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.
Is This Just a Move or 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. Although the move can lead to any possibility, crypto market experts believe this is just a custody management or security protocol.
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%, experts discard the selling possibility of the recently moved token.
On-chain experts’ breakdown 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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Pooja Khardia
Pooja Khardia is a seasoned crypto content writer with 6+ years of experience in writing, including in blockchain, cryptocurrency, DeFi, and digital finance reporting. In her adventure journey, she is currently working with CoinGape Media and leading their Trending Section.
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