Michael Saylor Breaks Silence on Bitcoin Returning Above $63,000

Youri Molchan

MicroStrategy co-founder addressed the Bitcoin community about the recent BTC price rally, but analysts still expect a sell-off.

Prominent Bitcoin evangelist, MicroStrategy Co-Founder and Executive Chairman Michael Saylor took to social media platform X (formerly known as Twitter) to comment on the impressive nearly 5% surge BTC has seen over the past 24 hours as it reclaimed the $63,000 level and even managed to briefly surpass $63,560.

Saylor posted a message calling for optimism on Bitcoin, addressing the global BTC community.

Michael Saylor’s Bitcoin Statement

The vocal Bitcoiner faced the sudden increase in BTC price with cold triumph and urged the cryptocurrency community to sell US dollars in order to buy Bitcoin with the proceeds of the sale.

He tweeted only two words: “Sell” and “Buy.” The initials of these words, “S” and “B”, clearly form the symbols of the US dollar and the world’s flagship digital currency.

Last week, Bitcoin plunged from the $64,470 level, dropping 7%. The gradual recovery began on Friday, when BTC rebounded and recorded a 3.35% recovery, reaching $61,980 on Sunday. The subsequent surge pushed the largest cryptocurrency above $63,000 and over $63,500.

However, at present, a slight rebound has taken place and Bitcoin is changing hands at $63,200.

However, as crypto exchange Mt. Gox is set to start paying out BTC to investors this week, JP Morgan analysts expect a massive selloff to begin. The exchange is set to pay out $9 billion worth of Bitcoin.

New Inflows into Bitcoin ETFs

According to a recent report from analytics account @lookonchain, on June 28, Bitcoin spot ETFs saw a cumulative inflow of over $36.5 million in cryptocurrencies; nine ETFs added around 596 BTC. The largest inflow was seen by the Invesco Galaxy ETF – 152 BTC. It was followed by the Bitwise Bitcoin ETF which garnered 131 BTC. The Fidelity exchange-traded fund absorbed 109 BTC.

The lowest inflow was observed by Ark Invest, as it contained 30 BTC. Bitcoin ETFs have been dominating the market since mid-January. At that time, the US regulator SEC allowed the tracking of BTC funds, allowing them to start trading. Since then, these ETFs have been accumulating Bitcoin daily. Before the halving in the second half of April, the ETFs were collecting more than 10,000 BTC per day.

About the Author

Youri Molchan

Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. He believes that blockchain and cryptocurrencies have the potential to transform the world in many aspects in the future. He has written for several crypto media outlets. His articles have been cited by crypto influencers such as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.