Recently, MicroStrategy sold off 32 BTC, which caused a dip in the market. The official response is that this sell-off was just a test and aimed at optimizing tax-related issues, essentially wrapping up this selling operation.
However, this incident does nothing to help Bitcoin's price recover, and the test operation indicates that they will continue to offload Bitcoin in the future. Simply put, they won't just be buying in; they'll also be aggressively dumping Bitcoin to cash in on profits.
It’s not just MicroStrategy; BlackRock has also been consistently depositing 1,564 BTC onto the Coinbase platform. All signs point to institutions likely continuing their sell-offs.
Considering all these factors, there are basically no signs of a short-term recovery for Bitcoin, especially with Japan expected to raise interest rates mid-month, making it even harder for the market to bounce back. $BTC
However, this incident does nothing to help Bitcoin's price recover, and the test operation indicates that they will continue to offload Bitcoin in the future. Simply put, they won't just be buying in; they'll also be aggressively dumping Bitcoin to cash in on profits.
It’s not just MicroStrategy; BlackRock has also been consistently depositing 1,564 BTC onto the Coinbase platform. All signs point to institutions likely continuing their sell-offs.
Considering all these factors, there are basically no signs of a short-term recovery for Bitcoin, especially with Japan expected to raise interest rates mid-month, making it even harder for the market to bounce back. $BTC