Michael Saylor, vocal Bitcoin evangelist and co-founder of MicroStrategy behemoth, has published an enigmatic post on his X (formerly known as Twitter) account, perhaps hinting at a new buy-the-dip opportunity for BTC.
His post came out as the world’s flagship cryptocurrency plunged by more than 2% overnight, hitting the $58,300 zone. This is not the biggest price plunge demonstrated by Bitcoin recently, though.
Saylor’s bullish Bitcoin statement
Michael Saylor, known for his permanent bullish Bitcoin stance, advocacy followed by his MicroStrategy business intelligence software making company adding more BTC to its stash on a regular basis, has published an intriguing tweet – an image of a heavy truck with a BTC mascot on its side.
The message published by Saylor along with this image goes like this: “We’re going to need a bigger truck. #Bitcoin.” Many commentators responded agreeably to Saylor’s message, sharing their bullish takes on BTC.
We’re going to need a bigger truck. #Bitcoin 🚀 pic.twitter.com/4cReSyYdrl
— Michael Saylor⚡️ (@saylor) August 18, 2024
Bitcoin market performance
Over the last 24 hours, Bitcoin took a 2.84% plunge, showing a massive decline from $60,000 to the $58,300 zone. By now, the BTC price has recovered somewhat and the asset is changing hands at the $58,620 level.
Last week, digital gold, as Bitcoin is often called by its community, plummeted by more than 7.5% and collapsed from $61,330 to the $56,660 zone. Between Thursday, when the fall bottomed and Sunday, Bitcoin managed to recapture 6.11%, reaching $60,127. That recovery was followed by the aforementioned close to 3% decline.
Are institutions selling Bitcoin?
A recent post published by the @lookonchain analytics account on X shows that Ceffu, a company that provides custody and liquidity solutions for financial institutions, has transferred a whopping $211 million worth of crypto (3,568 BTC) since the end of July this year.
The analytics account has concluded that this may be a sign of financial institutions dumping their Bitcoin.
Ceffu has deposited 3,568 $BTC($211.6M) to #Binance since July 31.#Ceffu provides custody and liquidity solutions for institutions, which means it is likely that institutions are selling $BTC. pic.twitter.com/Q9mLFMmC0z
— Lookonchain (@lookonchain) August 19, 2024
While this is happening, some of the spot Bitcoin ETFs continue to absorb BTC. On August 16, Fidelity and Bitwise ETFs saw inflows of 284 and 109 BTC. However, investors continue to withdraw their Bitcoin from the Grayscale’s GBTC. On Friday, the total outflow from this exchange-traded BTC fund constituted 975 BTC.
