U.Today – Michael Saylor, vocal evangelist and co-founder of giant MicroStrategy, has published a cryptic post on his X account (formerly known as Twitter) that may hint at a new buy-the-dip opportunity for BTC.
His post came as the world’s leading cryptocurrency plunged more than 2% overnight, hitting the $58,300 mark. However, this is not the biggest price drop Bitcoin has seen recently.
Saylor’s optimistic Bitcoin statement
Michael Saylor, known for his permanent bullish stance on Bitcoin and whose company MicroStrategy regularly adds new BTC to its stash, posted an intriguing tweet – a picture of a heavy truck with a BTC mascot on the side.
The message posted by Saylor along with the image reads: “We’re going to need a bigger truck. #Bitcoin.” Many commenters reacted positively to Saylor’s message and shared their optimistic view on BTC.
Bitcoin market development
In the last 24 hours, Bitcoin crashed by 2.84%, recording a massive drop from $60,000 to $58,300. Meanwhile, 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, plunged by more than 7.5%, falling from $61,330 to $56,660. Between Thursday, when the decline bottomed out, and Sunday, Bitcoin managed to recover 6.11%, reaching $60,127. This recovery was followed by the aforementioned drop of almost 3%.
Are institutions selling Bitcoin?
A recent post by analytics account @lookonchain on X shows that Ceffu, a company that provides custody and liquidity solutions for financial institutions, has transferred a whopping $211 million (3,568 BTC) worth of cryptocurrencies since the end of July this year.
The analysis account concluded that this could be a sign that financial institutions are dumping their bitcoins.
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, respectively. However, investors continue to withdraw their Bitcoins from Grayscale’s GBTC. On Friday, the total outflow from this BTC exchange-traded fund was 975 BTC.
This article was originally published on U.Today.
