Bitcoin (CRYPTO: BTC) may be moving beyond its reliance on Michael Saylor’s Strategy (NASDAQ:MSTR), with institutional investors emerging as the next major source of demand.
BTC "Shrugged Off" Strategy's Recent Sale In an interview with Milk Road on July 8, Bitwise's Chief Investment Officer Matt Hougan said Strategy was the dominant Bitcoin buyer over the past several years, but that role is fading.
"It will still be important, but it’s no longer the primary source of marginal capital," added Hougan pointing to BTC’s muted reaction after Strategy sold a little over $200 million worth of BTC to fund preferred dividends.
Bitcoin "shrugged it off," he said, arguing that the market viewed the sale as evidence that Strategy is acting rationally rather than moving toward a forced liquidation scenario.
Following the offloading, Bitcoin climbed back to the $64,000 mark, reclaiming the level for the first time in nearly two weeks.
