Part 5/13:
Moreover, the market appears to be reacting to rumors and "buy the rumor, sell the news" dynamics. Bitcoin’s price recently experienced a double bottom around $60,500, but there’s skepticism about whether this support will hold, especially with price action again testing lower levels and some traders fearing a breakdown below recent support.
Micro Strategy’s Bitcoin Accumulation and the Grayscale Bleed
Despite the mixed signals from ETFs, institutional buyers like Micro Strategy continue to accumulate Bitcoin, with an additional roughly 122 Bitcoin purchased amidst the ETF excitement. Michael Saylor’s company now owns approximately 24,400 Bitcoin—a clear sign of long-term institutional conviction.