Michael Saylor Breaks Silence on Bitcoin Returning Above $63,000

Renowned Bitcoin evangelist, co-founder and executive chairman of MicroStrategy, Michael Saylor has taken to the X social media platform (formerly known as Twitter) to comment on the impressive nearly 5% surge BTC has demonstrated over the past 24 hours as it regained the $63,000 level and even managed to surge above $63,560 briefly.

Saylor issued a bullish Bitcoin urge, addressing the global BTC community.

Bitcoin statement from Michael Saylor

Vocal Bitcoiner has met the sudden BTC price increase with cold triumph and urged the cryptocurrency community to sell US dollars in order to buy Bitcoin with the proceeds.

He tweeted only two words “sell” and “Buy”, however, the initial letters in both of them are the symbols of the dollar and the world’s flagship digital currency as is clearly visible.

$ell ₿uy

— Michael Saylor⚡️ (@saylor) June 30, 2024

Last week, Bitcoin plunged from the $64,470 level, dropping by massive 7%. The gradual recovery started on Friday, when BTC rebounded and staged a 3.35% recovery, surging to $61,980 by Sunday. The next increase pushed the largest cryptocurrency back above $63,000 and up over $63,500.

By now, though, a small rebound took place and Bitcoin is changing hands at $63,200.

However, as the battered Mt. Gox crypto exchange is to start paying out BTC to investors this week, JP Morgan analysts expect a massive sell-off to begin. The exchange is to pay out $9 billion worth of Bitcoin.

New Bitcoin ETF inflows

According to a recent report by the @lookonchain analytics account, on June 28, spot Bitcoin ETFs saw a cumulative inflow of more than $36.5 million in crypto – nine ETFs have added approximately 596 BTC. The largest inflow was witnessed by the Invesco Galaxy ETF – 152 BTC. It was followed by Bitwise Bitcoin ETF as it scooped up 131 BTC. The Fidelity exchange-traded fund sucked 109 BTC.

Jun 28 Update:

9 ETFs added 596 $BTC(+$36.5M).#Grayscale added 60 $BTC(+$3.6M) and currently holds 275,955 $BTC($16.89B).#Fidelity added 109 $BTC(+$6.7M) and currently holds 167,900 $BTC($10.28B).https://t.co/za5wGnJmMC pic.twitter.com/KFIhG6EwSa

— Lookonchain (@lookonchain) June 28, 2024

The lowest inflow was witnessed by Ark Invest as it accommodated 30 BTC. Bitcoin ETFs have been dominating in the market since the middle of January. Back then, the American SEC regulator granted approval to spot BTC funds, permitting them to begin trading. Since then, these ETFs have been accumulating Bitcoin on a daily basis. Before the halving occurred in the second part of April, the ETFs scooped up more than 10,000 BTC per day.

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