U.Today

Michael Saylor, a prominent Bitcoin advocate and co-founder of MicroStrategy, recently shared a cryptic post on his X account, suggesting a potential buy-the-dip opportunity for BTC.

His tweet came as Bitcoin, the leading cryptocurrency, fell over 2% overnight, dropping to around $58,300. Although this isn’t the largest decline Bitcoin has faced recently, it has raised discussions among investors.

Saylor’s Bullish Bitcoin Statement

Saylor, recognized for his consistently bullish view on Bitcoin, posted an image of a heavy truck featuring a BTC mascot alongside the caption: “We’re going to need a bigger truck. #Bitcoin.” His message garnered positive responses from commentators, fueling further bullish sentiment on BTC.

Bitcoin Market Performance

In the past 24 hours, Bitcoin experienced a 2.84% drop, declining from $60,000 to approximately $58,300. The price has rebounded slightly and currently stands at around $58,620.

Last week, Bitcoin, often referred to as digital gold, saw a significant drop of more than 7.5%, falling from $61,330 to about $56,660. However, the asset managed to recover 6.11% from Thursday’s low, reaching $60,127, before facing another near 3% decline.

Are Institutions Selling Bitcoin?

Recent posts from the @lookonchain analytics account on X highlighted that Ceffu, a company offering custody and liquidity solutions, transferred an astonishing $211 million worth of crypto (3,568 BTC) since late July. This activity may indicate that some financial institutions are offloading their Bitcoin assets.

Meanwhile, some spot Bitcoin ETFs are still accumulating BTC. On August 16, Fidelity and Bitwise ETFs recorded inflows of 284 and 109 BTC respectively. However, Grayscale’s GBTC has seen investors withdrawing Bitcoin, with a total outflow of 975 BTC reported last Friday.

This article was originally published on U.Today