Market pulse: Who is pumping Bitcoin?

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

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What happened?

Strategy, under the leadership of Michael Saylor, has continued its aggressive Bitcoin accumulation strategy, acquiring 15,355 BTC for approximately $1.42 billion at an average price of $92,737 per Bitcoin. As of April 27, 2025, Strategy now holds 553,555 BTC, acquired for a total of ~$37.90 billion at an average price of ~$68,459 per Bitcoin, solidifying its position as the world's largest corporate Bitcoin holder.

Bitcoin ETF flows: Along with Strategy buying BTC, ETFs have also picked up, averaging around $500m daily with cumulative inflows of $3.14b in the last 10 days. BlackRock (iShares) currently leads the pack with 588,687 BTC ($55.62b) in holdings.

Cryptonary's take

As a result of these two factors, we have seen Bitcoin rise roughly 25% from the bottom, reclaiming key levels and driving FOMO among market participants. Our take? We believe having someone like Saylor constantly bid BTC is a good thing for the price in the short term.

However, for a sustainable rally in BTC, Saylor alone and moderate ETF inflows aren't enough in our opinion. Stimulus and liquidity are the real kickers that are going to take BTC into a new ATH. Therefore, long-term investors should remain patient and not FOMO into range highs.

In the short term, however, it is possible BTC can still move slightly higher as it is holding a key area of support. For more details, check out our latest Market Update and Market Direction reports.

Peace!

Cryptonary, OUT!