Michael Saylor Hints at More Bitcoin Buys as Strategy Doubles Down

Michael Saylor, the head of Strategy, has hinted at his company buying more Bitcoin by posting ₿ack to More Orange Dots. on X, despite most investors being very worried about the market.

According to StrategyTracker, the company holds more than 708,000 BTC, valued at approximately $59 billion at today’s price of $83,273 per Bitcoin. They purchased the coins at a significantly lower price than today, demonstrating strong long-term confidence in Bitcoin.

Despite Saylor’s confidence in Bitcoin, most traders remain cautious. The Crypto Fear and Greed Index is below 21, indicating extreme market fear, and it has stayed around this level for several weeks.

Park Says Bitcoin is Likely to Stay Range-Bound

According to Jeff Park, the head of Bitwise Alpha, Bitcoin’s price isn’t going up because early adopters are selling call options, which increases the amount of Bitcoin available to trade.

He added that options for BlackRock’s Bitcoin ETF (IBIT) are priced differently from regular Bitcoin options. The IBIT options have a positive call skew, meaning investors are paying extra for protection if Bitcoin prices go up. 

Park believes that for Bitcoin’s price to rise, demand for BlackRock’s ETF options (IBIT) needs to be higher than the supply of regular Bitcoin options.

Bitcoin ETFs are still buying actual Bitcoin, but the price hasn’t moved much. This shows that major institutions are still cautious. For example, Vanguard allows its customers to invest in Bitcoin ETFs but still calls Bitcoin a “toy.”

 If market volatility stays high and ETF options demand doesn’t increase, Bitcoin will probably stay within a limited price range.

Bitcoin Futures Volume Drop Despite Rising Adoption

Data from CoinGlass shows that Bitcoin futures trading dropped by 24%, falling to about $49 billion.

The lower trading volume shows less short-term speculation and weaker confidence in Bitcoin. However, overall use of Bitcoin is still growing, such as PNC partnering with Coinbase to enable people to trade Bitcoin across its U.S. network.

At the same time, open interest rose 3.2% to around $60.7 billion. Higher open interest combined with lower trading volume usually means investors are holding positions without much price movement or market momentum.