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Despite $5.1B in Q1 Losses, Michael Saylor’s Firm Continues Aggressive Bitcoin Accumulation.

Strategy, the firm formerly known as MicroStrategy and spearheaded by Bitcoin maximalist Michael Saylor, has added another 1,895 BTC to its growing digital treasure chest. This fresh round of accumulation, made between April 28 and May 4, 2025, came at an average price of $95,167 per coin — totalling a spend of $180.3 million.

This brings Strategy’s total Bitcoin holdings to a staggering 555,450 BTC, currently valued at approximately $52.27 billion. Despite market fluctuations, the firm’s overall Bitcoin position sits at an unrealised gain of $14.18 billion, reinforcing its long-term conviction in the asset.

A Painful Quarter, But Steadfast Strategy

The latest buy comes on the heels of a difficult first quarter for Strategy. The company reported a paper loss of $5.1 billion on its BTC holdings, marking its fifth consecutive quarter in the red. Much of this downturn is tied to BTC’s price swings, particularly when it dipped below $85,000 earlier this year.

Interestingly, Strategy’s recent spree follows a brief three-week buying pause. Once the price dipped, the firm resumed accumulation with renewed intensity — a move consistent with its past behaviour of buying dips, no matter how sharp.

2025 Buying Trends Show Mixed Results

This purchase ranks as Strategy’s second-smallest of the year, following a modest buy of 1,070 BTC on January 6 at an average price of $94,004. While the long-term gains remain positive, several of the firm’s acquisitions between November 2024 and February 2025 are currently underwater. Many of those purchases were made at prices above $95,000, with some even crossing the $100,000 mark.

Nonetheless, Strategy has shown little sign of altering its Bitcoin-first approach. The company continues to double down, viewing short-term drawdowns as opportunities rather than deterrents.

Bitcoin Conference Signals Institutional Optimism

The timing of this latest acquisition is no coincidence. It aligns with the launch of Strategy World 2025, the company’s flagship annual conference, which kicked off today in Orlando, Florida. Alongside it runs the “Bitcoin for Corporations” event, which will host talks from fellow BTC-focused firms such as Semler Scientific and Metaplanet.

The event arrives during a notable market shift. After two months of ETF outflows totalling over $4.5 billion during February and March, U.S. spot Bitcoin ETFs have staged a strong comeback. Nearly $4.1 billion has flowed back into these funds across April and early May, reigniting investor sentiment.

 

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Bitcoin

Bitcoin’s climb past the critical $95,000 mark has triggered a divide in market sentiment. While miners are showing renewed confidence, derivatives traders are positioning for a pullback. This divergence raises key questions about whether Bitcoin is gearing up for another rally—or bracing for correction.

Miners Accumulate as Confidence Builds

The most notable reaction to Bitcoin’s breakout came from miners. On-chain data from CryptoQuant reveals a sharp uptick in BTC miner reserves starting April 29, shortly after BTC closed above $95,000. This reserve had plunged to a yearly low of 1.80 million BTC just a day earlier, but the trend reversed as miners began accumulating again.

Miner reserves reflect the number of coins held in miner wallets and are often viewed as a sentiment gauge. Rising reserves suggest miners are holding onto their coins, expecting higher prices ahead—rather than selling into the rally.

Positive Netflow Underscores Bullish Sentiment

Further strengthening the miner narrative is the shift in miner netflow. Since April 29, more BTC has been moving into miner wallets than out, a clear indication that miners are in accumulation mode.

Bitcoin Miner Netflow. Source: CryptoQuant

Bitcoin Miner Netflow. Source: CryptoQuant

This behavior typically aligns with long-term optimism. Miners, who often operate on thin margins, tend to liquidate when prices appear unsustainable. Their choice to hold now suggests they see more upside in the near term.

Futures Market Sends Mixed Signals

Despite the bullish undertone from miners, BTC’s derivatives market tells a contrasting story. Since early May, the coin’s funding rate has remained in negative territory, currently sitting at -0.0056%.

BTC Funding Rate. Source: Coinglass

BTC Funding Rate. Source: Coinglass

In perpetual futures contracts, a negative funding rate means short traders are dominant, paying longs to maintain open positions. This indicates a broader market expectation of a pullback or correction, despite BTC’s spot price strength.

Key Levels to Watch: Rally or Rejection Ahead?

This growing divergence between miners and traders puts BTC at a critical crossroads. If accumulation continues and demand picks up, Bitcoin could aim to break resistance at $98,515 and potentially challenge the $102,080 zone.

BTC Price Analysis. Source: TradingView

BTC Price Analysis. Source: TradingView

However, if trader skepticism proves correct and selling pressure mounts, BTC could slide back below $95,000, with $92,910 as the next support level.

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Summarizing Bitcoin’s current market dynamics, CryptoQuant analyst Axel Adler Jr. highlighted a significant shift on May 2, 2025, through social media. The annualized MVRV ratio for Bitcoin has turned positive, signaling an inflection in market holder sentiment.

This development suggests a strengthening of holder confidence and a ripple effect of reduced panic selling pressure, setting the stage for sustainable price growth.

Demonstrating heightened confidence, the MVRV ratio indicates that the average acquisition cost for Bitcoin holders is now below the prevailing market price. Axel Adler Jr., an analyst at CryptoQuant, conveyed that this shift aligns with Bitcoin’s nascent recovery phase, projecting optimism in the broader market.
With potential for extended growth, stakeholders see a notable reduction in panic-selling pressures. Bitcoin’s increased profitability among holders exemplifies decreased urgency to liquidate holdings, fostering a stable market environment.
In response, the market, led by prominent investors known as “whales,” has seen significant action. In recent weeks, these investors amassed approximately 43,000 BTC, reinforcing market confidence and suggesting a positive outlook for Bitcoin’s trajectory.

Whale Acquisitions Signal Confidence Amidst Bitcoin’s Recovery

Did you know? Historically, when Bitcoin’s MVRV entered positive territory, it marked the beginning of major bull market cycles, highlighting how this recent shift could suggest upcoming sustainable growth for BTC prices.

According to CoinMarketCap, as of May 2, 2025, Bitcoin (BTC) is priced at $96,470.07, with a market capitalization of 1,915,792,751,341.57. BTC’s dominance stands at 63.83%, supported by a fully diluted market cap of 2,025,871,468,134.84. Despite a 5.62% decline over the past 90 days, a short-term 1.50% price increase in the last 24 hours indicates recovering momentum.

Expert insights suggest potential sustained growth, as historical trends link positive MVRV ratios with the onset of bull markets. Current dynamics, analysts predict, could lead to continued investments and interest from prominent market players. Increasing whale activity seen by Carmelo Alemán, aligns with these positive future market expectations, proposing an optimistic outlook for holders and investors alike.
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Bitcoin

Bitcoin bullish momentum has brought it to the edge of a critical threshold — but whether it can break past $90,000 remains uncertain. The flagship cryptocurrency surged past $89,000 on 22 April, marking its highest price since early March, yet technical and on-chain signals hint at a possible near-term pullback.

BTC Battles Key Resistance Zone

Data from TradingView and Cointelegraph Markets Pro shows that Bitcoin’s price approached the $89,000 level steadily, fuelled by strong spot buying during U.S. trading hours. However, the $90K–$91K range is now acting as a formidable resistance.

BTC/USD daily chart. Source: Daan Crypto Trades

BTC/USD daily chart. Source: Daan Crypto Trades

Prominent analyst Daan Crypto Trades highlighted that this range had previously served as a major support zone, which now flips into resistance. Adding to this pressure is the 200-day simple moving average (SMA), currently sitting just above $89K — a widely watched technical barrier.

“Quite a few resistances close by,” said Daan, “but a few percentage moves and you’ll break through all of them. Bulls know what to do.”

On-Chain Data Signals Caution

While the recent surge has energised markets, analysts warn of deeper resistance ahead. Julio Moreno, head of research at CryptoQuant, pointed to the realised price of active traders between $91,000 and $92,000 as a significant hurdle.

This realised price, an on-chain metric that reflects the average acquisition cost of active traders, often acts as resistance in bearish phases. As Bitcoin continues to consolidate below this range, traders are watching closely for signs of either a breakout or a reversal.

Is a Pullback on the Cards?

Although momentum remains positive, the struggle to break above $90K suggests profit-taking and sell-side liquidity could slow down further gains. Analysts also warn that if Bitcoin fails to establish support above $89,000, short-term corrections may follow.

Market sentiment is cautiously optimistic, with some traders viewing this consolidation as healthy before a larger move, while others remain sceptical given the cluster of technical resistances.

What’s Next for Bitcoin Bulls?

To confirm a bullish breakout, Bitcoin must convincingly clear the $91K–$92K resistance zone and establish it as support. Until then, the crypto remains vulnerable to range-bound movement and brief retracements.

If bulls manage to push past this zone, it could open the door to new all-time highs, especially with broader macro factors such as institutional interest and ETF inflows continuing to support the market.

In the short term, however, Bitcoin traders are urged to stay cautious and watch for volume-backed moves before making aggressive entries.

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Bitcoin

As global attitudes toward crypto evolve, a top Indian financial expert has urged the Reserve Bank of India (RBI) to create a $10 billion digital asset reserve, citing Bitcoin (BTC), XRP, Ethereum (ETH), and Solana (SOL) as strategic holdings.

A Modest Bet from a Massive Forex Reserve

Financial pundit Aravind has proposed that India should allocate just $10 billion from its $650+ billion Forex reserves to build a crypto reserve. Calling it a “modest bet,” he argued this move would strengthen India’s digital financial standing while hedging against weakening fiat currencies.

He recommended funding the reserve by reallocating a small portion of India’s existing foreign exchange, which is currently heavy on traditional fiat currencies expected to lose value.

Following the U.S. Playbook

Aravind’s proposal closely follows the U.S. government’s recent crypto reserve directive, spearheaded by President Trump. The U.S. reserve will mainly hold Bitcoin, with select altcoins like XRP, ETH, SOL, and ADA also under consideration.

However, unlike Aravind’s approach, the U.S. plans to grow its reserve through civil and criminal crypto forfeitures, not by dipping into government funds.

India’s Opportunity for Strategic Positioning

Aravind believes India can leap ahead in digital finance by adopting a crypto reserve early, taking cues from the U.S. model rather than building from scratch. The expert has been a consistent voice in pushing for this strategic shift, especially after the U.S. formally committed to a crypto reserve policy.

By including assets like Bitcoin and XRP, India could gain exposure to both store-of-value and utility-focused cryptocurrencies, potentially bolstering its economic resilience and global tech influence.

A Divided Global Response

The U.S. crypto reserve has sparked debate worldwide. Countries like Japan and South Korea have rejected the idea of holding crypto in national reserves. On the other hand, Brazil and some emerging economies view Bitcoin as a valuable national asset.

With the U.S. already holding over $17 billion in crypto, primarily in Bitcoin, the pressure is mounting on nations like India to make their stance clear in the rapidly changing global financial landscape.

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In a landmark move, the White House has confirmed that Bitcoin (BTC) will receive special treatment among digital assets as the U.S. government establishes a national Bitcoin reserve. President Donald Trump’s executive order, signed on Thursday night, sets Bitcoin apart as a strategic reserve asset while other cryptocurrencies will be stockpiled only from government seizures.

200,000 BTC to Form the Initial Reserve

A senior White House official revealed that the new Bitcoin reserve will begin with approximately 200,000 BTC—already in government possession. However, while the initiative signals strong institutional recognition of Bitcoin, it does not yet involve active BTC purchases. The administration is exploring ways to inject new funds into the reserve without relying on taxpayer money.

Meanwhile, the federal government has initiated an audit to determine the total crypto assets in its control. The results will dictate how non-Bitcoin cryptocurrencies will be managed within the separate reserve stockpile.

Crypto Industry Leaders Meet at White House Summit

Friday’s crypto summit at the White House is a pivotal moment for the industry. High-profile executives from leading crypto firms—including Coinbase, Ripple, Kraken, Gemini, Chainlink, and Robinhood—are attending to discuss policy direction with the Trump administration.

President Trump himself is expected to make an appearance at the 3 p.m. event, where he will outline the significance of the new executive order. The meeting reflects the administration’s growing engagement with the crypto industry, marking a dramatic shift from the regulatory uncertainties that plagued the sector in past years.

Congress Signals Stronger Crypto Support

The Republican-led Congress has recently shown an increase in pro-crypto sentiment. Just this week, the Senate voted overwhelmingly to repeal a contentious crypto tax rule introduced by the Internal Revenue Service (IRS) during the Biden administration.

Although Trump’s executive order provides a strong foundation for the Bitcoin reserve, it does not carry the permanence of legislation. The White House official noted that additional legislative backing would be welcome to solidify Bitcoin’s role as a U.S. reserve asset.

A Turning Point for Crypto in the U.S.

The establishment of a Bitcoin reserve represents a historic moment for the cryptocurrency industry in the U.S. Once viewed with skepticism by regulators, the sector now finds itself at the center of policymaking discussions.

While industry leaders are hopeful about future developments, questions remain about how the government plans to expand and manage the Bitcoin reserve without triggering market disruptions. For now, the move signals an unprecedented embrace of Bitcoin at the highest levels of U.S. governance.

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Short-term optimism clashes with long-term doubts as BTC eyes fresh April highs

Bitcoin (BTC) approached the $87,000 mark at the Wall Street open on April 15, attempting to hit new monthly highs. Despite growing bullish sentiment following a weekend of strength, traders remain divided on the sustainability of the latest price movement, with concerns over macroeconomic pressures and technical resistance levels continuing to weigh on market confidence.

Traders Eye $90K But Warn of Emotional Market Swings

Data from TradingView shows BTC/USD attempting to push past $86,000, building momentum from recent gains. Enthusiasm has grown among some market participants, who are hoping for a move towards the $90,000 level — a price not seen since early March.

However, trading resource Stockmoney Lizards noted a sharp shift in sentiment, calling attention to the emotional nature of market reactions. “Just days ago everyone was calling for $50K, now they’re rushing to flip bullish at the first green candle,” the group wrote on X. They warned that such volatility in sentiment often leads to poor trading decisions, adding that several resistance levels still stand in Bitcoin’s path before any confirmation of a true trend reversal.

bitcoin

BTC/USD 1-day chart. Source: Peter Brandt/X

Their forecast suggests Bitcoin may continue to trade within a range of $78,000 to $88,000 over the coming weeks, using this phase to “build energy” for a potential breakout. A clear move beyond the $97,000 level, they argue, could pave the way for a rise above $110,000 later in the summer.

Debate Over Trend Line Break and Bullish Indicators

A key discussion among analysts involves Bitcoin’s attempt to break through a multi-month downward trend line, which has been in place since BTC set its all-time high in January. Some traders view this as a positive shift in technical momentum.

Popular trader SuperBro highlighted the relevance of the 200-day simple moving average (SMA), currently near $87,566, as a key level. “It didn’t break a multimonth downtrend just for $86K,” they commented. “If the higher high (HH) is successful, it can retrace for a higher low (HL) before running for the wedge target above $100K.”

bitcoin

BTC/USD 1-day chart. Source: SuperBro/X

Brandt Downplays Importance of Trendlines

Veteran trader Peter Brandt, however, offered a more sceptical perspective. He dismissed the significance of trendline analysis altogether, stating that trendline breaks do not indicate a transition in market trends. “Of all chart construction, trendlines are the least significant,” Brandt posted on X. “A trendline violation does NOT signify a transition of trend.”

Outlook Remains Cautiously Optimistic

While short-term momentum remains bullish, resistance levels and global economic uncertainty — particularly around the ongoing US trade war — continue to prevent a unanimous call that the recent correction in Bitcoin’s bull run is over. For now, the market is expected to consolidate within the current range, with traders watching closely for a decisive breakout beyond key resistance near $97K.

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Bitcoin-Gold ratio

Despite recent price dips and global trade uncertainties, Bitcoin remains on track for a multi-million-dollar future, according to Joe Burnett, director of market research at Unchained. Burnett believes that Bitcoin’s long-term fundamentals are intact and could see the asset soar past $1.8 million by 2035, even amid short-term market turbulence.

Long-Term Vision Unshaken by Short-Term Woes

Speaking on Cointelegraph’s Chainreaction show, Burnett highlighted two key price models shaping the decade-ahead Bitcoin narrative — the “parallel” model projecting $1.8 million, and Michael Saylor’s Bitcoin 24 model, which sees Bitcoin reaching $2.1 million by 2035.

“These are good base cases,” Burnett said, noting that Bitcoin’s real-world adoption and macroeconomic shifts could drive even greater price action.

Bitcoin vs Gold: A Technological Upgrade

Bitcoin’s growth potential, Burnett argued, lies in its ability to rival or even surpass gold’s $21 trillion market cap.

“If Bitcoin reached gold parity, we’d already be seeing $1 million per coin,” he noted, comparing Bitcoin to the automobile overtaking the horse-and-buggy — an inevitable shift driven by superior technology.

While Bitcoin as a “digital gold” continues to evolve, its safe-haven narrative is currently eclipsed by tokenised gold, which has seen trading volumes surge past $1 billion — the highest in two years — amid renewed trade tensions and inflation fears.

Market Volatility: A Feature, Not a Flaw

Bitcoin’s volatility, though often criticised, is maturing. Burnett pointed out that bear markets serve a critical function — transferring coins into the hands of long-term believers.

“Volatility doesn’t scare the strongest holders,” he said. “Every drawdown strengthens Bitcoin’s foundation by redistributing supply to those with conviction.”

Although future crashes of up to 80% aren’t off the table, these phases may become prime accumulation windows for institutional and retail investors alike.

2025 Outlook: Gold Shines While Bitcoin Struggles

Despite bullish forecasts, Bitcoin is down over 10% year-to-date, while gold has climbed 23%, according to TradingView.

Arthur Hayes, co-founder of BitMEX, sees BTC hitting $250,000 by the end of 2025 — but only if the US Federal Reserve reverts to quantitative easing.

In the near term, caution dominates. With capital flowing out of Bitcoin ETFs and investors awaiting clarity on global tariff policies, many are reallocating to safer havens like gold and strong fiat currencies.

“Bitcoin’s story isn’t over — but in the next 90 days, it’s on pause,” said Enmanuel Cardozo of tokenisation platform Brickken.

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Bitcoin 2025

Las Vegas is set to host the year’s most anticipated crypto gathering — Bitcoin 2025 — from 27 to 29 May, and the speaker lineup is more star-studded than ever. With industry leaders like David Sacks, Michael Saylor, and Senator Cynthia Lummis sharing the stage, the event promises impactful conversations around Bitcoin’s regulatory, financial, and ideological future.

David Sacks Joins the Big Leagues

Dubbed the “Crypto Czar,” David Sacks will join forces with Michael Saylor, Executive Chairman of MicroStrategy and a leading Bitcoin evangelist, and Senator Cynthia Lummis, one of the strongest political advocates for crypto regulation in the U.S.

Sacks, a respected tech entrepreneur and investor, is expected to bring a pragmatic yet visionary perspective on the intersection of traditional finance and decentralised technologies. His presence underlines the increasing convergence of Silicon Valley influence and crypto innovation.

Policy Meets Innovation

Adding a significant policy dimension to the mix is Bo Hines, Executive Director of the President’s Council of Advisors for Digital Assets at the White House. Hines plays a critical role in shaping the U.S. government’s stance on crypto regulation and digital asset policy.

With voices like Lummis and Hines, Bitcoin 2025 is set to become a vital platform for bridging the public-private gap in crypto discourse, potentially influencing how legislation and innovation align in the years to come.

Passes for Every Kind of Attendee

Bitcoin 2025 caters to all levels of the crypto curious. Ticket options range from the Festival Pass at $509, offering general access to the event, to the Industry Pass at $1,699, aimed at professionals looking for deeper networking and business opportunities.

For the high-rollers, there’s the VIP Whale Pass at a whopping $9,499, granting backstage access and exclusive interactions with the biggest names in crypto.

An Unmissable Date on the Crypto Calendar

With a roster of policymakers, innovators, and influential investors, Bitcoin 2025 isn’t just another blockchain expo — it’s a stage for setting the tone of crypto’s global direction. Whether you’re a Bitcoin believer, DeFi developer, or crypto sceptic, the event promises rich, future-defining conversations.

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As traditional markets reel from a historic $5 trillion sell-off, Bitcoin’s resilience is capturing investor attention. The leading cryptocurrency’s muted reaction to macroeconomic turmoil signals a possible paradigm shift in its market role—from speculative asset to a hedge against financial instability.

Trump Tariffs Trigger Market Chaos

The turmoil began on April 2, when U.S. President Donald Trump announced reciprocal import tariffs aimed at reducing America’s $1.2 trillion trade deficit and boosting domestic manufacturing. The move sent shockwaves through financial markets.

Bitcoin

Over the next two days, the S&P 500 shed $5 trillion in market capitalisation—its worst two-day loss on record, even surpassing the COVID-19 panic of March 2020. In contrast, Bitcoin slipped just 3.7%, trading at around $83,600 by April 5.

Bitcoin Shows Signs of Market Maturity

Unlike past global shocks, where Bitcoin often mirrored stock sell-offs, this time the digital asset appeared more stable. Analysts suggest this may mark a turning point in how investors perceive Bitcoin.

“This divergence might signal an evolution in Bitcoin’s market positioning,” said Marcin Kazmierczak, COO of RedStone blockchain oracle. He noted that Bitcoin’s fixed supply offers a stark contrast to fiat currencies, which face inflation risks during protectionist economic shifts.

Decoupling From Risk Assets?

According to Nexo analyst Iliya Kalchev, Bitcoin’s ability to hold above $82,000 despite market-wide fear shows “structural demand remains intact” even amid volatility.

However, James Wo, CEO of DFG, points out that some investors still treat Bitcoin as a risk asset, especially as Bitcoin ETFs expand institutional exposure. “It’s still influenced by macro trends,” he said, but added that consistent resilience could further cement its ‘digital gold’ status.

Analysts Eye $132K BTC by Year-End

Looking ahead, analysts remain bullish. Jamie Coutts, Chief Crypto Analyst at Real Vision, believes Bitcoin could reach $132,000 by the end of 2025, driven by rising money supply and a shift in investor sentiment.

Bitcoin

BTC projected to reach $132,000 based on M2 money supply growth. Source: Jamie Coutts

Whether Bitcoin becomes a full-fledged safe haven or remains a volatile asset class is still unfolding. But for now, its strength during one of the biggest market shocks in history speaks volumes about its growing role in the global financial system.

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