Michael Saylor: Bitcoin Price Stagnation Due to Short-Term Mindsets Amid Investor Rotation

Michael Saylor: Bitcoin Price Stagnation Due to Short-Term Mindsets Amid Investor Rotation

In a recent episode of the “Coin Stories” podcast hosted by Natalie Brunell, MicroStrategy Executive Chairman Michael Saylor attributed Bitcoin’s delay in reaching $150,000 to a transitional phase in investor behavior.

According to Saylor, the market is undergoing a significant “rotation” where holders lacking a long-term investment vision are exiting their positions, while a new wave of committed investors is beginning to take their place.

“A lot of Bitcoin ended up in the hands of entities like governments, lawyers, and bankruptcy trustees—people who don’t necessarily have a 10-year investment horizon,” Saylor said. “When the price surged, they saw it as a good time to liquidate.”

This sell-off by short-term holders, Saylor argues, created temporary downward pressure on Bitcoin’s price. At the same time, a new class of buyers—including institutional investors accessing Bitcoin via ETFs and corporate treasury allocations—has been steadily entering the market.

Bitcoin has seen considerable volatility in recent months. After reaching an all-time high of $109,000 on January 20—coinciding with U.S. President Donald Trump’s inauguration—it retraced to a low of $76,273 by April 9. However, a renewed bullish trend emerged in early May, with the price reclaiming the $100,000 mark on May 8, driven in part by Trump’s proposed tariff policies.

MicroStrategy, the business intelligence firm Saylor co-founded, currently holds 555,450 BTC, valued at over $57 billion. The company’s average purchase price stands at $68,569, and its holdings are now up more than 50% from that average.

Saylor also commented on the U.S. government’s evolving stance on Bitcoin, noting his surprise at the rapid shift in sentiment following Trump’s return to office. While the administration has yet to directly purchase Bitcoin for its newly announced Strategic Bitcoin Reserve—established via executive order on March 7—it has been actively managing previously seized Bitcoin assets.

“I didn’t expect the U.S. government to embrace Bitcoin this quickly or so enthusiastically,” Saylor remarked. “It’s been surprising to see how positively the new Cabinet views it.”

Spot Bitcoin ETFs have seen $564.7 million in inflows over the past five trading sessions, according to Farside data, signaling growing institutional appetite despite recent price swings.