Bitcoin held on exchanges has fallen to around 2.71 million BTC, levels last seen in May and previously in 2019. That means fewer coins are sitting around ready to be sold. Over the years, ma
Bitcoin held on exchanges has fallen to around 2.71 million BTC, levels last seen in May and previously in 2019.
That means fewer coins are sitting around ready to be sold. Over the years, market confidence in digital gold has risen gradually as institutional demand has continued to grow.
The Bitcoin exchange reserve has continued to decline over the years Strategy (MSTR), the largest publicly traded Bitcoin treasury company, owns about 846,842 coins, or roughly 4% of all the Bitcoin that will ever exist. For years, founder Michael Saylor said the company would never sell a single coin.
That promise changed in late May, when Strategy sold 32 Bitcoin to help pay a dividend on its preferred stock. It was a tiny amount, but the market reacted harshly, and the stock fell from $186 in mid-May to $114 by June 5.
Days later, the company turned around and bought 1,550 more Bitcoin. But the swing showed how tightly MSTR's stock is tied to Bitcoin's price.
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That stumble naturally raises a key question, does the long-term investment case for holding large amounts of Bitcoin still stand? According to Cathie Wood, the answer is a resounding yes.
Wood, who runs ARK Invest, just raised her five-year price target for Bitcoin to $1.25 million in her bull case, with $750,000 as her base case. Bitcoin is trading near $65,000 as of mid-June, so hitting that bull case would mean Bitcoin rising close to 2,000% from here.
Wood hasn't given a specific target for MSTR stock, but because Strategy's value is built almost entirely on its Bitcoin pile, a move that big in Bitcoin would likely lift MSTR even further, thanks to how the company raises money to buy more coins.
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That's the five-year story. The chart, for now, is telling a shorter and shakier one.
MSTR is trading near $121, stuck in a shrinking price range since October. The stock looks oversold right now, which often means a bounce could be close. Momentum has also started turning up after weeks of falling, hinting that sellers may be running out of steam.
If it holds above $120, then it could climb toward $160-$165. But if sellers step in then the next stop could be near December's lows.
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