Empire analyst Jason Yanowitz believes Bitcoin’s current price largely reflects MicroStrategy’s aggressive accumulation rather than broad institutional investment.
He pointed out that venture capital has yet to enter the market in a significant way, suggesting that Bitcoin may still be in the early phase of its current cycle.
Yanowitz noted that MicroStrategy’s Bitcoin purchases, which have exceeded $20 billion since late last year, have been a key driving force behind Bitcoin’s price action. He described the market as being in a “player versus player” phase, meaning that institutional involvement beyond MicroStrategy remains limited.
Dan Matuszewski of CMS Holdings shared a similar perspective, arguing that the impact of the 2022 bear market is still being felt, resulting in low liquidity and restrained capital inflows. He emphasized that venture capital firms have yet to make substantial investments in crypto, aside from a few selective bets.
As the cycle unfolds, discussions around whether Bitcoin has reached a peak are expected to intensify. However, Matuszewski believes that regulatory developments are still in their early stages and could play a crucial role in attracting institutional investors in the future.
Tokyo-based Metaplanet has continued its aggressive Bitcoin strategy, now holding over $400 million in BTC following its latest acquisition.
Bitcoin has staged a strong comeback, briefly pushing beyond $87,000 for the first time in weeks as liquidity conditions improve globally and institutional players show signs of renewed appetite, even while concerns around U.S. trade tensions keep broader markets on edge.
Bitcoin has marked one year since its latest halving event, and long-term holders have reason to celebrate.
A supermarket in Zug, Switzerland, has begun accepting Bitcoin payments, adding to the country’s expanding list of crypto-friendly retailers.