Saylor: Bitcoin Still Below $150K as Short-Term Sellers Exit, Long-Term Investors Rotate In

Bitcoin’s $150K Break Delayed by Seller Rotation, Says Saylor

According to MicroStrategy founder Michael Saylor, Bitcoin has yet to break the $150,000 mark because early holders lacking long-term conviction have been cashing out. Speaking on the Coin Stories podcast with Natalie Brunell on May 9, Saylor explained that recent price volatility reflects a market “rotation,” where opportunistic sellers are being replaced by more committed investors entering through ETFs and institutional channels.

Saylor pointed out that many of the Bitcoin assets sold during recent rallies were held by governments, legal firms, and bankruptcy trustees—parties not focused on long-term growth. These groups viewed recent price surges as exit opportunities to generate liquidity rather than hold for future appreciation.

Bitcoin’s Price Recovery Highlights Entry of Institutional Investors

Bitcoin’s price, which peaked at $109,000 on Jan. 20 just ahead of President Donald Trump’s inauguration, dropped as low as $76,273 on April 9. It has since recovered, recently crossing back above the $100,000 level on May 8 following Trump’s new tariff proposals. The rally pushed MicroStrategy’s Bitcoin holdings to a 50.27% gain over its average purchase price of $68,569.

Strategy’s Michael Saylor spoke to Natalie Brunell on the Coin Stories podcast. Source: Natalie Brunell

As of now, the firm holds 555,450 BTC, worth approximately $57.23 billion, according to Saylor Tracker.

Saylor emphasized that this new wave of buying is primarily driven by ETFs and corporate treasury strategies rather than retail or speculative investors, which could set the foundation for more sustainable long-term growth.

Surprised by U.S. Government’s Positive Pivot on Bitcoin

While Saylor wasn’t shocked that the U.S. government hasn’t started buying Bitcoin for its Strategic Bitcoin Reserve—formed through asset forfeitures and announced via Trump’s March 7 executive order—he expressed surprise at the speed of the government's growing support for Bitcoin. “I didn’t expect all the Cabinet members to be so enthusiastic,” he said.

In the last five trading days, U.S.-listed spot Bitcoin ETFs have seen $564.7 million in net inflows, a sign of strengthening institutional interest, according to data from Farside Investors.