Why MicroStrategy’s Latest $400 Million Bitcoin Buy Is Different From the Others

Cloud software company MicroStrategy announced today that it intends to buy an additional $400 million in Bitcoin to add to the 92,079 BTC ($3.3 billion) it already holds in its treasury. It also announced those Bitcoins will be held under a new subsidiary called MacroStrategy.

$400 million would allow the firm to buy another 11,215 at the current price. To raise the money for the purchase, MicroStrategy is returning to its bag of tricks and selling bonds. Bonds are debt people can buy, with the promise of receiving back their principal and interest. In this case, institutions can purchase debt in MicroStrategy, which the company will then use to buy more Bitcoin, which it believes will increase in value (or at least hold its value better than dollars).

In this sale, MicroStrategy is issuing senior secured notes that will mature in 2028. In previous bond sales, MicroStrategy sold convertible senior notes. The basic difference is that convertible notes have an option to convert them into MSTR shares.

But if market data is any indication, investors may have soured on the firm’s aggressive pursuit of Bitcoin, which has left it with little cash on hand. As Bloomberg notes: “The private placement is $23 million higher than the company’s entire operating cash flow since 2016.” MicroStrategy, ostensibly a cloud software and analytics company, has basically become a publicly traded Bitcoin fund.

The company’s stock dipped 3% today on the news, settling at just below $470. Its existing bonds took even larger hits on bond markets, declining in value by 9%. The $900 million in convertible bonds it sold in February at $101.25 are now down to $66.62, according to data from Morningstar.

Bloomberg describes the corporate debt being issued for the latest Bitcoin buy as “junk bonds,” meaning they’re at a higher risk of defaulting. 

As if to underline the point that it’s playing a high-risk game with a volatile asset, MicroStrategy posted SEC filings on its website today indicating that the company was taking an impairment loss of $284.5 million “based on the fluctuations in market price of bitcoin during the second quarter of 2021.” Its total impairments are up to $500 million, per Bloomberg. An impairment loss reduces the value of an asset on a company balance sheet to the lowest price that quarter, meaning MicroStrategy is now officially valued at less than it was last week.

The price of Bitcoin has plummeted from its all-time high of $63,501 on April 12 to roughly $35,600 today. While some of the impairment loss is due to arcane accounting rules, it’s also obvious that MicroStrategy’s Bitcoin bet is no longer as profitable as it once looked.

That said, on paper, it has paid off. According to MicroStrategy, it has purchased its Bitcoin at an average price of $24,450 per BTC. Even with Bitcoin’s humdrum spring, MicroStrategy has made back over $1 billion in unrealized gains (before considering the tax implications).

But MicroStrategy CEO Michael Saylor isn’t about to sell, the way Tesla sold some of its $1.5 billion Bitcoin investment earlier this year in an effort, Elon Musk said, to prove Bitcoin’s liquidity. Saylor has repeatedly made that clear, and made it clear again when he appeared on stage at the Bitcoin 2021 conference in Miami last weekend and hugged Bitcoin podcaster Max Keiser after Keiser screamed, “We’re not selling! Fuck Elon!” 

The publicly traded company already has an estimated 72% of its treasury in Bitcoin, making its stock the closest thing to a Bitcoin ETF on the U.S. market. With this additional purchase, it will further tie its fortunes to Bitcoin’s. Expect more purchases to come. 


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Here’s When Big Bitcoin Bear Trap Ends, According to Crypto Trader Tyler Swope

Crypto analyst and influencer Tyler Swope is issuing his thoughts on the latest Bitcoin crash and when the turbulent price action will end.

In his latest strategy session, Swope tells his 250,000 YouTube subscribers that Bitcoin will likely set up one last bear trap before resuming its upward trajectory.



The flagship cryptocurrency is struggling to recover the $40,000 level after dipping down to $30,000 in late May.

Swope believes that the asset may be due for one more rejection at $40,000, as Elon Musk continues to issue cryptic tweets related to Bitcoin.

“We’ve kind of hit the top of $40,000 twice, we’ve retested it and we got rejected twice so I think after that second rejection, we may have another third one…. Soon we’re going to have our final dip down. It’s going to be the final little bear play and this Elon tweet stuff was all part of it.”

Swope goes so far as to name the date on which he estimates Bitcoin will perform its final corrective move to $30,000, tricking traders into setting up large short positions and then making a recovery.

“I said this last week. I said June 13th, 2021 is going to be the end of the bear trap. And we’re probably going to touch $30,000 again, so we’re around $36,000 right now. We’re probably going to go retouch around $30,000 or slightly below that or slightly above that just to get those would-be bears that would be setting up some serious short positions to get them to set up those positions. This is a bear trap.”

Swope warns that the final dip may be so harsh that even veteran crypto traders like himself will be doubting Bitcoin’s ability to recover. However, traders should not be fooled by bearish sentiment, says Swope.

“They need some really bear sentiment to happen where it’s even going to get people like me to be thinking well maybe I’m wrong, maybe we are going down. If Bitcoin goes back down and touches $30,000 even I’m going to be biting my nails even though I predicted this.”



Experienced trader Peter Brandt recently told his twitter followers that he could see Bitcoin crashing down toward $20,000 in a worst-case scenario.

“Big picture perspective on owning BTC in appropriate size with money you can afford to lose. The market topped [at] $64,700. The market corrected to $30,000. The worst I can envision is $21,000.

Why would someone bail out of non-leveraged longs when the market already had 80% of worst-case drop?”


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U.S. Recovers Millions Paid In Bitcoin For Pipeline Ransomware

U.S. authorities have successfully recovered a ransom paid in Bitcoin by the company Colonial Pipeline, per a CNN report. In May, a cyberattack allegedly perpetrated by a Russia-backed hacker group called DarkSide halted the operations of this company.

According to the report, Colonial Pipeline controls around 45% of the fuel for the U.S. East Coast. Its CEO Joseph Blount was forced to pay the ransom enforced by the hacker on a control room’s main computer. Estimated in around $4.4 million paid in 63.7 Bitcoin.

The operation was carried out by a special ransomware task force created by the U.S. Federal Government. This type of attack has become regular. There is a growing concern in the public and the authorities.

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Deputy Attorney General Lisa Monaco said the following on the operation during a press conference:

By going after an entire ecosystem that fuels ransomware and digital currency, we will continue to use all of our tools and all of our resources to increase the costs and the consequences of ransomware attacks and other cyber-enabled attacks.

Deputy National Security Advisor Anne Neuberger claimed that Bitcoin and cryptocurrencies “enable” this type of crime. A similar position has been taken by other U.S. high-ranking government officials, such as Secretary of Treasury, Janet Yellen. Neuberger added, according to CNN:

That’s the way folks get the money out of it. On the rise of anonymity and enhancing cryptocurrencies, the rise of mixer services that essentially launder funds.

Another representative from the Department of Justice (DOJ) claimed that the funds were seized from a Bitcoin wallet.

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Not Your Keys, Not Your Bitcoin Has Never Been More Truthful

However, members of the crypto community and specialize media seem unconvinced. Independent journalist Jordan Schachtel questioned the entire operation. He claims that “Russian hacking” has been used “illegitimately” many times in the past. Therefore, he hints at the possibility of the Federal Authorities withholding key information.

The independent journalist also pointed out some inconsistencies in the investigation. For example, the authorities claimed to have the hacker’s Bitcoin wallet password. He said:

Why do you need a court order if you have the password to their wallet? The reverse is also true. If the bitcoin was transferred to a custodial wallet, you dont need the password (keys).

Schachtel wonders how the authorities got the private key in the first place. The official report only states that the ransom was transferred to a “specific address, for which the FBI has the private key”. Available information appears to rule out the possibility of the Feds obtaining a BTC wallet private keys, the hackers might have utilized a centralized exchange as custodian of the ransom.

So it looks like I was right. The FBI did not obtain the private keys. Instead, they took legal action against an exchange or some kind of custodial wallet that has servers in N California (Coinbase, lol?). These “hackers” were grossly incompetent.

Preston Byrne, Partner at Anderson Kill Law, summarized the whole operation. Both the journalist and Byrne concluded that the U.S. didn’t do anything innovative.

At the time of writing, BTC trades at $34,127. In the daily chart, the first cryptocurrency by market cap has been trending downwards after sideways movement in the past weeks.



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El Salvador Making Bitcoin Legal Tender Paves A Path For Bitcoin Adoption In Countries

This week, Bitcoin 2021 ruled the headlines as a major announcement about El Salvador came out of the conference.

This Week In Bitcoin

This Week In Bitcoin is a new segment covering the events of the week that occurred in the Bitcoin industry, covering all the important news and analysis.


Although bitcoin saw relatively steady gains over the last week, climbing to nearly $40,000, it was only a matter of time before Elon Musk started his fear, uncertainty and doubt (FUD) campaign again, tweeting a breakup meme alongside the Bitcoin hashtag early Friday morning, which sent the bitcoin price tumbling as much as 7%. Of course, this was to be expected since Musk cannot seem to resist spreading FUD, as he previously had with Tesla stock before the Securities and Exchange Commission (SEC) came knocking.

As the market geared up for Bitcoin 2021 in Miami this weekend, it seemed like there would be few developments during the week outside of the announcements at this conference. Indeed, El Salvador’s president announced that the country would implement bitcoin as legal tender, becoming the first to do so and paving the way for others to follow. While this was major news coming from the conference, there was further news outside of Bitcoin 2021: Google lifted its 2018 ban on cryptocurrency advertisements on its network; the Finance Minister of Norway suggested an imminent breakout for bitcoin; Coinbase integrated its debit card with Apple and Google’s mobile wallets allowing payments with bitcoin; and Paxful launched Paxful Pay, allowing merchants to accept bitcoin as a payment method.


Chart Of The Week

Bloqport Bitcoin 2017 bull run dips and rises

Bitcoin has been gearing up for a breakout this week, nearing $40,000 before Musk decided to rain on the parade. Along with the continuous FUD, the current dip is nothing new if you’re familiar with bitcoin’s movement over the last decade. The chart above, courtesy of Bloqport, analyses the 2017 bull run, and clearly shows there were several sizable dips on the run up to $20,000.. The current bull run is no different and although there are more eyes and hands on Bitcoin this time around, there is no reason not to expect a breakout soon.

Bullish: Short Term

As I mentioned last week, the current bull run is far from over, and experts such as Cathie Wood agree. More and more people are suggesting a price breakout is imminent, so why should we even consider that not to be the case?

El Salvador’s decision to”‘legalize” bitcoin and make it legal tender in the country is incredibly bullish. As the first country to do so, El Salvador will not only act as a “guinea pig”, but will also pave the way for other countries to follow. In all likelihood, emerging markets will be the first to follow suit, especially those utilizing the US dollar as their reserve currency. The United States’ move to issue more bonds and print more money will have an impact on the dollar’s value, affecting those most dependent on it. El Salvador may be the first of many countries to embrace bitcoin.

Google’s lifting of the ban on cryptocurrency ads will have a major impact on the market over the coming months as it will be easier to gather impressions on Bitcoin content. Similarly, as Coinbase, Paxful and others follow PayPal in enabling payment for goods and services using bitcoin, it’s likely to see adoption grow, even if most die-hard bitcoin users would suggest HODLing. The naysayers who have spent years saying bitcoin doesn’t qualify as a currency because you can’t spend it anywhere will go quiet, much like they do when price quickly ascends.

Institutional investors are seeing an increase in interest in assets such as bitcoin, with Standard Chartered and Guggenheim Investments both looking toward introducing funds with bitcoin exposure. Then there’s the Taproot upgrade that appears to be a done deal for the Bitcoin network as more and more miners signal their support. Taproot will bring more privacy, lower transaction fees and more flexibility around smart contracts on the Bitcoin network.

Bullish: Long Term

I am revising my long term outlook from last week to bullish. Although this bull run will eventually peak and see a sizable correction in the near future, there is increasing hope for bitcoin in the long term.

Besides miners moving to “greener” equipment and sources of electricity, states like Texas and countries like El Salvador’s favorable embrace of bitcoin is likely to generate more sovereign entities to follow suit. Companies moving to accept bitcoin will not only benefit consumers and merchants alike but the market as well, despite its volatility.

As the legal framework starts to form around the world for bitcoin, we’re likely to see more investors join the fray. Whether Bitcoiners like it or not, increasing amounts of institutional investors investing in bitcoin is likely to bring more individual investors, as the former brings more security and trust to the community for the latter.


Saying things like “look at the bigger picture” or “every cloud has a silver lining” may seem cliché, but it’s true when approaching the current state of the market. Yes, it would be great to see a breakout and bitcoin surging past $65,000 in the next week or two, but it’s important to take a step back and look at what’s to come.

Bitcoin’s performance may not appear too favorable with the dips and sideways movement over the last few weeks, but it has remained relatively steady. I am sure the news and events from the past week have not been priced in, though whether that’s due to newcomers selling off in a panic or whales suppressing the price is unclear. What is clear is that Bitcoin is seeing a favourable reaction from the world. Countries are opening up to the idea of Bitcoin and large companies are jumping onboard.

Yes, Bitcoin still has a long way to go in terms of mass adoption, but it’s easy to forget that it’s market cap is in the hundreds of billions of dollars. The world’s leading investors and companies either hold it on their balance sheets or are considering doing so. One thing is for certain: Bitcoin has already made its mark and it is here to stay. No amount of FUD, misinformation or “expertise” can deny that.

Overall, the short term looks bright and, to use a phrase I read on Twitter,let’s shake out the “mayo hands” and get bitcoin to the moon.

This is a guest post by Dion Guillaume. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.


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US Recovers Millions In Bitcoin Paid During The Colonial Pipeline Attack

U.S. officials announced in a press conference Monday afternoon the successful recovery of some of the funds paid in the recent Colonial Pipeline hack. Deputy Attorney General Lisa Monaco of the Department of Justice noted that the scope of the investigation involved “…going after an entire ecosystem that fuels ransomware and digital extortion attacks including criminal proceeds in the form of digital currency.” Monaco declared, “…we will continue to use all of our tools and all of our resources to increase the cost and the consequences of ransomware attacks and other cyber-enabled attacks.” Paul Abbate, the deputy director of the FBI, said the bureau successfully seized the ransom funds from a bitcoin wallet that DarkSide used to collect Colonial Pipeline’s payment.

Colonial Pipeline temporarily shut down its operations on May 7 after Russian-based criminal hackers from the organization DarkSide broke into its computer system, stalling a company that provides almost half of the fuel to the East Coast of the U.S. While Colonial Pipeline ended up paying $4.4 million in digital currency, the amount that was recovered today was not revealed.

The United States Department of Justice had recently instructed the U.S. Attorney’s Offices across the country to coordinate cases involving ransomware, cyberattacks, and illicit marketplaces with a newly created ‘Ransomware and Digital Extortion Task Force’. According to Monaco, the Task Force was established to investigate disrupt, and prosecute ransomware and digital extortion activity. “This is the Task Force’s first operation of its kind,” said Monaco.

Message To U.S. Corporations: Improve Your Computer Security Now

According to Monaco, these types of ransomware are more diverse, sophisticated, and dangerous to which no organization is immune. Monaco specifically addressed U.S. corporations in the press conference that the , “…threat of severe ransomware attacks pose a clear and present danger to your organization, to your company, to your customers, to your shareholders, and to your long-term success. Pay attention now. Invest resources now. Failure to do so could be the difference of being secure now and being a victim later.”

Peter Todd, an Applied Cryptography Consultant, spoke with me on the evening of Friday, June 4, during the Bitcoin 2021 Conference in Miami, regarding the impact of ransomware attacks on U.S. infrastructure. Todd pointed to the root cause of ransomware attacks as being the result of poorly developed computer security. “Nothing stops computer security from actually being done right. It’s not actually that hard. You know, every time we see ransomware, the root cause of this is someone cutting corners…” said Todd.


Todd believes the White House should focus on regulation for holding companies to a higher standards of computer security. As to any kind of regulation around Bitcoin he described as ‘…a bandaid’. Todd explained, “It would hide the real problem. China and Russia aren’t doing it because they want your money. China and Russia are doing it because they want to destroy the U.S.” Todd noted ransomware is involuntary, abusive, and unethical; however, considering our options, he feels it is something the U.S. would much rather deal with than the ‘real thing’.

Ransomware and Digital Currency Policy

The White House Principal Deputy Press Secretary Karine Jean-Pierre explained Biden set up a strategic task force as a result of the most recent JBS Foods ransomware hack, that included cryptocurrency policy as one of the items of consideration in battling that included policy for cryptocurrencies such as Bitcoin.

“Combating ransomware is a priority for the administration. President Biden has already launched a rapid strategic review to address the increased threat of ransomware to include four lines of effort: one, distribution of ransomware infrastructure and actors working closely with the private sector; two, building an international coalition to hold countries who harbor ransom actors accountable; three, expanding cryptocurrency analysis to find and pursue criminal transaction; and, four, reviewing the USG’s ransomware policies,” stated Jean-Pierre.

Biden’s Administration has already issued an Executive Order to improve the nation’s cybersecurity and ways U.S. agencies should respond to ransomware attacks. Just last week, FBI Director Chris Wray compared ransomware attacks on Colonial Pipeline and JBS Foods to events such as 9/11.

Blame The Criminals, Not Bitcoin

Michelle Bond, CEO of a trade association called the Association for Digital Asset Markets, noted, “Ransomware and the actors using it are the sole problem. Just like a car used in a getaway in a bank robbery, crypto is a vehicle criminals may choose to move funds. Ransomware would continue to persist in a world without crypto. Governments should focus on the root of the problem — international bad actors — and promote best practices in cyber security and blockchain analytics.”

Jesse Spiro, Chief Government Affairs at Chainalysis, a leading blockchain analysis company, stated, “There is no silver bullet solution to ransomware; we believe it is important to enact a mix of meaningful policies to deter, detect, and disrupt ransomware. This should include updating and strengthen cyber hygiene regulations and standards, improving information sharing between the public-private sectors, and increasing investigative resources.”

As discussed earlier, Spiro notes the dramatic increase in the issue of ransomware over the last few years. “There has been a drastic growth in the size of the average known ransomware payment. Back in 2017 with Wannacry, ransoms of about $300 were demanded. In 2021 so far, the average ransom payment was $54,000.” Spiro noted what the U.S. officials announced today with respect to DarkSide as a ‘ransomware-as-a-service’ provider. “The increased use of illicit third-parties that provide services including cyber infrastructure, hacking tools, and stolen data to ransomware operators are enabling them to target larger organizations and command higher ransoms,” said Spiro.  Chainalysis works with Federal government partners in a variety of ways, providing products and services to support investigations, as well as regulatory oversight and supervision.

Ari Redbord, Head of Legal and Government Affairs at TRM Labs, a blockchain intelligence company, and also also a former Senior Advisor to the Deputy Secretary and Undersecretary to the United States Treasury, commented, “The open nature of the blockchain allows law enforcement to have visibility on financial flows in ways that were never possible in fiat. While crypto moves at the speed of the internet, making it attractive to illicit actors, the nature of the blockchain also allows for unprecedented opportunities for law enforcement to track the flow of funds.”


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Apple Reveals New Encryption and Privacy Features for iPhone, Mac

In brief

  • Apple will add several new privacy and encryption features to its devices with software upgrades coming this fall.
  • The enhancements include web traffic encryption, an email-masking feature, and web-based FaceTime for non-Apple devices with end-to-end encryption.

Cryptocurrency users and privacy advocates alike often ding Big Tech for butting in on communications data, but Apple’s upcoming software upgrades, previewed today at the Worldwide Developers Conference (WWDC), reinforce its increasing focus on privacy features within its apps and devices.

New encryption and privacy functionality is coming to Apple’s premium iCloud storage subscription service, which will be rebranded iCloud+ when the features roll out this fall at no additional cost. The features will be available through the new software upgrades: iOS 15 for iPhone, iPad OS 15 for iPad, macOS Monterey for Mac, and watchOS 8 for Apple Watch.

According to Apple, the new iCloud Private Relay feature will encrypt all web traffic sent from your device, free from the prying eyes of network providers and Apple alike. Data sent from your Apple device is sent through a pair of internet relays: the first is assigned an anonymous IP address mapped to your region (but not specific location), while the second relay decrypts your chosen web address and sends you on your way.

Also coming as part of iCloud+ is a new “Hide My Email” feature, which lets you create randomized email addresses that automatically forward emails to your real address. This lets you mask your real email address from the recipient, and you can create as many addresses as you’d like and delete them at any time. You can also attach a note to remind yourself of how you’ve used each address. iCloud+ will also expand the HomeKit Secure Video feature that offers end-to-end encryption for any video footage recorded by home security cameras.

Additional privacy features will be available for all iOS 15 and macOS Monterey users, as well, not just those who subscribe to an iCloud+ storage and service plan. Mail Privacy Protection in the Mail app will block invisible tracking images in emails and mask your IP address, while the newly-enhanced Intelligent Tracking Protection in the Safari web browser will hide your IP address from trackers.

Furthermore, an App Privacy Report will provide an overview of the device permissions that you have granted to downloaded apps—such as location, camera, and microphone—so that you can adjust them as desired. It will also share which third-party domains the app is contacting, in case you spot any sketchy destinations that might be privy to your private data.

Apple will also move some Siri voice assistant requests from the cloud to your device, but only for requests that do not require an internet connection to complete (such as playing music, setting timers, etc.). Furthermore, video calling app FaceTime will add the ability to chat with Android and Windows users via web links, which will carry the same level of end-to-end encryption already found within Apple’s native FaceTime apps.

Though Apple has yet to wade into cryptocurrency, a recent job posting implies that it’s exploring cryptocurrency for payment services. Doubling down on end-to-end encryption, which keeps outside parties out of your data, would be an important prerequisite. Moreover, Apple’s new offerings even echo the Bitcoin ethos in subtle ways, with multiple email addresses being akin to using multiple wallets to conceal your identity, along with empowering users who are wary of third-party intrusion into personal data.

iOS 15, macOS Monterey, iPadOS 15, and watchOS 8 will launch this fall, which typically happens in September and in close proximity to new hardware from Apple. A developer beta released today for all four software upgrades, with public beta versions coming in July.


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Bitcoin price is fragile, but on-chain data points to fresh accumulation

The May 19 crypto market sell-off saw $1.2 trillion in value erased from the total market capitalization as the froth and excess leverage of over-hyped markets was quickly eliminated.

But similar to a forest fire, whose destructive power is essential to the rejuvenation of a forest’s ecosystem, dramatic market shake-outs are a vital part of the full life cycle of a developing market, as excesses that have accumulated are burned away and cleared in order to set the stage for a new round of growth.

According to data from Glassnode, the past month saw a “historically large decline” in on-chain activity, “transitioning rapidly from booming on-chain economies at ATH prices, to almost completely clear mempools and waning demand for transactions and settlement.”

This clearing of congestion helped address the rising cost of fees on both the Ethereum (ETH) and Bitcoin (BTC) networks which have now “returned to mid-2020 levels of around $3.50 to $4.50” after experiencing short term spikes as high as $60 in April and May but given the lingering price action from BTC and Ether, traders are also worried whether the market has shifted from bullish to bearish.

Bitcoin vs. Ether average transaction fee. Source: Glassnode

The drop in activity has resulted in a 65% decline in the total USD denominated transfer volume settled by the Bitcoin network and a 60% decrease in value transferred on Ethereum, marking the second largest declines for the networks behind the 80% drop for Bitcoin in 2017 and the 95% drop for Ethereum in 2018.

Long term holders accumulate

Although the on-chain activity paints a grim picture for some, as short-term holders were the hardest hit by the downturn, a closer look shows that long-term holders (LTH) have started accumulating again, a sign that the worst of the shake-out may have passed.

Long-term holder net position change. Source: Glassnode

As seen in the chart above, the supply held by long-term BTC holders has begun to accelerate upward following a period of distribution that happened as the price rallied from $10,000 to $64,000. This rising figure indicates that the “LTH supply is now in a firm uptrend,” and is similar to the trend seen during the “late 2017 bull and early 2018 bear.”

Glassnode said:

“This fractal describes the inflection point where LTHs stop spending, start re-accumulating and hodling what are now considered cheap coins.”

Further bullishness can be found in the fact that the amount of BTC currently held by LTHs is 2.3 million more than at the peak of 2017, indicating that the long-term view of these token holders is that the market is headed higher.

One final indication that the market may be consolidating in preparation for its next move higher can be found looking at the change in the liquid and illiquid supply of BTC over the past 6 months.

Bitcoin liquid and highly liquid supply. Source: Glassnode

As seen in the chart above, 160,700 BTC went from an illiquid state back into liquid circulation during the month of May, representing just 22% of the total supply that moved from liquid to illiquid since March 2020.

This means that 78% of the BTC acquired since then remains unspent, indicating an overall positive outlook by long-term holders.

While it’s impossible to be certain about the next steps for the cryptocurrency market thanks to factors like unpredictable volatility, erratic tweets from influencers and the rumors of surprise government crackdowns, on-chain data indicates a positive long-term outlook that should resume once the current shake-out and consolidation periods subside.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, and you should conduct your own research when making a decision.