Michael Saylor explains the reason why Bitcoin has not reached a new high: the market is undergoing "Accumulation", with institutions accumulating from non-believers.

Saylor, founder of MicroStrategy, said that the key to Bitcoin's failure to quickly break through $150,000 is that the market is entering a period of chip rotation: short-term holders take profits, governments and bankruptcy agencies liquidate chips, and institutions actively attract chips. (Synopsis: Michael Saylor shouts again that Microsoft is fast to buy bitcoin: the return on U.S. bonds and repurchased shares is too low, and it is hurting shareholders in the long run) (Background supplement: Microstrategy Michael Saylor talks in depth about why BTC is the world's strongest safe-haven asset, there is no one) Why has the price of bitcoin failed to continue to rise, even rushing to $150,000? In an interview with Natalie Brunell, founder of MicroStrategy, Michael Saylor, pointed out that the core reason is that the market is going through a key "rotation." He explained that this means that short-term holders who are "less invested" in bitcoin are taking profits at high prices, while new funds led by institutions are steadily entering the market through multiple channels such as bitcoin spot ETFs, which is reshaping the market landscape. Chip Rotation: Short-Term Holder Exit and Institutional Long-Term Layout Explaining this "rotation" phenomenon, Saylor said that a significant amount of bitcoin is currently in the hands of non-long-term investors such as governments, lawyers, and bankruptcy trustees for specific reasons. Most of these holders do not have the "ten-year investor mentality" and therefore tend to see it as a "good exit point for liquidity" when the price of bitcoin rises significantly. At the same time, however, entirely new groups of investors, such as institutions entering the market through Bitcoin spot ETFs and companies that include bitcoin in corporate reserves, are actively absorbing the released bitcoins. Perhaps behind Bitcoin's recent rally of more than $100,000 is a direct reflection of this chip rotation effect. According to Farside, there have been $920 million in net inflows into Bitcoin spot ETFs over the past five trading days, with BlackRock's IBIT playing the main driver. This rotation clearly shows that the long-term layout of institutional investors is gradually replacing the short-term behavior of early whales, miners and retail traders, helping to reduce market volatility and support the price of Bitcoin. Government Stance Shift and Bitcoin Institutionalization Wave Notably, Michael Saylor expressed "surprise" at the positive shift in the U.S. government's attitude toward Bitcoin in just a few months since President Trump took office on January 20. Examples include the signing of an executive order establishing a strategic Bitcoin reserve for holding confiscated assets. This shift confirms the significant increase in the acceptance of Bitcoin at the government and institutional levels. According to Saylor Tracker, MicroStrategy itself held 555,450 BTC at the time of writing, currently worth about $57.78 billion, and its overall holding cost has achieved a floating profit of more than 50% compared to the average bid price of $68,569, which also provides a strong footnote to Saylor's optimistic stance. Looking ahead, while short-term volatility is inevitable, Bitcoin's institutionalization trend is leading it into a new phase. The founder of CryptoQuant also pointed out yesterday after admitting his misjudgment that it is time to abandon the traditional cyclical theory, and the key to the current trend of bitcoin is no longer the whale selling pressure, but the new liquidity from institutions and ETFs. Under such structural changes, the long-term value and potential of Bitcoin are more worthy of investors' rethinking and attention. Related Stories Fed Revokes Cryptocurrency Guidelines! Michael Saylor: Banks are free to support Bitcoin Michael Saylor: 55 million people around the world indirectly "hold micro-strategies to support BTC", and then imply buying Bitcoin MicroStrategy Spends Another $1.92 Billion to Buy 22,000 BTC, Michael Saylor: Bitcoin Rushes $13 Million in 20 Years "Michael Saylor explains why Bitcoin has not broken new highs: the market is going through" Chip rotation", institutions are sucking chips from the hands of unbelievers" This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Blockchain News Media".