While Bitcoin exchange-traded funds and whale buying have contributed to the recent Bitcoin rally, the key driver has been consistent buying by Michael Saylor's treasury firm, Strategy, according to Bitwise's chief investment officer.
Bitcoin treasury company Strategy and its perpetual preferred stock, STRC, have been the “single biggest factor” in the recent rally of Bitcoin, which has jumped 20% from its February low, according to Bitwise chief investment officer Matt Hougan.
Over the past eight weeks, Strategy has added $7.2 billion in Bitcoin, Hougan said in a report published Tuesday.
“Yes, there have been multiple drivers of the recent rally, including strong buying from ETFs, $3.8 billion since March 1, and renewed purchases by long-term holders. But Strategy has been the single biggest factor,” he said.
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