Bitcoin’s Weak Hands Exit Stage Left—Again

Another cycle, another exodus. The pretenders are cashing out their chips while true hodlers double down. Wall Street’s paper-handed traders just triggered their 47th ’Bitcoin is dead’ headline this year—right before the next leg up.

Volatility? Please. Bitcoin eats 20% swings for breakfast. These exits aren’t a crisis—they’re a feature. Every selloff shakes out speculators like loose change from a couch.

Meanwhile, the network hums along at 500 exahashes. Institutional custody holdings hit new ATHs. But sure, focus on the noobs panic-selling at a loss (again).

Funny how the ’impostors’ always leave right before the real show starts. Almost like clockwork—or like hedge funds needing quarterly liquidity to cover their terrible altcoin bets.

In Brief

• Bitcoin stagnates below $150,000 due to opportunistic investors, according to Michael Saylor.
• A rotation is underway: weak hands leave, institutional investors enter via ETFs and treasuries.
• Saylor remains optimistic: bitcoin will reward patient and visionary holders.

A Turbulent Journey in 2025

The recent path of bitcoin perfectly illustrates this volatility exacerbated by speculative movements. On January 20, 2025, the crypto had reached an all-time high of $109,000, just hours before the presidential inauguration of Donald Trump.

This moment seemed to mark a decisive step towards even higher peaks. However, the momentum quickly reversed, leading to a slow descent down to $76,273 on April 9.

It was only in early May, following President Trump’s new market-friendly tax proposals, that bitcoin regained strength, breaking the symbolic $100,000 barrier and stabilizing around $104,000.

In the “Coin Stories” podcast hosted by Natalie Brunell on May 9, Michael Saylor spoke candidly about the reasons behind this chaotic dynamic. He claims that the current stagnation mainly comes from a rotation of investors:

I believe we are currently experiencing a rotation. Many people without a real long-term perspective are leaving the market to cash in their gains, while a new cohort of stronger investors, attracted by Bitcoin ETFs and treasury companies, is beginning to enter.

This observation directly points to those whom Saylor considers responsible for the slowdown: investors without genuine commitment, motivated solely by the pursuit of quick and easy profits.

Bitcoin: Between Weak Hands and Institutional Investors

Michael Saylor also highlights a rarely discussed issue: a significant part of bitcoin is today in the hands of actors such as governments, lawyers, or bankruptcy trustees, who do not necessarily have a long-term investment horizon.

These institutional holders, without a “10-year investor mindset,” have taken advantage of recent peaks to liquidate their positions and obtain liquidity.

It is precisely this type of massive selling that, according to him, hampers the natural progression of BTC toward higher levels.

Furthermore, Saylor expresses genuine surprise at the dramatic turnaround of the U.S. administration toward bitcoin.

The decree signed by Donald TRUMP on March 7, 2025, creating a strategic reserve composed of bitcoins confiscated in legal proceedings, marks, according to him, a major change:

I was surprised that the United States adopted bitcoin so radically over the past six months. I did not expect such enthusiasm within the American Cabinet.

This government support is perceived as a strong positive signal for the crypto’s future, despite the current lack of direct bitcoin purchases by the state.

For Michael Saylor, MicroStrategy perfectly embodies this long-term strategy. With 555,450 bitcoins in wallet, valued at approximately $57.23 billion at the current price, the company shows an impressive capital gain of 50.27% compared to its average purchase price of $68,569. Ultimately, Saylor is categorical: bitcoin will reward those who look far ahead, those who hold firm despite the turbulences.

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