Bitwise Explains: “This is the Real Main Reason for Bitcoin’s Recent Rises!”

Although the leading cryptocurrency Bitcoin ($BTC) has experienced some volatile trading recently, it continues to hold above $75,000.

While it was stated that $BTC needs to break $80,000 and hold there for this rise to continue, the CIO of Bitwise explained the real reason behind the recent increases.

Bitwise Chief Investment Officer Matt Hougan stated that the main reason for Bitcoin’s recent rise was Strategy’s continuous buying strategy.

Bitwise CIO Matt Hougan recently stated that Bitcoin treasury company Strategy has been the “biggest factor” in Bitcoin’s recent recovery.

While Hougan acknowledges that Bitcoin ETFs and large investor purchases contributed to the recent Bitcoin surge, he argues that the main, primary driving force was the sustained purchases by Michael Saylor’s company, Strategy.

At this point, Hougan noted that Strategy had added $7.2 billion worth of Bitcoin to its portfolio in the past eight weeks.

“Yes, there have been multiple factors contributing to the recent rise; these include strong buying from ETFs and renewed purchases by long-term investors. However, Strategy has been the biggest factor from the beginning.”

Hougan added that the company expects its purchases, supported by STRC exports, to continue for some time.

Strategy, the largest publicly traded institutional Bitcoin holder, makes its purchases weekly. This time, between April 20-26, the company acquired 3,273 $BTC for $255 million, bringing its total holdings to 818,334 $BTC. With this purchase, the company surpassed the approximately 812,300 $BTC held by global asset manager BlackRock on behalf of its clients.

*This is not investment advice.