Bitcoin market heavily dependent on MicroStrategy, Wu Blockchain says

The Bitcoin market has become heavily dependent on MicroStrategy and its founder, Michael Saylor, according to an analysis by Wu Blockchain. The firm noted that MicroStrategy has purchased more than 171,000 BTC this year, a figure that far exceeds the new supply from mining companies, with the acquisitions funded through the issuance of high-yield preferred stock. Analysts believe MicroStrategy now accounts for a significant portion of current Bitcoin trading and purchasing activity. Meanwhile, Wu Blockchain added that ETF inflows, demand from hedge fund arbitrage, and trading by retail investors have all slowed, while mining companies are selling their Bitcoin holdings to finance investments in artificial intelligence (AI) infrastructure.