According to U.Today, Michael Saylor, co-founder and chairman of MicroStrategy, has expressed his continued optimism about Bitcoin, despite the current market stagnation. Saylor's statement, 'Bitcoin expands your universe,' comes at a time when Bitcoin's weekend trading activity has hit a record low.
Data from cryptocurrency research firm Kaiko reveals that the amount of Bitcoin traded on weekends has fallen to just 16% this year. This represents a significant change in the trading patterns of the leading digital currency, which has traditionally seen strong activity outside of standard market hours. The decrease could indicate a lack of interest among traders due to the ongoing market uncertainty and falling prices.
Despite the market's dull periods, Saylor's vision for Bitcoin serves as a rallying cry, with an expected resurgence in interest and trading activity. Bitcoin made headlines at the beginning of 2024 when the first U.S. spot ETFs for the largest digital asset were launched. ETFs from BlackRock and Fidelity attracted substantial inflows, pushing Bitcoin to a record high of $73,798 in March, although demand and pricing have since cooled.
The Bitcoin price remains within a broad range. After a drop to lows of $58,414 last Monday, efforts have been made to keep Bitcoin above $60,000. This is a positive sign as it suggests that investors may be purchasing Bitcoin during its decline. Over 20,200 BTC, worth $1.23 billion, were sent to accumulation addresses in a single day, indicating dip buying.
However, the lack of a breakout to a new high above $73,777 in the past few weeks has led to a decrease in bullish sentiments across key social media platforms, according to on-chain data by Santiment. This decline in trader enthusiasm could signal a market bottom, Santiment added. At the time of writing, BTC had risen 0.81% in the last 24 hours to $61,387.
