"Bitcoin's Bullish Backer: Saylor's $33B Bet on 'Digital Energy'

Bitcoin, the world's leading cryptocurrency, is facing a critical juncture in its price trajectory. Michael Saylor, the co-founder and executive chairman of Strategy, a Bitcoin-focused firm, recently took to social media to express his bullish stance on the cryptocurrency, likening it to "digital energy."

In a tweet, Saylor wrote, "Bitcoin is digital energy," highlighting his confidence in Bitcoin's potential as a store of value and its transformative impact on the financial landscape. Under Saylor's leadership, Strategy, previously known as MicroStrategy, has been aggressively acquiring Bitcoin. Since late October, the firm has been purchasing the cryptocurrency on a weekly basis. In its most recent acquisition, Strategy bought 20,356 Bitcoin between February 18 and 23, at an average price of approximately $97,514.

As of February 23, 2025, the company holds about 499,096 Bitcoins, acquired for about $33.1 billion. At the time of writing, BTC was up 1.03% in the last 24 hours, trading at $85,424. According to Glassnode, the Cost Basis Distribution (CBD) heat map shows that Bitcoin's December 2024 all-time high (ATH) created an "air gap" in realized supply between $70,000 and $88,000.

As the market rose to new highs, long-term holders began to distribute supply, weakening price momentum. The Bybit hack exacerbated the decline, sending Bitcoin back into the low-liquidity air gap. With prices currently retesting this zone, the market is looking for demand, as further declines could result in increased volatility and sell pressure.

Peter Brandt, a renowned commodities trader, noted that the CME weekly chart gap in Bitcoin is nearly filled. However, he raised the possibility of an "island top" being created by a daily gap below $77,930, which could have significant implications for the market.

On-chain analytics platform Spot On Chain indicated that 2025 saw the harshest February the crypto market has ever experienced. BTC dropped 17.39%, marking the worst February in the past decade. Historically, a