Bitcoin, '40,000 dollars' if not for Saylor?...SpaceX Quietly Holds

▲ Bitcoin(BTC)

The cryptocurrency market moved over the weekend, centered around issues such as large Bitcoin (BTC) holders, XRP-linked funds, and SpaceX's Bitcoin holdings. With statements from key figures, corporate holding status, and ETF fund flows highlighted simultaneously, market attention once again turned to institutional participation and the extent of large corporations' cryptocurrency exposure.

Benzinga, on May 24 (local time), summarized the major issues in the cryptocurrency and NFT markets this week, singling out Michael Saylor, Kevin O’Leary, XRP ETF, and SpaceX's Bitcoin holdings as key matters.

Michael Saylor, CEO of Strategy, stated that Bitcoin would have traded between $40,000 and $50,000 if his company had not participated in the market. Strategy is the world's largest corporate Bitcoin holder, possessing approximately 818,000 BTC. Saylor assessed that Bitcoin would have succeeded even without Strategy, but the company's participation accelerated the price increase.

Shark Tank personality Kevin O'Leary emphasized that the passage of cryptocurrency legislation is necessary if Bitcoin and tokenization are not to remain peripheral assets for major institutional investors. O'Leary believed that everything could change if global compliance standards were established within the SEC through the passage of legislation, and stated that now, ahead of the November midterm elections, is the opportune time for legislative action.

In the ETF market, the flows of Bitcoin ETFs and XRP-linked funds diverged. While $1.4 billion exited Bitcoin ETFs, XRP-linked funds attracted $42 million. XRP maintained around $1.37 but fell 1% on a daily basis.

SpaceX, led by Elon Musk, revealed its Bitcoin holdings on its financial statements ahead of its IPO. As of March 31, the company held 18,712 BTC, and its fair value was recognized as $1.29 billion. Based on current prices, the value of these holdings was estimated at $1.45 billion.

Meanwhile, this weekend, the cryptocurrency market once again revealed the overall institutionalization trend of the industry, focusing more on statements from large holders, ETF fund movements, Bitcoin holdings in corporate financial statements, and sports collaborations by NFT brands, rather than price fluctuations themselves.

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