MicroStrategy's massive bitcoin purchases have been unable to propel the cryptocurrency's price upwards due to being overshadowed by larger market forces.
The company, which is the world's largest publicly traded holder of bitcoin, has made numerous large-scale purchases in recent months, but its impact on the market remains relatively small. According to data from checkonchain, MicroStrategy's demand accounts for only 7% of total gross inflows, making it easily offset by other factors.
Long-term holders (LTHs) are driving roughly $28.5 billion in supply change, with a significant portion coming from revived 1+ year supply - older coins moving on chain over the past 30 days. Additionally, U.S. spot exchange-traded funds (ETFs) have added around $1 billion of inflows over the past 30 days, while miner issuance contributes around $880 million of monthly supply pressure.