Analyst: Saylor and ETF investors’ “strength” will help stabilize Bitcoin

One analyst says Bitcoin ETF holders have “more power” and will reduce Bitcoin volatility in the long run.

Bloomberg analysts say Bitcoin’s relatively stable price action despite macroeconomic uncertainty could be due to the tenacity of spot Bitcoin ETF holders and continued aggressive buying by Michael Saylor’s firm.

“ETFs and Saylor have been buying up all the ‘dumps’ from tourists, FTX refugees, GBTC discounters, legal unlockers, government expropriators, and God knows who else,” Bloomberg ETF analyst Eric Balchunas said in an April 16 X post.

Bitcoin ETF holders continue to hold despite market volatility

Balchunas noted that spot Bitcoin ETFs have attracted $131.04 million in the past 30 days, an increase of $2.4 billion since January 1. Balchunas called this “impressive” and noted that this helps explain why Bitcoin is “relatively stable.”

“Its holders are more stable,” Balchunas said. Barchunas said Bitcoin ETF investors are “much more powerful than most people think.” He said this “should” increase Bitcoin’s stability and reduce its long-term volatility and correlation.

Saylor’s company, Strategy, made its latest Bitcoin purchase on April 14, acquiring 3,459 Bitcoins for $285.5 million, an average of $82,618 per Bitcoin. As of this posting, Strategy holds 531,644 Bitcoins, according to Saylor Tracker.

The Bitcoin Volatility Index (BTCVMI), which measures Bitcoin’s volatility over the past 30 days, is at 1.80% at the time of posting, according to Bitbo. Bitcoin is trading at $84,610 at the time of posting, according to CoinMarketCap.

Bitcoin has traded between $75,000 and $88,000 over the past 30 days amid macroeconomic uncertainty caused by tariffs imposed by U.S. President Donald Trump and ongoing questions about the future of U.S. interest rates.

Nevertheless, Bitcoin remains above its all-time high of $73,679, which it first surpassed in November last year.

Participants in broader financial markets have also expressed surprise at Bitcoin’s recent relative strength, especially compared to the S&P 500.

On April 5, just after Trump’s “Liberation Day,” stock market commentator Dividend Hero told his 203,200 X followers that he “used to hate Bitcoin, but it’s very interesting to me to see that it didn’t crash when the stock market crashed.”