According to an official release, Michael Saylor’s Strategy has purchased 4980 Bitcoin (BTC) for $531.9 million. The firm purchased each coin for an average of $106,801. The company currently holds a total of 597,325 BTC, worth a whopping $42.40 billion. As of today’s prices, Strategy’s BTC holdings come at an average price of $70,982 per coin.

Bitcoin Faces Resistance at $108,000

BTC currently faces resistance at $108,000. The asset is struggling to break this price barrier. The original crypto has faced a 0.4% correction in the daily charts. Despite the slight dip, BTC is trading in the green zone in the other time frames. BTC is up 6.4% in the weekly charts, 0.9% in the 14-day charts, 4.1% in the monthly charts, and 75.5% over the previous year.

BTC ETFs have also seen consistent inflows over the last few weeks. The inflows came even when the crypto market was facing substantial uncertainty with global geopolitical tensions and trade wars. Spot BTC ETFs saw $2.22 billion in inflows from June 23 to June 27. The Federal Reserve’s decision to keep interest rates unchanged also did not hinder institutional inflows.

Also Read: Metaplanet Issues $208 Million Bonds To Buy More Bitcoin

BTC is currently down by only 3.6% from its all-time high of $111,814. If the asset continues its upward trajectory, we could hit a new all-time high very soon.

BTC’s current rally is likely fueled by mostly institutional money. Retail investors are likely still uncertain about the global economic environment. We may see a rise in retail investments if the Federal Reserve cuts interest rates and makes borrowing easier. President Trump has repeatedly mocked Fed chair Jerome Powell for not lowering interest rates. The crypto market may see a sudden rise in retail money if President Trump convinces Powell to reduce interest rates.