Bitcoin rejected from $30K as markets digest Microstrategy’s Q2 bet

Microstrategy’s bitcoin buy in Q2 marked the largest addition to its balance sheet in two years, as bitcoin holds July’s range lows

article-image

3Dsculptor/Shutterstock, modified by Blockworks

share

Bitcoin (BTC) edged slightly lower Tuesday as markets began digesting results from MicroStrategy’s (MSTR) second quarterly earnings.

The world’s largest digital asset is down about 2% on Wednesday after briefly tapping $30,000 for the first time in more than a week. Late Tuesday witnessed a small jump in its value of around 1.6%, exchange data shows, but the move was swiftly reverted.

Increased volatility comes as Michael Saylor’s company announced it had added a further 12,333 BTC to its balance sheet in Q2 bumping its total holdings to above $4.4 billion.

“We did so against the promising backdrop of increasing institutional interest, progress on accounting transparency and ongoing regulatory clarity,” the company’s CFO, Andrew Kang, said in a statement on Tuesday.

Its bitcoin buy for the period marked the largest single quarter increase in two years, Kang said.

Year-to-date, MSTR’s stock has witnessed a 200% rise and is nearing its 52-week high of $478, having finished up at $434 on Tuesday’s closing bell, data shows. Wall Street analysts are forecasting a 16% bump in its value over the next 12 months, according to TipRanks.

Bitcoin volatility

Despite clocking a 4% decline in July, BTC ended $2,000 higher than May’s closing price of $27,200 offering continuation to the higher high, higher low market structure that has held since the year began.

FalconX’s trading desk for bitcoin’s trading volume posted 2.3 times that of ether’s (ETH), the highest ratio in the last nine weeks, the crypto prime brokerage said in a recent research note.

Though liquidity and volatility remain muted.

The annualized realized volatility, calculated from daily returns over 30-day periods, was just under 25% for BTC and 32% for ETH. These rates are nearly the lowest they’ve been since 2017, FalconX noted.

The summer season across the Northern Hemisphere may be contributing to the sluggish movement of crypto prices, Sergei Gorev, risk manager at YouHodler told Blockworks.

“The market may continue to decline slightly and we should expect the beginning of cautious purchases from traders in the range of about $27,900 to $28,400 — an important range where the spring price highs fell into.”


Get the news in your inbox. Explore Blockworks newsletters:

  • Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
  • Empire: Start your morning with the top news and analysis to inform your day in crypto.
  • Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
  • 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
  • Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
  • The Drop: For crypto collectors and traders, covering apps, games, memes and more.
Tags

Upcoming Events

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (5).png

Research

Outside of stablecoins, the value of tokenized assets sits below $20B, dominated by the following asset classes: private credit, US Treasuries, commodities, institutional alternative funds, stocks, non-US government debt, and corporate bonds. In the coming months, we see the greatest opportunities in the tokenization of illiquid markets, particularly private equity. However, the successful integration of offchain assets into blockchain ecosystems relies heavily on clear and consistent regulatory frameworks, with purpose-built infrastructure to support it.

article-image

The MicroStrategy founder understood digital scarcity long before Bitcoin, and it’s a story of bubbles, brokers and a “monster bull run.”

article-image

DAS panelists shared strong venture capital takeaways, from how big a raise should be to the role VCs play in the industry

article-image

Titan Exchange CEO Chris Chung says Titan bests Solana’s incumbent DEX aggregator Jupiter on price 80% of the time

article-image

The SEC’s newest statement on PoW mining adds further clarity, though a commissioner points out its limits

article-image

Markets react to Fed Chair Jerome Powell’s comments at yesterday’s FOMC meeting

article-image

At DAS, the US president noted he’s called upon Congress to enact “simple, common-sense rules” for stablecoins and market structure