Bitcoin Moves Past $111,000 — Michael Saylor Hints At Further Buys

The apex cryptocurrency advanced over 4% to $111,210.66, at time of writing, while Ethereum rose 4.5% to $4,058 and XRP gained 5.2% to $2.47.

Bitcoin and other major cryptocurrencies advanced on Monday, tracking gains in Asian stocks, as investors renewed bets on digital assets after recent weakness.

The apex cryptocurrency advanced over 4% to $111,210.66, at time of writing, while Ethereum rose 4.5% to $4,058 and XRP gained 5.2% to $2.47. While BNB rose 3.7% to $1,125.16, Solana rose 3.8% to $193.07 and Dogecoin rose 6.5% to $0.20.

Why Are Cryptocurrencies Rising?

The advances of digital assets come amid growing optimism around conservative Sanae Takaichi, who will likely become the next Prime Minister of Japan after securing the support of a key backer. According to a Reuters report, the co-operation agreement between Takaichi and Japan Innovation Party, known as Ishin, would deliver a combined 231 seats in parliament's dominant lower house.

While the figure will still fall two short of a majority, but ensure Takaichi garners enough votes on Tuesday election to become the next prime minister. Takaichi is expected to carry forward “Abenomics,” named after former Japanese Prime Minister Shinzo Abe which focused on a dovish fiscal policy.

Separately, the dollar index also edged lower, making Bitcoin more attractive for overseas buyers. Gold prices also pulled back, likely indicating growing flows to riskier assets such as equities and cryptocurrencies.

What Is Retail Thinking?

Retail sentiment on Stocktwits on Bitcoin was still in the ‘neutral’ territory at the time of writing.

The gains come after heavy selloff in cryptocurrency ETFs last week on concerns over the trade tensions between U.S. and China. According to SoSoValue data, Bitcoin ETFs logged net outflows of $1.23 billion, while Ethereum ETFs saw outflows of $232.3 million.

Is Strategy Going To Buy More?

Separately, Strategy Chair Michael Saylor hinted that his company might once again acquire Bitcoins soon. In a post on X, he shared a chart from the Saylor Bitcoin Tracker, which shows Strategy’s cumulative Bitcoin purchases. “The most important orange dot is always the next,” Saylor said.

Previous posts of such nature have followed Bitcoin purchases by the company, which pioneered the concept of cryptocurrency treasuries.

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