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Bitcoin is taking a breather after its recent rally, and Strategy cofounder Michael Saylor has issued a stark reminder to crypto holders about the resilience required to thrive on the market.
The Bitcoin price tested the upper limits of a newly formed air gap between $104,000 and $114,000 before backtracking after reaching a record high of nearly $123,000. This pullback caused a marketwide cooldown, with mixed signals across key sectors.
Amid the ongoing market cooldown, Saylor shared a message with the crypto community on X: "The cowards never started, and the weak died along the way."
The quote "the cowards never started, and the weak died along the way" is frequently ascribed to Phil Knight, the founder of Nike, from his memoir "Shoe Dog." It reflects the idea that success often comes to those who endure, while those who lack courage or resilience tend to fall by the wayside.
Bitcoin price action
Bitcoin's rebound from $117,459 ran out of steam near $119,284 in the early Tuesday session, extending two weeks of directionless trade. Bitcoin was trading flat at press time, up 0.06% in the last 24 hours to $118,616.
Against the backdrop of a flat BTC market, the reactivation of long-dormant Bitcoin whale wallets raises concerns about potential profit-taking by long-term investors. According to Whale Alert, an address that had been dormant for more than 12 years transferred 343 BTC in the early Asian trading hours. A dormant address containing 330 BTC was also activated after 12.4 years.
According to Lookonchain, a Galaxy Digital address sent out 3,782 BTC (roughly $447 million) in the last 12 hours, with the majority of the funds going to exchanges, sparking speculation of a sell-off.
This follows after Galaxy sold over 80,000 Bitcoin, totaling $9.3 billion, to a Satoshi-era investor in the past week.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team