As Bitcoin trades in the $74,000 range, that major holder is showing its moves again. MicroStrategy Chairman Michael Saylor posted on X, “More oranges.” This is his signature signal, suggesting a potential increase in buying over the weekend.

What’s interesting is the company’s stock price action over the past week. Common stock fell 6% and closed below $150. And with preferred shares also continuing to trade below par value, it means the funding route through the ATM program is getting narrower. In other words, the amount of Bitcoin they bought this time is likely to be less large than before.

Even so, they keep buying. Since the beginning of this year, they’ve acquired about 40,000 BTC, bringing their total holdings to 712,647 BTC. This level of persistence is drawing attention in the market.

Looking at the Bitcoin market, inflows into U.S. spot ETFs have exceeded $56 billion, and a base of long-term holders is gradually being formed. Expectations for easing geopolitical risks, as well as rising expectations for the FRB to cut rates, are also providing support to risk assets overall.

The stance of major players like Saylor continuing to increase their buying is likely reinforcing the trend among institutional investors to view Bitcoin as a core asset in their portfolios. The next moves will be worth watching.