What is driving Bitcoin’s recent 20% rebound?

Bitcoin has risen about 20% from its February lows, with Bitwise CIO Matt Hougan pointing to Strategy as the main driver. The firm bought $7.2 billion worth of Bitcoin in eight weeks. This large-scale accumulation has added strong demand to the market.

How much Bitcoin does Strategy currently hold?

Strategy holds 818,334 BTC, making it one of the largest corporate Bitcoin holders globally. It is now approaching the 1 million BTC mark. This scale gives the company significant influence over market dynamics.

Why does Strategy’s buying impact Bitcoin’s price so much?

Strategy’s purchases are large relative to available supply, especially in a market with limited new issuance. This creates sustained buying pressure. When combined with other inflows, it can push prices higher.

What did Bitwise CIO Matt Hougan say about the rally?

Hougan said Strategy has been the “single biggest factor” behind Bitcoin’s recent price increase. He also noted that the continuation of the rally largely depends on whether the firm keeps buying. This highlights how central its activity has become.

Are there other factors supporting Bitcoin’s price?

Yes, Bitcoin has also benefited from $3.8 billion in ETF inflows since early March. Long-term holders have continued accumulating as well. These factors reinforce the upward trend alongside Strategy’s buying.

Is this rally sustainable for Bitcoin?

This is uncertain. The rally could continue if Strategy maintains its buying pace and ETF inflows remain strong. However, if either slows, price momentum could weaken.

How does Strategy fund its Bitcoin purchases?

Strategy has used financial instruments like preferred stock offerings with high dividend yields to raise capital. These funds are then deployed into Bitcoin. This strategy effectively converts investor capital into BTC exposure.

Is this bullish or risky for Bitcoin investors?

It is bullish in the short term because it drives demand and supports price increases. However, it introduces concentration risk, as one entity holds a large share of supply. If Strategy changes its strategy, it could impact the market.

Strategy buying drives Bitcoin 20% rebound

Written by Mahathir BayenaPublished Apr. 29 2026Last Updated Apr. 29 2026

Bitcoin has rebounded roughly 20% from its February lows, with Bitwise CIO Matt Hougan attributing much of the rally to aggressive buying by Strategy.

Hougan said the firm has been the “single biggest factor” behind the move, purchasing $7.2 billion worth of Bitcoin over the past eight weeks alongside broader ETF inflows.

“Bitcoin is up roughly 20% from its February lows, trading around $76,000,”

Hougan said, adding that:

“The sustainability of the rally to a large degree…lies with Strategy.”

The company now holds 818,334 BTC, positioning it as one of the largest corporate holders and bringing it closer to holding one million coins.

Additional support has come from $3.8 billion in ETF inflows and renewed accumulation from long-term holders, reinforcing upward price momentum.

Following the update the Bitcoin price was unchanged at $76,000.

Analysts suggest that if Strategy maintains its current pace of accumulation, it could rival or surpass the estimated Bitcoin holdings of Satoshi Nakamoto within two years, underscoring the growing influence of institutional buyers.

At the time of reporting, Bitcoin price was $77,267.58.