Michael Saylor has stated that the "Bitcoin winter is over," with analysts having mixed opinions. Institutional and sovereign adoption are seen as the drivers of the new phase.

On Thursday, April 24, Strategy founder Michael Saylor declared “Winter’s over” on X. His firm has since picked up an extra 13,927 bitcoins, pushing its total holdings to 780,897 BTC. But market analysts aren’t all on board with that take. AdLunam co-founder and market analyst Jason Fernandes noted: “Even if the Bitcoin winter is over — and I don’t buy that view — altcoins are still in a deep chill.” Quantum Economics founder and ex-eToro senior market analyst Mati Greenspan argues that since the October 10 flash crash (which wiped out roughly $19 billion in liquidations in 24 hours), Bitcoin’s price moves and the broader crypto market’s haven’t even qualified as a crypto winter. “I’m not sure I’d strictly call the latest price moves a crypto winter — this looks more like a big retracement in a wider bull market cycle,” he said. Still, Greenspan backs Saylor’s hint that Bitcoin has hit bottom and is set to keep climbing. “Yeah, I think we’ve probably seen the bottom,” he added. Greenspan and other experts say Saylor’s comments and his firm’s ongoing Bitcoin buys signal the market is shifting to a more permanent era of institutionalized Bitcoin — one marked by corporate Bitcoin treasuries leading the way and a turn in institutional sentiment. “Institutional adoption ramping up will launch the next phase, but Saylor’s missing the sovereign nation adoption phase — which is definitely coming soon,” Greenspan noted. On the ground, sovereign adoption is no longer just theoretical: it’s showing up on government balance sheets. Under the Trump administration, the U.S. planned a strategic Bitcoin reserve, but that reserve hasn’t been formalized or launched yet — though the U.S. government currently holds roughly 300,000 BTC.