MicroStrategy Buys Another 660 Bitcoin for $25 Million in Cash
As the crypto market is recovering for good, investors are returning but they’re not alone as some bigger investors such as the largest Bitcoin holding public company MicroStrategy is also making the most of this opportunity.
MicroStrategy’s Macro Bitcoin Transaction
Michael Saylor in a tweet today announced that his company had purchased another 660 BTC at an average price of $37,865. This brings the total number of Bitcoin it holds to 125, 051 which is worth approximately $3.78 billion.
This is MicroStrategy’s second major purchase within 2 months as just back in December, the company had purchased another 1,914 BTC for $94 million when Bitcoin was trading around $46k.
Although a lot of the whales have recently been very active in acquiring Bitcoin. According to whale analyst “whalemap,” just in the last few days over 330,000 BTC has been acquired by these whales when the king coin was trading between $36k and $38k.
Recent prices triggered whales to accumulate #Bitcoin .
Roughly 330,000 BTC now belongs to whales between $36k and $38k. pic.twitter.com/KX3m2KmrLC
— whalemap (@whale_map) February 1, 2022
In fact, some of these whales have been so rampant at accumulation that the third biggest Bitcoin whale surpassed even MicroStrategy’s accumulation as it presently holds 126,164 BTC which is cumulatively worth well over $4.9 billion.
Earlier this week, a whale managed to acquire up to 28,931 BTC by buying almost 30x per day.
Why the Buy Though?
The answer is actually pretty simple, the recovering market. As long as Bitcoin was at its lowest, whales were tempted to buy the dip. But a bunch of other big wallet buyers waited for assured profits.
Thus finally as this week Bitcoin started going up they jumped in to ensure they don’t suffer any losses in the short term at least.
And it actually looks like they won’t since BTC is displaying solid uptrend signals. The candles witnessed the first dot of uptrend on the Parabolic SAR and the MACD is consistently indicating rising bullishness thanks to the green candles.
