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MicroStrategy buys more than 5000 BTC
Recently, Michael Saylor announced that MicroStrategy company had purchased an additional 5,050 Bitcoins (About 242.9 million USD) at an average price of 48,099 USD per BTC. For companies listed on the stock exchange like MicroStrategy, every time they buy and invest in any asset, they need to declare it to the SEC. Above is the official information that they have informed the SEC within the time allowed.
On-chain data analyst Will Clemente also said that BTC whale holdings have increased by 103,600 BTC in the past 3 weeks. If Saylor bought 5,050 BTC, who bought the remaining 98,547 BTC? Maybe in the near future there will be more investment institutions announcing they are storing BTC. The market regulates many sellers then the whales are already the collectors of that BTC.
As of September 21, 2021, MicroStrategy held a total of 114,042 BTC with a cost of $3.16 billion with an average price per BTC of $27,713. Below is a chart of the time MicroStrategy has bought BTC over the past 400 days. It can be seen that, with multiple purchases of MicroStrategy, there has been a very good average price of BTC.
As can be seen, the company MicroStrategy has stored a very large amount of BTC. Many people worry a company stores too much BTC. However, Thuan thinks that now that MicroStrategy stores BTC, they will support as well as find ways to help BTC increase in price. From the impact of MicroStrategy and Michael Saylor have convinced and influenced many companies or other large investors to invest in BTC like Elon Musk’s Tesla, or retail investors are willing to buy this company’s bonds so that they have money to buy BTC. Therefore, they are good allies of the market and entering this market is for long-term investment, not just short-term BTC price push.
Current on-chain data shows that BTC is withdrawing from the exchange very quickly during the last correction. The amount of BTC on exchanges also dropped sharply.
The situation of Long order volume has remained flat since the time of the last Long squeeze. Funding rate is also positive at 0.003. There are generally no signs of concern regarding derivatives exchanges.
Miners show no sign of selling, they continue to store. Miners-related BTC fluctuations have not changed much.
Recently, BTC moves at a loss. There is still a group of people who are worried and accept to sell at a loss after the recent correction. Mainly this selling force comes from short-term investors (storage BTC less than 155 days).
The percentage of BTC profitable has now dropped to 79%. The more profitable BTC ratio decreases, the lower the risk of taking profit BTC also decreases.
A twitter page Mr Whale shared a worrying news about the decrease in the number of wallets above 1000 BTC, large investors are flushing BTC on small investors. However, Will Clemente immediately responded by saying that, it is true that the number of wallets with more than 1000 BTC decreased (red line) but the amount of BTC stored by these wallets grew very strongly (green line). That is, there are whales that are getting bigger and bigger.
As for Ethereum in the last four days, the amount of push on the exchange is more than the amount withdrawn. The amount of ETH on exchanges also increased.
Above is the on-chain data and analysis of the market situation over time. Hope you get useful information for yourself in the investment process.
Some other information:
Ethereum’s second tier solution, Arbitrum has seen an amazing increase in the number of deposits on its bridge. Arbitrum allows users to send Ethereum via Metamask to the Arbitrum mainnet with cheaper gas fees. Data from Dune’s analysis shows that TVL of Arbitrum Bridge has now raked in nearly $2.2 billion in assets. In the coming time, Ethereum’s network will be implemented with more second-tier solutions and help reduce transaction fees and attract users.
Cardano successfully deployed the update and started having smart contracts on this network. Although the price has adjusted 10% after updating, the price is still at a good level.
Visa CEO Alfred Kelly has said that in the next five years, Bitcoin and crypto payments will become very popular. Visa is also stepping up the rollout of their platform to support and provide BTC and crypto related services.
Zimbabwe’s Minister of Finance is looking into BTC to use BTC in money transfer. This is a country with extremely high inflation rate, so using BTC will be better for the people of this country.
In an interview with Coindesk, Kevin O’Leary said that it may take until 2023 to get a Bitcoin ETF when the US has clear laws on this market.
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