MicroStrategy buys more than 5000 BTC

Michael Saylor recently announced that MicroStrategy had purchased an additional 5,050 bitcoins (approximately $ 242.9 million) at an average price of $ 48,099 per BTC. Public companies like MicroStrategy must report to the SEC every time they buy and invest in an asset. Above is the official information they provided to the SEC within the permitted time.

On-chain data analyst Will Clemente also said that whale BTC stocks have increased by 103,600 BTC in the past three weeks. If Saylor bought 5,050 BTC, then who bought the remaining 98,547 BTC? Perhaps in the near future there are more investment institutions announcing that they are stocking BTC. The market is preparing for many sellers, the whales are already the collectors of this BTC.

As of September 21, 2021, MicroStrategy held a total of 114,042 BTC at a cost of $ 3.16 billion at an average price per BTC of $ 27,713. Below is a graph of the time MicroStrategy has bought BTC over the past 400 days. It can be seen that on multiple purchases from MicroStrategy, the average price of BTC was very good.

As you can see, MicroStrategy has stored a very large amount of BTC. Lots of people worry that a company is storing too much BTC. However, Thuan believes that now that MicroStrategy is stocking BTC, MicroStrategy will both support the BTC price hike and find ways to help. The effect of MicroStrategy and Michael Saylor convinces and influences many companies or other large investors to invest in BTC such as Elon Musk’s Tesla, or private investors who are willing to buy the bonds of this company so that they have money to buy BTC. Hence, they are good allies of the market and entering this market is for long term investment and not just short term increase in BTC price.

On-chain situation

Current on-chain data shows that during the last correction, BTC is pulling back from the exchange very quickly. The amount of BTC on the exchanges also fell sharply.

The long order volume situation has remained unchanged since the last long squeeze. The funding rate is also positive at 0.003. In general, there is no sign of concern about futures exchanges.

Miners show no signs of sale, they continue to store. The BTC fluctuations associated with miners haven’t changed much.

Lately, BTC has been moving at a loss. There is still a group of people who are concerned and are selling at a loss after the recent correction. This sale is mainly coming from short term investors (storing BTC less than 155 days).

The BTC win rate has now dropped to 79%. The more profitably the BTC price drops, the lower the risk of profit-taking with BTC.

On a Twitter page, Mr Whale shared worrying news about the decline in the number of wallets above 1000 BTC. Large investors wash BTC on small investors. However, Will Clemente immediately replied that although the number of wallets with more than 1000 BTC has decreased (red line), the amount of BTC stored in these wallets has increased very sharply (green line). That means there are whales that are getting bigger and bigger.

As for Ethereum in the last four days, the push on the exchange is higher than the amount withdrawn. The amount of ETH on the stock exchanges also increased.

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Above is the on-chain data and analysis of the latest market situation. I hope you have found useful information on the investment process.

Some other information:

• Ethereum’s secondary solution, Arbitrum, has seen a staggering increase in the number of deposits made on its bridge. Arbitrum allows users to send Ethereum to the Arbitrum mainnet via Metamask at cheaper gas fees. Data from Dune’s analysis shows that Arbitrum Bridge’s TVL now has nearly $ 2.2 billion in assets. In the coming period, Ethereum’s network will be implemented with further second-tier solutions and will 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 by 10% after the update, the price is still at a good level.

• Alfred Kelly, CEO of Visa, said that bitcoin and crypto payments will become very popular over the next five years. Visa is also stepping up the roll out of its platform to support and deliver BTC and crypto-related services.

• Zimbabwean finance minister is investigating BTC to use BTC for money transfers. This is a country with an extremely high rate of inflation, so BTC is better to use for the people of this country.

• In an interview with Coindesk, Kevin O’Leary said that it could be until 2023 for the US to get a Bitcoin ETF if the US has clear laws for that market.