In a commendable routine, Strategy’s Chairman, Michael Saylor, proudly announced the company\u2019s recent Bitcoin acquisition on social media, encapsulating the sentiment of \u201cAlways \u20bfe Stacking.\u201d Following up on this momentum, another purchase was made shortly after.<\/p>\n
The newly acquired assets consist of 196 BTC, bought at an average cost of approximately $113,048 per coin, summing to a grand total of $22.1 million. While this purchase marks a noteworthy acquisition, it is relatively modest compared to previous transactions conducted by the company. The last smaller purchase occurred on August 11th, when Strategy procured 155 BTC for $18 million.<\/p>\n
This latest acquisition took place between September 22nd and 28th, as disclosed in a recent SEC filing. Funding for this buy originated from the company\u2019s sales of its STRF, STRD, and MSTR stocks through at-the-market (ATM) offerings.<\/p>\n
With this addition, Strategy has surpassed the impressive 640,000 BTC mark, bringing its total holdings to an astounding 640,031 BTC. The company\u2019s average cost basis per Bitcoin is now calculated to be $73,983, translating to a comprehensive investment of around $47.35 billion.<\/p>\n
Despite a recent downturn in Bitcoin prices, Strategy’s holdings remain resilient, showcasing an impressive unrealized profit exceeding 54%, equivalent to roughly $73 billion in valuation.<\/p>\n
While Strategy continues to procure more Bitcoin, other larger players in the network have adopted a cautious approach. According to a recent analysis by @CryptoQuant, major Bitcoin holders, often referred to as whales, have significantly decreased their holdings in the past weeks.<\/p>\n
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Whale entities are generally defined as individuals or institutions holding more than 1,000 BTC, amounting to around $114 million. Traditionally, addresses linked to exchanges and mining pools are not counted in this category.<\/p>\n
The available data highlights that whale holdings experienced growth throughout the year until August. However, as of late August, a notable turnaround was observed, with these large-scale investors beginning to sell off assets.<\/p>\n
The ongoing trend has shown a consistent negative change over the past 30 days, indicating sustained distribution. Ultimately, whales have offloaded over 300,000 BTC, representing an astonishing loss of $34.2 billion. \u201cThis transition from accumulation to distribution presents a clear supply overhang,\u201d noted the analyst.<\/p>\n
Even the once ever-active Strategy has seen a noticeable reduction in acquisition volumes, with recent purchases being considerably smaller in comparison to earlier years. This slowdown in market accumulation could partly explain the current headwinds facing BTC.<\/p>\n