Bitcoin ATH: Strategy’s $472M Buy Fuels Market Rally

Despite Bitcoin hitting all-time highs (ATHs), Strategy, a prominent Bitcoin investor, recently purchased an additional 4,225 BTC for approximately $472.5 million. This acquisition, made between July 7th and 13th at an average cost of $111,827 per BTC, brings Strategy’s total holdings to 601,550 BTC, representing a significant profit of 68.5% on their total investment of roughly $42.87 billion. This bold move, as stated by Chairman Michael Saylor, signals Strategy’s continued bullish sentiment on Bitcoin, even at record-high prices. Concurrently, Metaplanet, another Bitcoin treasury company, also increased its holdings by 797 BTC, bringing its total to 16,352 BTC, although at a higher average cost basis of $100,191. Interestingly, while large investors like Strategy and Metaplanet are accumulating, data from Glassnode reveals a shift in retail investor behavior. Initially exhibiting a distribution trend, retail investors (those holding less than 1 BTC) have started accumulating, coinciding with the recent price rally. However, the data shows a divergence among different investor groups; while whales (1,000-10,000 BTC) show strong accumulation, mega-whales (over 10,000 BTC) are still largely in selling mode. Bitcoin’s price reached a high of $123,000 before retracting slightly to around $119,900 at the time of reporting. The confluence of large-scale institutional buying and a change in retail investor sentiment suggests a strong underlying bullish force driving the current market rally.

(Source: https://www.newsbtc.com/bitcoin-news/strategy-grabs-472m-in-bitcoin-even-with-price-ath/)