Key Insights:
MicroStrategy has made a Bitcoin purchase of $2.1 billion, the fifth in this quarter.
The company has a $17 billion profit with a staggering 68.7% yield.
In the last two days, bitcoin miners have offloaded $8.5 billion BTC in crypto markets.
Michael Saylor has informed us that MicroStrategy has bought another $2 billion worth of Bitcoins. This is the company's fifth Bitcoin purchase in the last 30 days.
$2.1 billion purchase on 09 Dec 2024
$1.5 billion purchase on 02 Dec 2024
$5.4 billion purchase on 25 Nov 2024
$4.6 billion purchase on 18 Nov 2024
$2 billion purchase on 11 Nov 2024
The company's Chairman, Michael Saylor, currently holds around 423,650 Bitcoins valued at $42 billion. The company now makes a $17 billion profit, as the average buy price per BTC is around $60.3k.
MicroStrategy made some large purchases last month. After buying $4.6 billion worth of Bitcoins in early November, the company purchased an additional $1.5 billion worth of BTC later in the month. With the current $2 billion purchase, MSTR owns more than 2% of the Bitcoin supply.
It now has a gigantic 67.8% yield, which has made $MSTR cross $94 billion in market capitalization.
A few other corporations that have been buying Bitcoin in the same fashion as MicroStrategy are Metaplanet and Marathon Digital. This month, two more US-based corporate giants, Amazon and Microsoft, are scheduled to hold a shareholder vote to buy Bitcoin.
These purchases have kept Bitcoin afloat despite a $8.5 billion BTC selling by miners.
Data from Santiment and Bitcoinsensus shows that miners have sold over 85k Bitcoins worth over 8.5 billion over the last two days. This is one of the largest miner-led selling in the last few years and the second largest this year after the Bitcoin halving.
The event that led to such high selling is that at current markets, miners are making around $25k per Bitcoin in profits. The estimated production cost per Bitcoin is approximately $72k.
In the last few days, Bitcoin made an ATH of $103.9k (four days ago), then corrected it to $96k the next day. Now, at press time, Bitcoin has been hovering around $98.5k.
Much of this price volatility was caused by two opposing sets of sellers and buyers. The sellers are mostly composed on miners while institutional investors, ETFs and a few whales make up the buyers.
Among notable buyers, MicroStrategy occupies the highest position, with at least $15.5 billion ($2B + $5.4B + $4.6B+ $1.5 B + $2 B) worth of buying in the last month. The company now holds 423k Bitcoins, representing 2% of the total supply. Other companies that have been buying Bitcoin are Metaplanet and Marathon Digital.
Amid a correction in Bitcoin, the top crypto saw its market dominance fall to 54% in the last two weeks from 60.5%. This fall was caused by a surge in crypto markets, especially among altcoins.
The current markets have seen the strong emergence of an altcoin season. At present, the altcoin season index shows a value of 83, indicating the strong momentum of altcoins.
Altcoin Season Index on 09 Dec 2024
CoinMarketCap
This trend might continue for the next few weeks as Bitcoin takes a backseat following a new ATH of $103.9k. This in no way means that BTC will stop growing; rather, it means that altcoins will now catch up to the rally we saw in Bitcoin in the last 30 days.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.