Bitcoin fell below $107,000 on Tuesday, extending a mild correction from yesterday, but strong corporate demand remained on the cryptocurrency, underpinning it broadly.
According to CryptoQuant data, bitcoin’s reserve at all major exchanges fell to 2.44 million units, the lowest since 2018, indicating that selling pressures declined.
MicroStrategy continued to grab headlines with its incredulous bitcoin purchases even as the cryptocurrency hits record highs.
Through the X platform, MicroStrategy’s CEO Micheal Saylor announced a new purchase of 4980 bitcoins, raising the company’s totaling holdings to a new record high of 597,325 bitcoins, averaging $79,977 per unit, with a total value of $42.4 billion.
The purchase occurred between June 23 and 29, with the company spending $532 million in total, spending on average $106,801 per unit.
MicroStrategy has taken a strategy of heavy bitcoin investments since 2020 as a way to guard against inflation.
Saylor has seen a 64% return on his bitcoin investment in 2024, with this bold strategy raising eyebrows and drawing the admiration of many crypto investors.
Japan’s MetaPlanet also expanded its bitcoin holdings by adding 1005 units worth $108.15 million, averaging $107,601 per unit.
The company now owns 13,350 bitcoins in total, averaging $97,831 per unit, with a total value of $1.31 billion.
Bitcoin Stable in Third Quarter
A report by Bitfinex Alpha shows that bitcoin’s seasonal performance historically shows lower volatility in the third quarter, with historic return averages at mostly 6%.
Analysts believe that the technical foundation remains strong as long as the price respects the $94,000-$99,000 support, but it’ll need a strong stimulus for a new surge past recent record highs.
Approaching Correction?
Bitcoin’s supplies at profit status” surged from 87% to 98% last month according to Glassnode data, a historic percentage that could precede heavy profit-taking.
We saw that between January and April of this year, with bitcoin falling from $109,000 to $74,000 after the profiting supply percentage reached 98.8% on January 21.
