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Bitcoin: Key Metrics And Movements Amid Price Volatility
Despite recent price declines in Bitcoin (BTC), short-term holders continue to hold onto unrealized profits. The collective cost basis for these holders stands at a crucial $86.8K, marking a pivotal level in assessing local price momentum.
Notably, MicroStrategy has strengthened its Bitcoin holdings by adding 2,138 BTC worth $209M at an average price of $97,837 per coin. This purchase brings the company’s total holdings to 446,400 BTC valued at $41.78B, acquired at an average cost of $62,428. As a result, MicroStrategy now holds an unrealized profit of approximately $13.92 billion, further solidifying its long-term bullish stance on Bitcoin.
Meanwhile, Tether (USDT) has made significant moves by withdrawing 7,629 BTC worth $705M to its Bitcoin reserve address. This notable addition to the stablecoin issuer’s reserves marks a major shift after nine months of inactivity. As of now, Tether holds an impressive 82,983 BTC valued at $7.66B.
In related news, Bitcoin spot ETFs have recorded mixed activity over the past week. The total net asset value of these funds currently stands at $106.68 billion, demonstrating consistent institutional interest despite recent price fluctuations. Notably, Fidelity’s Bitcoin ETF (FBTC) reported a net inflow of $183M between December 23 and 27.
In light of key support levels being tested and major players like MicroStrategy making strategic moves, the coming weeks may prove crucial in determining Bitcoin’s price trajectory.
The author, Will Izuchukwu, has been a part of the cryptocurrency and blockchain industry for years.
Source: nulltx.com
