BlackRock and Metaplanet Capitalize on Bitcoin Dips Amid Crypto Market Decline
Highlights
- Major players like BlackRock and Metaplanet have continued buying despite current drop under $60,000.
- Metaplanet purchased 108.99 BTC for ¥1 billion, raising its total holdings to 748.50 BTC.
- Recent Bitcoin price fluctuations have also triggered panic selling by whales.
Despite the recent Bitcoin dip under $60,000 following the release of the US CPI data, big market players like BlackRock and Metaplanet continue to buy aggressively in the current market situation. While the retail sentiment fumbles, big players are seeing these dips as opportunities to accumulate for the long term.
BlackRock, Metaplanet Buying the Bitcoin Dips
Over the last fortnight, BlackRock has increased its Bitcoin holdings by a staggering $742 million looking past the market volatility. The world’s largest asset manager has accumulated a total of 12,272 Bitcoin (BTC) in the past 16 days.
This significant acquisition comes after a period of reduced buying activity between August 27 and September 24, when Bitcoin traded below $60,000 for an extended time. However, since September 24, BlackRock has once again resumed its BTC purchases, taking its total holdings to more than 369,822 BTC, valued at approximately $22.4 billion. This continuous acquisition shows that asset managers have growing confidence in the long-term value of BTC.
BlackRock bought 12,272 $BTC($742M) over the past 16 days.
Between Aug 27 and Sept 24, when $BTC traded below $60K for an extended period, #BlackRock made few accumulations.
Since Sept 24, they've resumed buying, adding 12,272 $BTC to their holdings, and currently hold… pic.twitter.com/fnhrI4Ijp8
— Lookonchain (@lookonchain) October 11, 2024
Last week, BlackRock advised buying Bitcoins as the US Dollar loses strength over the period of time and thus loses the purchasing power. On the other hand, Bitcoin positions itself as an inflation hedge, and a strong alternative to counter the declining purchasing power of the US dollar.
Apart from BlackRock, Metaplanet is also buying the Bitcoin dips. Metaplanet has made another significant Bitcoin acquisition, purchasing approximately 108.99 BTC for ¥1 billion at an average price of ¥9,174,396 per Bitcoin. The latest purchase comes within four days of Metaplanet buying Bitcoins earlier this week. As of October 11, the company now holds a total of 748.50 BTC, acquired for ¥6.965 billion at an average price of ¥9,304,655 per Bitcoin.
*Metaplanet purchases additional 108.99 $BTC* pic.twitter.com/b0fDiqcAWv
— Metaplanet Inc. (@Metaplanet_JP) October 11, 2024
BTC Whales Panic Sell
The recent BTC price volatility has led experts to believe the possibility of another 75% correction, per the historical trends. While BlackRock is buying, crypto whales have also been panic selling in this recent correction.
As per the latest data from Lookonchain, a crypto whale recently panic-sold 800 BTC ($48.5M) following a drop in Bitcoin’s price. Since June 19, this whale had accumulated 11,659 BTC ($727M) at an average price of $62,362 and sold 10,345 BTC ($619M) at $59,847, resulting in a loss of around $26M. Despite the losses, the whale still holds 8,936 BTC valued at $540M.
This whale panic-sold 800 $BTC($48.5M) again after the $BTC price dropped!
Since June 19, this whale has accumulated 11,659 $BTC($727M) at $62,362, and sold 10,345 $BTC($619M) at $59,847, losing ~$26M, and still holds 8,936 $BTC($540M).
Address:… pic.twitter.com/5pUzgvSGCr
— Lookonchain (@lookonchain) October 10, 2024
The BTC price took a dive under $60,000 earlier today following the US CPI data for September and the red-hot inflation numbers. The current movements have made bulls lose the hope for a ‘Uptober’ rally ahead.
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