🚀 MicroStrategy acquires BTC worth $347 Million!

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Trending over the past 24 hours 👇️ 

1. 🚀The great accumulation- MicroStrategy acquires an additional 12,333 BTC for $347 million.

2. 🔻 Miner Capitulation?- Bitcoin miners send record $128M in revenue to exchanges.

3.  🔥 Keep ‘em coming - $4.2 trillion asset manager Fidelity to file for spot Bitcoin ETF.

MicroStrategy doubles down on Bitcoin 💎 

For every seller, there is a Saylor! MicroStrategy has acquired an additional 12,333 BTC for $347M, at an average price of $28,136 BTC.

This brings their total holdings to 152,333 BTC, valued at over $4.52 Billion at an average cost of $29,668 per BTC.🚀 

This purchase of 12,333 Bitcoin is the biggest it has made in 737 days, when it bought $489 million BTC in June 2021.

MicroStrategy now owns over 0.725% of all Bitcoin that will ever be in existence! The company sits at a 2.6% overall profit on its BTC holdings, i.e an unrealized gain of $117.7 Million at the time of writing 🤑 

Crash incoming ⁉️ 

Bitcoin miners have created a buzz and some FUD in the crypto verse, after transferring a staggering $128 million to exchanges in the past week, an amount equivalent to 315% of their daily revenue.

Glassnode recently reported an all-time high in Bitcoin miner revenue sent to exchanges. Typically, miners transfer their profits to exchanges to cover expenses and secure profits. Given Bitcoin's recent peak of $31,185, it seems like a decent time for miners to cash out temporarily 💰️ 

The current price levels are also a macro resistance for BTC. If these level remains unbroken and miners continue selling their holdings, it could potentially lead to short-term price capitulation.

This also aligns with our earlier analysis of Bitcoin entering a lower range-bound phase for the remainder of the pre-halving year 🔮 As always, we advise you to exercise caution and implement proper risk management strategies when trading.

The Bitcoin ETF Fever Continues 😅 

They just keep coming! In a significant development, the $4.2 trillion asset manager Fidelity is rumored to be preparing to file for a Spot Bitcoin ETF. This marks Fidelity's second attempt after their previous filing, the Wise Origin Bitcoin Trust, was denied by the SEC in 2021.

Notably, the SEC has rejected all 33 spot Bitcoin ETF applications it received before BlackRock's recent submission. However, with the recent surge in applications from prominent financial giants, there are signs that tide could very well be turning 🌊 

The potential approval of these ETFs could signify a significant shift in the regulatory landscape surrounding Bitcoin and usher in a new era of mainstream acceptance and price appreciation for bitcoin.

For reference, in the 8 years prior to the introduction of the GLD ETF in 2004, gold prices increased merely 16.84% in that time span. But, since the introduction of the GLD ETF, gold prices have increased over 258% in the same time period 📈 

Meme of the day

HODLers waiting for a final capitulation in $BTC 😂 

And that’s a wrap for now. Thank you for tuning in for today’s updates. We hope you enjoyed our insights, highlights and memes. Subscribe to our social media handles for giveaways and timely updates. Until tomorrow, happy trading!

Disclaimer: This newsletter is educational and does not constitute financial advice. You must exercise caution and conduct your research before making any financial decisions.

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