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BlackRock and Metaplanet Buy Bitcoin Dips Amid Market Volatility

As retail investors panic over Bitcoin’s latest dip below $60,000, major institutional players like BlackRock and Metaplanet are seizing the opportunity. Their continued investment in Bitcoin shows growing confidence in the asset, despite market volatility.

Institutional Investors Buy During the Dip

The recent Bitcoin price drop triggered over $53 million in long liquidations, causing widespread panic among smaller investors. However, institutional giants like BlackRock and Metaplanet are taking advantage of the dip by increasing their Bitcoin holdings.

In the past 16 days, BlackRock, the world’s largest asset manager, has added a staggering $742 million worth of Bitcoin to its portfolio. This brings its total Bitcoin holdings to 369,822 BTC, valued at roughly $22.4 billion. This move marks a return to aggressive accumulation after a quieter period between August and September when Bitcoin was trading below $60,000.

BlackRock’s confidence in Bitcoin stems from its belief that the cryptocurrency is a strong hedge against inflation, particularly as the U.S. dollar weakens over time. As the dollar’s purchasing power declines, Bitcoin stands out as a viable alternative store of value.

Metaplanet Follows Suit

Metaplanet, another major player, has also been buying the dips. The company recently acquired 108.99 BTC for ¥1 billion, just days after a previous purchase. Metaplanet now holds a total of 748.50 BTC, acquired at an average price of ¥9,304,655 per Bitcoin, signaling its long-term confidence in the cryptocurrency.

Panic Selling by Crypto Whales

While institutional investors are buying, some crypto whales are panic selling. One whale recently sold 800 BTC, worth $48.5 million, after Bitcoin’s price dropped. This same whale had accumulated 11,659 BTC at an average price of $62,362 since June 2023 but sold 10,345 BTC at $59,847, incurring a loss of $26 million.

Bitcoin Price Dips Amid Inflation Concerns

Bitcoin’s dip below $60,000 came after the release of the U.S. Consumer Price Index (CPI) data for September, which showed higher-than-expected inflation. The red-hot inflation numbers have shaken bullish sentiment, with many losing hope for the anticipated “Uptober” rally.

Despite this, BlackRock and Metaplanet’s buying activity signals growing institutional confidence in Bitcoin’s long-term value, even in the face of short-term market turbulence.

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Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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