Metaplanet bought 8,888 BTC, becoming the 9th largest Bitcoin holder in the world
The Japanese investment company Metaplanet has become the ninth of Bitcoin’s largest corporate holder, which continues the aggressive approach to promote the adoption of Bitcoin throughout Asia.
The company has gained an additional 1,088 Bitcoin (Btc) At an average price of $ 108,400 per coin for a total of $ 117.9 million, the investment firm announced In a post of June 2 x.
The latest acquisition Pushed Metaplent’s total handling Of the more than 8,888 BTCs, making it ninth the largest Bitcoin holder in the world, which exceeds the Galaxy Digital Holdings’ 8,100 BTC, According to In the Bitbo Data.
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Large corporate purchases at prices of over $ 100,000 per BTC suggest growing institutional trust in the current bull market cycle. The move comes amid increased financial uncertainty, especially in Japan’s bond markets.
André Dragosch, head of European research in Bitwise Asset Management, told Cointelegraph that the ongoing unevenness could drive Bitcoin to new highs by the end of the year.
“Based on the default possibility of all these G20 Sovereign bonds, it’s up to $ 200,000 for Bitcoin,” he told Cointelegraph.
Government bonds are generally considered safe properties. But when the yields rise sharply, it often indicates investor concerns about maintaining fiscal and payment risk.
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Bitcoin has reeled after high record
Bitcoin rose to a full time high of more than $ 112,000 on May 22 before retracing to $ 105,464 at the time of writing, cointelegraph data is displayed.
Combining after all time high marks a “healthy” development that can provide a “sustainable foundation” for the next leg up as the leveraged positions are reset and the demanding areas, analysts from Bitfinex are said to cointelegraph, increasing:
“The ability of Bitcoin ‘to continue to combine more than the short-term basis of the holder around $ 95,000 remains key.”
“The coming weeks are likely to determine whether the latest Bitcoin breakout is a local high or the prelude to a more aggressive leg higher in Q3,” the analysts explained.
Meanwhile, some analysts are concerned about a potential bubble forming around bitcoin’s proxy stocks, considering that The bitcoin premium of metaplanet Increased $ 596,000, which means firm stockholders pay more than five times the actual price of BTC by exposure to metaplanet stock.
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