MicroStrategy, the largest corporate holder of Bitcoin (BTC), has announced its latest acquisition of over $4.5 billion. This latest buying has spurred renewed optimism toward BTC price surging to the most-awaited $100,000 mark by this week itself.
MicroStrategy Expands Bitcoin Reserve
In a post on X, the Executive Chairman of MicroStrategy, Michael Saylor, revealed that the company bought 1,780 BTC for approximately $4.6 billion at an average price of $88,627 per Bitcoin. This strategic move further cements the firm’s position as the largest institutional BTC holder.
MicroStrategy has acquired 51,780 BTC for ~$4.6 billion at ~$88,627 per #bitcoin and has achieved BTC Yield of 20.4% QTD and 41.8% YTD. As of 11/17/2024, we hodl 331,200 $BTC acquired for ~$16.5 billion at ~$49,874 per bitcoin. $MSTR https://t.co/SRRtRrB2jO
— Michael Saylor⚡️ (@saylor) November 18, 2024
As of November 17, 2024, MicroStrategy holds 331,200 BTC, acquired for a cumulative $16.5 billion at an average price of $49,874 per Bitcoin. The company has also reported a Bitcoin yield of 20.4% quarter-to-date (QTD) and 41.8% year-to-date (YTD). Earlier, last week, the organization reported buying $2.03 billion BTC.
Meanwhile, Japanese public-listed firm Metaplanet has unveiled plans to issue $11.3 million in bonds to expand its Bitcoin holdings. This signals a growing trend among institutional players leveraging financial instruments to accumulate the flagship crypto amid its recent price surge.
What’s Next for BTC Price?
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Bitcoin began the week trading near $90,000, marking its highest-ever weekly close and a 31.46% surge month-to-date. The cryptocurrency reached a peak of $93,500 on November 13, sparking debates over whether it could sustain its upward trajectory or face a potential blow-off top.
Traders are closely monitoring key support levels at $90,000 and $91,300, with some speculating a spike toward $95,000–$96,000 before any significant pullback. “It’d make sense to spike up near $100K without fully reaching there, and then reverse down,” said CrypNuevo, a prominent trader.
On-chain metrics suggest sustained accumulation by whales and institutional investors. Spot Bitcoin ETFs have reportedly added 425,000 BTC since January, now representing 5.33% of the total circulating supply. However, recent ETF net outflows of $750 million highlight market volatility.
Sentiment indicators suggest caution, with the Crypto Fear & Greed Index hitting 90/100, a level associated with extreme greed and potential market reversals. Analysts also warn of macroeconomic uncertainty, including inflationary pressures and mixed signals from the U.S. Federal Reserve, which could influence Bitcoin price trajectory.