Despite Bitcoin’s recent price drop, some major players are doubling down on their investments.
Michael Saylor’s Company Makes a Big Purchase
Michael Saylor’s company, Strategy, just bought another 850 Bitcoin for roughly $100 million. That’s an average price of about $117,344 per Bitcoin. This purchase, made between September 15th and 21st, brings their total Bitcoin holdings to a whopping 639,835 BTC, costing them around $47.33 billion. Even with the recent price dip, their Bitcoin is currently worth about $72.47 billion—a pretty healthy profit! They funded this buy by selling some of their own company shares.
Not Just Saylor: Metaplanet Makes a Huge Splash
Strategy wasn’t the only one buying Bitcoin. Metaplanet, a Japanese company, made an even bigger purchase, snapping up 5,419 BTC for $632.53 million. This is their largest Bitcoin purchase ever, pushing them into the top five Bitcoin holders.
The Big Picture: Strong Demand for Bitcoin
Interestingly, a metric called “Apparent Demand” shows strong buying pressure for Bitcoin. This indicator looks at the difference between newly mined Bitcoin and the amount leaving circulation. Right now, it’s showing significant positive buying pressure, suggesting that despite some short-term bearishness, there’s still a lot of interest in Bitcoin.
Current Bitcoin Price
At the moment, Bitcoin is trading around $113,000, slightly down from last week.