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Global crypto hedge funds have also been buying the dip, signaling a potential Bitcoin “supply shock” as BTC exchange reserves sink to levels last seen in 2018.
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MicroStrategy’s Bitcoin holdings have surpassed a record milestone after the company bought the dip with a $243 million investment.
MicroStrategy’s holdings now exceed 450,000 Bitcoin (BTC), acquired for a total of $28.2 billion at an average price of $62,691.
The milestone comes after the company acquired $243 million worth of BTC at an average price of $95,972, MicroStrategy founder and chairman Michael Saylor announced in a Jan. 13 post on X.
Source: Michael Saylor
MicroStrategy made its $243 million BTC purchase during a nearly weeklong correction, during which Bitcoin’s price traded below the $100,000 psychological mark starting Jan. 7, according to Cointelegraph Markets Pro data.
BTC/USD, 1-month chart. Source: Cointelegraph
Crypto hedge funds have also been buying the dip, which sunk Bitcoin exchange reserves to a near seven-year low on Jan. 13.
Diminishing Bitcoin supply on exchanges may signal an incoming price rally driven by a “supply shock,” which occurs when strong buyer demand meets a decreasing amount of BTC, leading to more price appreciation.
Related: UK judge dismisses $770M Bitcoin landfill hard drive case
This is a developing story, and further information will be added as it becomes available.
This article first appeared at Cointelegraph.com News
