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BlackRock & Metaplanet Buy Bitcoin Dips As Crypto Market Turns Sour

2 months ago
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The recent Bitcoin dip under $60,000 has sent jitters across the market triggering more than $53 million long liquidations in the last 24 hours. However, big players like BlackRock and Metaplanet have been buying on every dip in this market cycle highlighting their confidence in the asset class.

BlackRock, Metaplanet Buying the Bitcoin Dips

Over the last fortnight, BlackRock has increased its Bitcoin holdings by a staggering $742 million looking past the market volatility. The world’s largest asset manager has accumulated a total of 12,272 Bitcoin (BTC) in the past 16 days.

This significant acquisition comes after a period of reduced buying activity between August 27 and September 24, when Bitcoin traded below $60,000 for an extended time. However, since September 24, BlackRock has once again resumed its BTC purchases, taking its total holdings to more than 369,822 BTC, valued at approximately $22.4 billion. This continuous acquisition shows that asset managers have growing confidence in the long-term value of BTC.

Last week, BlackRock advised buying Bitcoins as the US Dollar loses strength over the period of time and thus loses the purchasing power. On the other hand, Bitcoin positions itself as an inflation hedge, and a strong alternative to counter the declining purchasing power of the US dollar.

Apart from BlackRock, Metaplanet is also buying the Bitcoin dips. Metaplanet has made another significant Bitcoin acquisition, purchasing approximately 108.99 BTC for ¥1 billion at an average price of ¥9,174,396 per Bitcoin. The latest purchase comes within four days of Metaplanet buying Bitcoins earlier this week. As of October 11, the company now holds a total of 748.50 BTC, acquired for ¥6.965 billion at an average price of ¥9,304,655 per Bitcoin.

BTC Whales Panic Sell

The recent BTC price volatility has led experts to believe the possibility of another 75% correction, per the historical trends. While BlackRock is buying, crypto whales have also been panic selling in this recent correction.

As per the latest data from Lookonchain, a crypto whale recently panic-sold 800 BTC ($48.5M) following a drop in Bitcoin’s price. Since June 19, this whale had accumulated 11,659 BTC ($727M) at an average price of $62,362 and sold 10,345 BTC ($619M) at $59,847, resulting in a loss of around $26M. Despite the losses, the whale still holds 8,936 BTC valued at $540M.

The BTC price took a dive under $60,000 earlier today following the US CPI data for September and the red-hot inflation numbers. The current movements have made bulls lose the hope for a ‘Uptober’ rally ahead.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source: https://coingape.com/blackrock-metaplanet-buy-bitcoin-dips-as-crypto-market-turns-sour/