Key Insights:
- Metaplanet buys 5,075 Bitcoin, raising total holdings to 40,177 BTC despite market pressure.
- Negative Coinbase Premium signals weak demand from US investors for now.
- Nearly 43% of the Bitcoin supply is lost, hinting at a possible market bottom.
The largest digital asset, Bitcoin, saw fresh corporate demand as Metaplanet added 5,075 coins in the first quarter of 2026, spending about 63.645 billion yen. Notably, the move lifts its total holdings to 40,177 BTC, even as market signals point to stress among holders and mixed sentiment from US investors.
Japanese investment company Metaplanet moved early in the year, buying 5,075 Bitcoin at an average price near 12.54 million yen per coin. The company said its year-to-date BTC yield reached 2.8%, showing steady returns despite recent market pressure.
By March 31, 2026, total holdings stood at 40,177 Bitcoin. These were acquired for about 623.370 billion yen, with an average cost of 15.51 million yen per coin. It is worth noting that the figures show that the firm built its position over time, not in a single move.
This consistent approach reflects a long view. While prices have faced pressure, the company appears focused on holding rather than trading short-term swings. The growing balance also places it among notable corporate holders, adding to the trend of firms using Bitcoin as a reserve asset.
At the same time, the gap between earlier and recent purchase prices shows the impact of market changes. Some of the holdings are likely under pressure, but the firm continues to add, not reduce, exposure.
Coinbase Premium Outlook
In a separate development, market signals from the United States point to a different tone. A negative Coinbase Premium suggests that demand from US buyers is still weak.
Basically, this metric tracks the price gap between US and global exchanges. When it turns negative, it often shows that buying pressure is lower in the US. It is important to mention that this does not mean demand is gone. Instead, it may point to delayed interest.
This is because traders often watch this signal for signs of a shift. A move back into positive territory would suggest renewed buying from US investors. For now, the weak premium sits alongside steady accumulation from firms like Metaplanet. This contrast shows a split market, where some players are building positions while others hold back.
BTC Supply in Loss Analysis
On-chain data from CryptoQuants analysis shows rising pressure across the network. About 56.9% of Bitcoin supply remains in profit, a sharp drop that brings it close to the 50% mark.
At the same time, around 43% of the supply is now lost. This balance has appeared before during the late stages of market corrections. When profit levels fall and loss levels rise together, it often marks a period where weaker holders exit the market.
Another key level is the realized price, now near $54,100. Bitcoin is testing this line, which has acted as support in past cycles. If it holds, it may signal that the market is near a base. It is important to add that the rise in supply held at a loss also points to what traders call a pain phase.
Many holders are under pressure, and selling tends to slow as losses deepen. In past cycles, this stage has come before a recovery. Taken together, the data show a market under strain but not without support. While short-term signals remain mixed, long-term holders and firms continue to shape the trend.
Bitcoin remains at the center of this shift, with both risk and value in focus. As of this development, the asset is trading at $66,384.85, down 3.26% over the past 24 hours.