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Both crypto whales and the business intelligence giant MicroStrategy have heavily invested in Bitcoin, leveraging the recent drop in its price.
Combined, their investments exceed $302 million, indicating a strong bullish outlook despite market volatility.
Crypto Whales Buy the Bitcoin Dip
MicroStrategy enhanced its Bitcoin portfolio by adding 169 BTC worth $11.4 million in July. This recent acquisition brings the company’s total holdings to 226,500 BTC, currently valued at around $14.6 billion. MicroStrategy spent $8.3 billion to buy these BTC at an average price of $36,821.
Phong Le, MicroStrategy’s CEO, expressed continued optimism about Bitcoin’s potential.
“On the adoption front, we are extremely optimistic with the improved understanding of Bitcoin and the increasing support for the ecosystem from bipartisan politicians and institutions on display at the Bitcoin 2024 Conference in Nashville,” Le said.
Read more: Who Owns the Most Bitcoin in 2024?
The community continues to praise MicroStrategy and its co-founder, Michale Saylor, for their bold Bitcoin strategy. However, the firm reported substantial financial setbacks, with a net loss of $102.6 million for the second quarter of 2024.
MicroStrategy is not the only entity betting big on Bitcoin. According to Spot On Chain, a crypto whale capitalized on the market downturn by transferring 4,600 BTC, valued at $291 million, from the Bitfinex exchange to a new wallet.
This move came as Bitcoin briefly dropped to $62,300 on Thursday before recovering swiftly. The rebound in price showcases the extreme volatility in the crypto market, which presents both risks and opportunities.
In the last 24 hours, Bitcoin experienced high volatility, initially plummeting to $62,300, then climbing to $65,600, and finally stabilizing around $64,500. Consequently, the market saw extensive liquidations affecting numerous trading positions. Data from Coinglass indicates that $284.63 million worth of crypto traders’ positions were liquidated during this period, affecting almost 100,870 traders.
Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030
Despite these short-term fluctuations, industry leaders’ long-term perspective on Bitcoin remains optimistic. Jan Van Eck, CEO of VanEck, an asset management firm, predicts that Bitcoin could eventually match half the market capitalization of gold. This estimation would value Bitcoin at approximately $350,000.
“To me, its no doubt that Bitcoin is being adopted the way gold is. Its obvious,” Jan Van Eck said.