BlackRock and Metaplanet buy Bitcoin amid fall
Despite the recent drop in Bitcoin (BTC) below US$60,000 following the release of US inflation data, large investors continue to buy. In this sense, giants such as BlackRock and the Japanese Metaplanet continue to acquire BTC aggressively.
While retail investor sentiment is pessimistic, large players are seeing these declines as opportunities to accumulate for the long term. Together, both companies purchased the equivalent of more than $800 million in BTC.
BlackRock and Metaplanet buying Bitcoin at the bottom
In the last two weeks, the BlackRock manager increased its Bitcoin reserves by US$742 million despite the sharp drop. According to data from the manager, BlackRock's BTC purchases reached 12,272 BTC in the last 16 days.
This acquisition is even more significant because the company saw reduced activity between August 27th and September 24th. But since September 24, BlackRock has resumed its BTC purchases, bringing its total holdings to over 369,822 BTC.
These cryptocurrencies are part of the company's Bitcoin ETF (IBIT), which is the largest in the world in its segment. In total, the manager has approximately US$22.4 billion. This continued buying shows that managers still have growing confidence in BTC's long-term value, even with recent declines.
Last week, BlackRock advised buying Bitcoin as the US dollar loses strength over time and therefore loses purchasing power. On the other hand, the company classified Bitcoin as a “protection against inflation and a strong alternative to combat the decline in the purchasing power of the dollar”.
In addition to BlackRock, Metaplanet is also buying on the dip, acquiring 108.99 BTC for ¥1 billion at an average price of ¥9,174,396 per BTC. This was the second purchase made by the company this week alone.
With this purchase, Metaplanet now holds a total of 748.50 BTC purchased for ¥6.965 billion. The company's average price is ¥9,304,655 per Bitcoin.
BTC whales sell in panic
Recent BTC price volatility has led experts to believe in the possibility of a 75% correction, according to analysis by Peter Brandt. While BlackRock is buying, market whales are panic selling in this recent correction.
According to the latest data from Lookonchain, a whale recently sold 800 BTC ($48.5 million) following a drop in the cryptocurrency's price. Since June 19, this whale has accumulated 11,659 BTC ($727 million) at an average price of $62,362 and sold 10,345 BTC ($619 million) at $59,847.
With this operation, the investor lost around US$26 million. Despite the losses, the whale still holds 8,936 BTC valued at $540 million.