Bitcoin drops 6.5% as old wallets dump, corporates keep buying

Bitcoin started September bleeding, falling 6.5% just as older wallets began emptying ￰0￱ Friday, nearly 97,000 BTC was pushed out by long-term holders, the largest one-day dump of the year, according to ￰1￱ entire surge came from coins that had been sitting tight for anywhere between six months and five years. That’s what sent the 14-day simple moving average (SMA) for long-term spending ￰2￱ holding coins for 1 to 2 years let go of 34,500 ￰3￱ 16,600 BTC came from the 6 to 12-month range, and the 3 to 5-year-old wallets dumped 16,000 BTC. That’s over 70% of the total sell volume from just three age ￰4￱ that Bitcoin hit the market just as prices dropped to $108,000 Friday ￰5￱ by Monday, it bounced back to over $109,000.), formerly known as MicroStrategy, was the first to throw corporate weight behind the asset.

Now, that playbook has been copied by at least 180 other ￰6￱ of those, around 25% were trading below the value of their Bitcoin holdings as of August 22, based on data from Capriole ￰7￱ situation’s getting strange enough that buying shares in these companies is basically buying cheap Bitcoin, sometimes cheaper than market ￰8￱ July, public companies alone bought up nearly two-thirds of all the Bitcoin acquired by major players—ETPs, governments, corporates, ￰9￱ Panigirtzoglou, Managing Director at JPMorgan, said the effect of these new buyers is already being ￰10￱ believes this wave could make Bitcoin “more attractive from a valuation point of view,” adding that falling volatility may even make it a stronger challenger to ￰11￱ steadier the buying, the more likely Bitcoin is to keep showing up in portfolios that used to only hold metals and ￰12￱ treasuries are also holding Ether, and even smaller names are getting ￰13￱ last week, Trump Media Group announced it would partner with ￰14￱ to launch Trump Media Group CRO ￰15￱ company will manage Cronos (CRO-USD), Crypto.

com’s in-house blockchain ￰16￱ the Tuesday announcement, CRO’s market cap has jumped to $9 ￰17￱ buying surge and political greenlight are unfolding while the ￰18￱ sits in the shadow of quantitative ￰19￱ Fed used it during COVID and the 2008 crash, pumping the economy with money to avoid ￰20￱ have long called it “money printing,” warning it fuels risky behavior and pushes bubbles ￰21￱ seen where it ￰22￱ in Cryptopolitan Research and reach crypto’s sharpest investors and builders.