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MicroStrategy, led by Michael Saylor, has made another significant Bitcoin acquisition, purchasing $2.03 billion worth of Bitcoin, or about 27,200 BTC. This brings the company’s total Bitcoin holdings to 279,420 BTC since it began its aggressive buying strategy in 2020.
Saylor confirmed the purchase in a tweet, noting that the latest acquisition was made at an average price of $74,463 per BTC. In total, MicroStrategy has now spent nearly $12 billion on Bitcoin, and the company has plans to raise up to $42 billion through debt and equity sales to continue its Bitcoin buying spree.
Bitcoin’s Post-Election Surge
MicroStrategy’s purchase came on November 11, coinciding with Bitcoin’s (BTC) new all-time high of $83,400. The rise was fueled by a post-election rally, following Donald Trump’s victory, which sparked a wave of investment into the crypto market. Since the U.S. elections, over $500 billion has flowed into cryptocurrencies, with Bitcoin being a major beneficiary.
The cryptocurrency market has experienced a surge in capital inflows, with digital asset investment products seeing nearly $2 billion in post-election inflows last week. These inflows helped boost year-to-date inflows to a record $31.3 billion, driving Bitcoin’s market cap to a staggering $1.6 trillion.
Market Outlook
As of now, Bitcoin is trading at around $83,400, setting new highs and continuing its bullish momentum. However, experts are cautioning about the risks of market euphoria and the possibility of volatility in the coming days. Ryan Lee, chief analyst at Bitget Research, pointed out that while Bitcoin’s rally is strong, there could be temporary pauses in gains due to market volatility, particularly in the derivatives markets.
Another factor to watch is the relative gains of BTC and altcoins. While BTC broke through the $80,000 level in the past 24 hours, there has not been a clear rebound in BTC exchange rates for ETH, SOL, and other tokens. This indicates that BTC is absorbing liquidity from the market, signaling a tightening of market funds. This may lead to extreme volatility in derivatives markets due to liquidity constraints.
Ryan Lee, Bitget Research
MicroStrategy’s continued Bitcoin purchases reflect growing confidence in the long-term potential of Bitcoin as a store of value. Meanwhile, the broader cryptocurrency market is experiencing a surge, with Bitcoin leading the charge, but potential volatility may create challenges in the short term. Investors will need to stay vigilant, especially with tightening liquidity and ongoing market fluctuations.
