Strategy now holds 847,363 BTC, but Bitcoin bulls still need proof! - AMBCrypto
Strategy is raising funds through equity sales and using that to add more Bitcoin [BTC] to its arsenal! As it stands, sentiment is weak, so investors are not fully back in profit-taking mode. Hence, the. . .
Strategy is raising funds through equity sales and using that to add more Bitcoin [BTC] to its arsenal! As it stands, sentiment is weak, so investors are not fully back in profit-taking mode. Hence, the timing here is very peculiar. Strategy sells… and buys too!Between 15 and 21 June, Strategy sold 2. 71 million MSTR shares through its at-the-market program. They raised $335. 5 million in net proceeds. The company then used part of that capital to buy 520 BTC for $34. 9 million, at an average price of $67,068 per Bitcoin. Source: StrategyAs of 21 June, the companyheld847,363 BTC, bought for a total of $64. 1 billion at an average cost of $75,651 per coin. Its dollar reserves also rose to $1. 4 billion. Is the market very fragile?Don’t let Strategy fool you though because the marketdoesn’t looklike it’s recovering just yet. At the time of writing,Bitcoin’sadjusted SOPR was still struggling around the key level of 1. Going above 1 usually means investors are selling coins at a profit while a move below 1 means losses are still being realized. Source: CryptoquantOn the charts though, there seemed to be no confirmation. Profit-taking from long-term holders has gone weaker too, so the market may even still be resetting. Source: CryptoquantUntil the aSOPR reclaims 1 and holds above it, Strategy’s buying is certainly just buying the dip. Bitcoin still needs better paceBitcoin‘s price bounced back near $64,300, but its recovery is not strong enough yet to call it a big reversal. Source: TradingViewThe RSI was around 42, with the pace improving from weaker levels but still below the bullish zone. The CMF was also close to neutral, but negative at -0. 02. While capital inflows seemed to be improving, buyers have not asserted any dominance so far. A move up would make the recovery more convincing. Until then, Bitcoin risks remaining a fragile rebound. Final SummaryStrategy sold $335. 5M worth of MSTR shares; used proceeds to buy 520 more Bitcoin. Bitcoin’s market remains as fragile as ever.