Top digital asset management firm and corporate bitcoin bull, Microstrategy, has bought additional BTC worth about $244m based on its latest filing with the SEC. Thus, the company’s total BTC purchases in this quarter are now worth about $210m.
Microstrategy Remains A Corporate BTC Whale
Microstrategy maintains its position as the leading corporate crypto whale. Its BTC asset is now valued at about $3.17B at an average buy price of $27,714 per coin. The company CEO disclosed the additional purchase via his official Twitter handle today. Microstrategy’s filing with the sec indicates that it increased its BTC holdings by almost 9,000 in this year’s third quarter.
As previously reported, Microstrategy purchased more BTC valued at approximately $178b last month. As of this writing, BTC price is at about $45.5K on the top exchanges. More BTC purchases in 13 months than any other corporate investor. Microstrategy had bought more BTC than any other corporate firm since its first BTC purchase about 13 months ago.
It remains the highest BTC holder out of all publicly listed companies in America. Tesla, Coinbase and Marathon Group are among other corporate BTC whales. But their holdings pale in comparison to Microstrategy’s holdings. The firm’s CEO, Micheal Saylor, has also become a BTC advocate and often uses any available opportunity to advise other companies to increase or add BTC to their asset portfolio.
Microstrategy’s BTC purchase occurs when the king coin price continues to decline. It has lost 3.5% in the past 24 hours. The entire crypto market cap has declined by over 4.5% as altcoins also posted losses today.
The Top Two Digital Assets Consolidate Before Their Next Bullish Run
The price of BTC and ETH continues to bounce around the same range without any clear indication about their next price movement. The king coin’s price action keeps getting narrower despite continued consolidation. Since the whole crypto market experienced a strong price correction this past week, the leading digital asset has created several lower highs and lower lows.
A trendline drawn across the critical points leads to a falling wedge pattern – a prediction of a 6.6% target either positively or negatively. A target of $47,635 is possible, provided the 1-hour candlestick closes over $44,905. A decline below $43,898 might put the bears in control until their price reaches about $41,333.
BTC trendline chart. Source: TradingView
ETH price movement is also behaving like the king coin. It has been moving along a declining parallel channel in the last seven days. The height of this technical trend has formed a key resistance for ETH. ETH has struggled to surpass it and keeps falling back to this trend’s low point each time it attempts to surpass that trend’s upper boundary.
ETH Trendline chart. source: TradingView
However, ETH hasn’t made any appreciable price movement after reaching this trendline’s mid-point recently. ETH will likely embark on a strong rally once it can surpass the $3,333 key resistance. but if it declines beneath the $3K support, its price might drop towards $2,735.