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Bitcoin Drops To $92,000: BlackRock And The Whales Take Advantage

Fri 06 Dec 2024 ▪ 3 min read ▪ by Ariela R.
Getting informed ▪ Investissement

The Bitcoin market has recently experienced a significant decline. However, this has not prevented major players from taking advantage of this opportunity to accumulate substantial reserves. Details in the following paragraphs!

Massive purchase of bitcoin
Massive purchase despite the drop in Bitcoin

BlackRock and MARA Holdings adopt an aggressive strategy to accumulate Bitcoin

BlackRock has just acquired an impressive total of 7,750 BTC at an average price of $92,000. These strategic purchases bring the total assets of its Bitcoin fund to a staggering value of $48.9 billion. This move underscores the growing interest of institutions in cryptocurrency, even during periods of price decline.

For its part, MARA Holdings has intensified its commitment to Bitcoin. The mining company has just purchased 1,423 BTC for a total value of $139.5 million. These acquisitions come after a fundraising of $850 million through convertible bonds.

With this new strategy, MARA now holds 22,108 BTC. Its crypto holdings have thus increased by 162% in one month. This choice reflects an aggressive accumulation policy, similar to that of MicroStrategy. The goal: to maximize BTC reserves.

BTCUSD chart by TradingView

A whale and other crypto investors follow the trend

Besides the institutional giants, a mysterious crypto whale has also taken advantage of the recent decline in the price of Bitcoin to strengthen its position. This wallet address, identified by Lookonchain, had recorded no activity until its first transaction on November 24. Since then, it has accumulated 600 BTC. This represents an estimated value of $58.9 million at the time of purchase.

Other companies like Semler Scientific have followed a similar strategy. On December 4, the company bought 303 Bitcoins at an average price of $96,779, just hours before the price exceeded the $100,000 mark. This acquisition brings its total crypto holdings to 1,873 BTC, valued at $182.8 million.

Indeed, the price of Bitcoin has stabilized around $98,000 at the time of writing this article. Nevertheless, these massive purchases indicate increased confidence among major players in the long-term value of the cryptocurrency. Could this trend mark a turning point in the market? To be continued…

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Ariela R. avatar
Ariela R.

Je m'appelle Ariela et j'ai 31 ans. J'oeuvre dans le domaine de la rédaction web depuis maintenant 7 ans. Je n'ai découvert le trading et la cryptomonnaie que depuis quelques années. Mais c'est un univers qui m'intéresse beaucoup. Et les sujets traités au sein de la plateforme me permettent d'en apprendre davantage. Chanteuse à mes heures perdues, je cultive aussi une grande passion pour la musique et la lecture (et les animaux !)

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.