MicroStrategy buys Bitcoin dip, holdings surpass 450K BTC

     

Global crypto hedge funds have also been buying the dip, signaling a potential Bitcoin “supply shock” as BTC exchange reserves sink to levels last seen in 2018.

MicroStrategy’s Bitcoin holdings surpassed a milestone after the company bought the dip with a $243 million investment.

MicroStrategy’s holdings now exceed 450,000 Bitcoin, acquired for a total of $28.2 billion at an average price of $62,691.

The milestone came after the company acquired $243 million worth of BTC at an average price of $95,972, MicroStrategy founder and chairman Michael Saylor announced in a Jan. 13 post on X.

MicroStrategy made the purchase during a nearly weeklong correction, during which Bitcoin’s price traded below the $100,000 psychological mark starting Jan. 7.

Crypto hedge funds have also been buying the dip, which saw Bitcoin exchange reserves sink to a near seven-year low on Jan. 13.

Diminishing Bitcoin supply on exchanges may signal an incoming price rally driven by a “supply shock,” which occurs when strong buyer demand meets a decreasing amount of BTC, leading to more price appreciation.