Crypto 350

06/23 12:27

Strategy now holds 847,363 BTC, but Bitcoin bulls

#World Cup Predictions: 100,000 USDT Daily #TradFi Trading Strategies Sharing Challenge #HTX Creation Challenge — Post and Win 1,500U 💥 Strategy now holds 847,363 BTC, but Bitcoin bulls still need proof!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.As of 21 June, the company held 847,363 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 market doesn’t look like it’s recovering just yet. At the time of writing, Bitcoin’s adjusted 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.On 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

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