BlackRock and Metaplanet buy Bitcoin dips, capitalizing on current volatile market conditions as retail investors panic.
The recent drop in Bitcoin’s price below $60,000 has caused concern in the market, leading to over $53 million in long liquidations over the past 24 hours.
Despite the volatility, major players like BlackRock and Metaplanet have continued to buy Bitcoin during these dips, signaling their confidence in the cryptocurrency.
BlackRock and Metaplanet Purchase Bitcoin During Market Dips
In the last two weeks, BlackRock has significantly increased its Bitcoin holdings by $742 million, despite the market’s fluctuations.
The world’s largest asset manager has added 12,272 BTC to its portfolio in just 16 days.
This comes after a period of reduced activity between August 27 and September 24, when Bitcoin stayed below $60,000.
However, since September 24, BlackRock has resumed its BTC acquisitions, bringing its total holdings to over 369,822 BTC, valued at approximately $22.4 billion.
This steady accumulation highlights growing confidence in Bitcoin’s long-term potential.
“BlackRock bought 12,272 $BTC($742M) over the past 16 days. Between Aug 27 and Sept 24, when $BTC traded below $60K for an extended period, #BlackRock made few accumulations. Since Sept 24, they’ve resumed buying, adding 12,272 $BTC to their holdings,” tweeted Lookonchain on October 11, 2024.
Last week, BlackRock also recommended buying Bitcoin as the U.S. dollar weakens over time, positioning Bitcoin as a hedge against inflation and a strong alternative to counter the diminishing purchasing power of the dollar.
Metaplanet, another major player, has also been buying Bitcoin during the dips. Recently, the company purchased 108.99 BTC for ¥1 billion at an average price of ¥9,174,396 per Bitcoin.
This comes just days after another Bitcoin purchase earlier in the week.
By October 11, Metaplanet held 748.50 BTC, bought for a total of ¥6.965 billion at an average price of ¥9,304,655 per Bitcoin.
“Metaplanet purchases additional 108.99 $BTC,” the company announced on Twitter.
BTC Whales Panic Sell
While BlackRock and Metaplanet are buying, some Bitcoin whales have been panic-selling due to the price volatility, with some experts predicting the potential for a 75% correction based on historical trends.
According to data from Lookonchain, one whale panic-sold 800 BTC ($48.5M) following the recent price drop.
This whale had accumulated 11,659 BTC ($727M) since June 19 at an average price of $62,362 but sold 10,345 BTC ($619M) at $59,847, resulting in a loss of around $26 million.
Despite these losses, the whale still holds 8,936 BTC valued at $540 million.
“This whale panic-sold 800 $BTC($48.5M) again after the $BTC price dropped! Since June 19, this whale has accumulated 11,659 $BTC($727M) at $62,362, and sold 10,345 $BTC($619M) at $59,847, losing ~$26M, and still holds 8,936 $BTC($540M),” Lookonchain tweeted.
The Bitcoin price decline below $60,000 occurred following the release of the U.S. Consumer Price Index (CPI) data for September, which showed higher-than-expected inflation.
These movements have caused Bitcoin bulls to lose hope for an October rally.
