Cryptocurrency markets have seen Bitcoin reach new peaks with the excitement of 2024 corporate demand and ETFs. Meanwhile, corporate demand fluctuates between 10-20 times the daily miner output. Almost all of this demand comes from BlackRock and Fidelity ETFs. Additionally, there are purchases by companies like MicroStrategy.
Bitcoin (BTC) and MicroStrategy
Bitcoin prices continue to fluctuate, and demand from ETFs is far exceeding daily miner output. Furthermore, it was revealed that MicroStrategy purchased approximately $155.4 million worth of BTC between February 15-25. The company bought around 3,000 BTC at an average price of $51,813. Before this purchase, Michael Saylor’s company’s total BTC reserves had exceeded $10 billion.
The company, which continues to buy BTC at every opportunity during the bear market, had converted its MSTR shares into a spot Bitcoin ETF. The MSTR stock, which unofficially moves in sync with BTC, held a significant place in the reserves of large asset management firms like BlackRock. Asset management companies that held MSTR shares on behalf of their clients are now accumulating BTC.
