Bitcoin Price Drops Below $75K Amidst Heavy Investments
Bitcoin's price and ownership have seen significant changes recently. Abraxas Capital, a London-based firm, invested heavily, buying over $45 million worth of Bitcoin on April 18. Meanwhile, Michael Saylor's company, Strategy, purchased $285 million worth. However, two weeks ago, the Bitcoin price dropped below $75,000 due to a massive sell-off in the S&P 500.
Abraxas Capital's latest investment includes a purchase of over $45 million in Bitcoin from Binance on April 18. This comes after the firm acquired 2,949 Bitcoin worth over $250 million before the Easter weekend. Meanwhile, Michael Saylor's company, Strategy, purchased $285 million worth of Bitcoin, paying an average price of $82,618 per Bitcoin.
Two weeks ago, on April 6, the Bitcoin price fell below $75,000 due to a record-breaking $5 trillion sell-off in the S&P 500. Despite this, large Bitcoin investors are currently absorbing over 300% of the annual Bitcoin supply, while stocks on exchanges are decreasing at a historic pace. Marcin Kazmierczak, COO of RedStone Oracles, suggests that recent Bitcoin movements may be operational transfers and not indicative of impending selling pressure. Analysts from Bitfinex exchange note that large on-chain movements of coins rarely influence weekend price action on liquid markets or centralized exchanges.
These investments and price fluctuations highlight the ongoing interest and volatility in the Bitcoin market. While recent movements may not signal immediate selling pressure, investors continue to absorb a significant portion of the annual Bitcoin supply.
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