Bitcoin Drops 0.65% After Metaplanet's $108 Million Purchase

Bitcoin (BTC) has been experiencing a period of subdued price action, with marginal increases on Friday and Saturday, and a more significant rise on Sunday, crossing $108,000 to settle at $108,350. However, the cryptocurrency has since lost momentum and is currently trading around $107,640, down 0.65%. The flagship cryptocurrency is aiming to push above $109,000 and achieve its highest weekly close, but on-chain data suggests that higher levels are attracting sellers.

Japanese Bitcoin treasury firm Metaplanet has announced the acquisition of 1,005 BTC for $108 million, surpassing Cleanspark and becoming the fifth-largest corporate holder of Bitcoin. Metaplanet now holds 13,350 BTC, acquired for $1.31 billion. The firm’s treasury is worth $1.45 billion at current prices. Metaplanet’s latest acquisition comes after it announced a bond refinancing strategy to fund future purchases. The strategy involved issuing 30 billion yen ($208 million) in 0% ordinary bonds from its EVO fund. The issuance also allows the company to buy back and cancel its third series of ordinary bonds worth 1.75 billion yen ($12 million). These bonds were subject to an annual interest rate of 0.36%. The buyback and cancellation mean Metaplanet has effectively secured an interest-free loan and cash float for future Bitcoin purchases.

Strategy co-founder and executive chairman Michael Saylor has hinted at another Bitcoin (BTC) purchase. Saylor announced the potential purchase in a Sunday social media post. The purchase would mark the 11th consecutive week Strategy has accumulated BTC. According to data from SaylorTracker, Strategy currently holds 592,345 BTC, valued at over $63 billion. The company is up over 52% on its initial investment in the asset. This translates into nearly $22 billion in unrealized gains for the company, which is also the largest corporate holder of the asset.

Bitcoin (BTC) could see rising volatility this week as markets enter a crucial week. The European Central Bank’s annual policy forum is scheduled for Tuesday. Traders will closely watch the forum panel with ECB President and other central bankers. The flagship cryptocurrency crossed $108,000 on Sunday but has fallen back since, down almost 1%. On-chain metrics and derivatives indicated that volatility could return as investors await cues that could shift risk appetite. An on-chain analyst pointed out that whales are moving BTC onto centralized exchanges, noting that such activity combined with declining exchange reserves and weak stablecoin inflows typically precede volatility.

Bitcoin (BTC) was subdued over the weekend, registering marginal increases on Friday and Saturday to settle at $107,339. Price action picked up on Sunday as the flagship cryptocurrency rose nearly 1% to cross $108,000 and settle at $108,350. However, with sellers active at upper levels, BTC has lost momentum and is down 0.65%, trading around $107,651. BTC has traded in a narrow range since last week, when it registered a substantial increase and reclaimed $105,000. Analysts believe long-term selling pressure is impacting price action, preventing a move higher despite growing interest from institutions and corporations.

Capriole Investments founder Charles Edwards stated that BTC was stuck around $100,000-$105,000 largely due to long-term holders “dumping on Wall Street and unloading their positions.” Edwards also highlighted a chart that showed Bitcoin holder growth rates. The chart showed the six-month holder cohort surging, indicating a new influx of Bitcoin treasury companies. Edwards believes Bitcoin treasury companies could create a flywheel buying frenzy, pushing the ETF narrative into the backseat. Jeff Mei, chief operating officer at BTSE, believes short-term traders are taking profits ahead of the July 9 tariff deadline, putting pressure on the price. Mei stated, “They’re hedging against a plunge in market prices in case trade talks go south. While it’ll take time for them to accumulate enough Bitcoin, we expect the market to stabilize over the next year as more long-term holders enter the market.”

BTC has been largely range-bound since breaking above $100,000 in May. The price has remained between $102,000 and $111,000, with a few spikes. Despite this, spot Bitcoin ETFs have registered over $3.2 billion in inflows over the past two weeks. BTC registered a substantial drop on Friday (June 20), falling from a high of $106,515, slipping below the 50-day SMA, and settling at $103,388. Buyers retained control on Saturday as the price fell 1.17% to $102,180, but not before dropping to an intraday low of $100,979. BTC plunged below $100,000 on Sunday as selling pressure intensified. It recovered from this level to reclaim $100,000 and settle at $100,985, ultimately registering a drop of 1.17%. Bullish sentiment returned on Monday as markets responded to the Israel-Iran truce. As a result, BTC rallied, rising over 4% to reclaim $105,000 and settle at $105,443. Buyers retained control on Tuesday as the price rose 0.66% to cross the moving averages and $106,000 to settle at $106,137. BTC registered an increase of 1.19% on Wednesday to cross $107,000 and settle at $107,397. However, it lost momentum on Thursday, falling 0.39%, slipping below $107,000 and settling at $106,980. BTC registered marginal increases on Friday and Saturday to reclaim $107,000 and settle at $107,339. Price action picked up on Sunday as BTC rose nearly 1% to cross $108,000 and settle at $108,350. The current session sees BTC down 0.58%, trading around $107,735 as buyers encounter selling pressure closer to $110,000.