What happened?
Bitcoin is rallying with both retail and institutional investors buying in. The current trading value is around $109,242, an increase of 0.87% in the past 24 hours. Both retail investors and institutions have been aggressively buying Bitcoin; with 28 new companies building Bitcoin treasuries in July and August this year, adding a total of 140,000 BTC, almost equalling the annual supply of newly mined coins.
Who does this affect?
This affects both retail investors and institutions who are engaged in Bitcoin trading. One of the most aggressive buyers is Metaplanet, a Japanese investment firm that doubled its holdings to 20,000 BTC, making it one of the top six corporate holders of Bitcoin worldwide. The firm’s aggressive buying shows confidence in Bitcoin’s potential and is causing a ripple effect among other global investors.
Why does this matter?
The aggressive buying trend and corporate spree suggest a bullish outlook on Bitcoin’s future. Institutional and retail accumulation at such a pace could potentially trigger a breakout from current ranges, with projections suggesting Bitcoin could reach up to $250,000 in the next few weeks. This could be a significant game-changer for the cryptocurrency market and potential investors.