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Crypto hub: MicroStrategy boosts Bitcoin reserves
Bitcoin dropped below $95,000 after a volatile week, with selling pressure from whale activity. Meanwhile, XRP surged 22% to hit a multi-year high of $2.87.
MicroStrategy acquired 15,400 BTC, bringing its holdings to 402,100 BTC worth $40 billion
Bitcoin’s exchange supply ratio dropped to 0.13, the lowest since February 2018
The U.S. government moved $1.92 billion worth of Bitcoin to an exchange, retaining 183,850 BTC
Bitcoin experienced notable volatility last week, with bears initially dominating the market. The cryptocurrency fell below $91,000 on Tuesday before recovering as bulls drove the price above $97,000 on Wednesday and near $99,000 on Friday. Despite this rebound, BTC faced resistance during the weekend, retracing to under $95,000 by Monday morning. Reports suggest this decline followed significant BTC deposits by whales to exchanges, likely to capitalize on recent gains.
In contrast, XRP emerged as the standout performer, surging by 22% over the past day to reach $2.87, a new multi-year high. This rally briefly propelled XRP to become the third-largest cryptocurrency by market capitalization.
MicroStrategy expands Bitcoin holdings
MicroStrategy, a leading corporate Bitcoin investor, added 15,400 BTC to its holdings in a transaction worth approximately $1.5 billion. According to a Dec. 2 SEC filing, the company now holds 402,100 BTC, purchased at an average price of $58,263 per coin. At current market prices, its Bitcoin holdings are valued at roughly $40 billion, representing 1.9% of Bitcoin's total supply.
Bitcoin exchange supply hits multi-year low
The proportion of Bitcoin held on exchanges relative to the total circulating supply has dropped to 0.13%, the lowest level since February 2018. This marks a continued decline from 0.18 at the start of 2022 and 0.158 at the beginning of this year. The trend suggests that more investors are moving their Bitcoin to personal wallets or cold storage, favoring long-term holding strategies and reducing immediate supply available for trading.
U.S. government transfers Bitcoin worth $1.92B
In a significant transaction, the U.S. government moved 19,800 BTC, valued at $1.92 billion, to a cryptocurrency exchange on Dec. 2. Of this amount, 10,000 BTC worth $962.9 million were sent directly to the exchange. These transfers are part of ongoing custody actions involving seized assets rather than outright sales. Overall, 25,999 BTC worth $2.49 billion have been transferred from government-controlled wallets in 2024. The government still holds 183,850 BTC, valued at $17.57 billion, in its known addresses.
