Hong Kong-based Metaplanet, dubbed the Japanese version of Strategy has reportedly acquired more Bitcoin despite uncertain market conditions. It is one of the few institutions that have reportedly been taking advantage of the latest market-wide discounts. This Bitcoin news could fuel some excitement for price action.
Metaplanet confirmed officially that it recently acquired 160 BTC worth roughly $13.3 million. This purchase makes it the 9th largest institutional holder courtesy of its latest purchase.
According to the official announcement, the purchase now holds 4,206 BTC. Its total Bitcoin holdings stood at 1,998 billion Yen which was equivalent to $13.36 billion at press time.
This purchase underscores the build-up of institutional demand despite market conditions forcing investors to tread more cautiously. Interestingly, more institutions are looking to walk down the same path.
A recap of Bitcoin institutional demand
GameStop is among those institutions that recently confirmed its intent to seek more Bitcoin exposure. As per the company’s latest disclosure, it currently has a $1.48 billion cash pile that it plans to use to acquire Bitcoin.
The $1.48 billion was generated from the proceeds of GameStop’s latest convertible notes offering. While the company confirmed plans to acquire BTC, it did not reveal the timeline of its purchase.
The latest market conditions have not exactly inspired confidence among Bitcoin investors. Investors, especially in the institutional class have been pulling back on their crypto-related acquisitions.
This was evident in Bitcoin ETF flows which kicked off this month with significant outflows. BTC ETFs recorded $218.4 million worth of ETF outflows on Monday and Tuesday as tariff wars continue casting a dark shadow on the investment landscape.
The negative flows in the last 2 days may underscore the pace the next few days at least until tariff wars cool down. However, the timeline for that happening remains unknown especially now that European countries are planning to retaliate.
Bitcoin news: Could more uncertainty push Bitcoin below $80,000?
Bitcoin maintained an overall bearish performance in Q1, with a sideways bottom range occurring between $77,000 and $89,000. Consolidation was observed within this range and Bitcoin managed stick within the same range.
Despite this, there are risks that the aforementioned cloud of economic uncertainty could continue to fuel the negative news for Bitcoin. This means the possibility of sub $80,000 prices is quite high. If that happens, then Bitcoin could potentially slide to the next support range near $67,000.
Bitcoin exchange reserves have been on an overall downtrend in the last 12 months and recently retested levels last seen in 2018. However, there was a noteworthy uptick in exchange reserves at the tail end of March.
The exchange reserves uptick suggests that the tariff wars and consequent economic uncertainty threaten to force more pressure. Lower confidence in the market could lead to more exchange inflows at least in the short term.
On the other hand, Bitcoin investors should be on the lookout for the return of more institutional demand at recent discount. Especially if demand from institutions such as GameStop, Metaplanet and others starts to pick up pace.
The post Bitcoin News: Metaplanet Becomes The 9th Largest Corporate Bitcoin Holder appeared first on The Coin Republic.
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