Weekly Round Trip
Bitcoin reached just shy of $100k but has seen a sizeable pullback after MicroStrategy's recent 55.5k BTC purchase announcement. We see clear tendencies of traders attempting to buy the dip as leverage and yields head north.
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Bitcoin reached just shy of $100k, with Coinbase hitting a peak of $99,860. However, BTC returns sit at 2% for the week following a pullback after MicroStrategy’s announcement of its 55,500 BTC acquisition. MicroStrategy still has $12.8bn left of its ATM sales agreement to continue acquiring BTC, announcements of which we expect in the coming weeks.Average daily trading volume for the past week was around $7.6bn, considerably high but down slightly compared to the past few weeks. MicroStrategy bought $5.4bn worth of BTC and ETFs added 28,391 BTC, but sellers ultimately absorbed this buy pressure as BTC failed to break through $100k.
