When you think it’s all ups, the downs start to feel like a never-ending drop.
That’s kind of what’s happening with Bitcoin right now, after it fell as much as 5% in just 10 hours, but some big players are still betting on it.
Metaplanet and El Salvador stacked up on Bitcoin, with Metaplanet buying 135 Bitcoins for $13 million at $96,185 each, and El Salvador purchasing 7 Bitcoins at around $94,050 each.
The second best time to buy?
Metaplanet’s move brings its total Bitcoin stash to 2,225, worth over $205 million. They’re currently up about 12.7% on their investment since April, with their “BTC Yield” up 23.3% this quarter.
El Salvador, widely known for its Bitcoin enthusiasm, now holds 6,088 Bitcoins, valued at $560.7 million. These buys happened just before Bitcoin dipped below $91,000.
Market sentiment takes a hit
Despite these optimistic buys, crypto market sentiment has dropped to its lowest in over five months, and eight spot Bitcoin ETFs saw significant outflows, totaling $357.8 million, with the Fidelity Wise Origin Bitcoin Fund losing $247 million.
It’s like the whole market is holding its breath, waiting to see what happens next.
El Salvador’s Bitcoin strategy is simple
El Salvador’s continued investment in Bitcoin is interesting, especially since they’ve agreed to pull back on some Bitcoin policies as part of a deal with the IMF.
They’re no longer making it mandatory for merchants to accept Bitcoin, but they’re still buying in.
It’s a mixed message, but one thing is clear, they believe in Bitcoin’s potential.
Also, it’s pretty sure Bitcoin isn’t going away anytime soon, so whether it will rebound or continue to slide remains to be seen, big players like Metaplanet and El Salvador still investing.
We can assume that there’s definitely hope for a brighter future.
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