Amid significant price growth for Bitcoin and increased interest from major corporate players, Japanese company Metaplanet announced the purchase of 797 BTC for $93.6 million. This event reflects the overall trend of increasing corporate investments in cryptocurrency.
Metaplanet's Purchase and Overall Growth in Corporate Investments
Metaplanet acquired 797 BTC, increasing total corporate holdings to 16,352 BTC valued at $1.64 billion. This purchase highlights the growing interest of companies in Bitcoin as an asset.
Rising Demand for Bitcoin Spot ETFs
Simultaneously, U.S. spot Bitcoin ETFs attracted $2.7 billion in net inflows over the past week. Specifically, BlackRock's iShares Bitcoin Trust recorded $450 million on July 10, indicating strong institutional interest.
Technical Analysis and Macro Economic Factors
Bitcoin decisively broke above the $118,000 resistance level and now trades 2.4% above its 7-day simple moving average of $114,090. The MACD histogram rose to +1,135, confirming bullish momentum. Additionally, during 'Crypto Week' in the U.S., new regulatory frameworks are being discussed.
In conclusion, the increase in corporate investments in Bitcoin, along with interest in spot ETFs and positive technical analysis, indicates a continuing perception of Bitcoin as a reliable asset against the backdrop of the evolving cryptocurrency market.
