Chart of the Day
On the move: 100 old-time bitcoins, untouched for over a decade, have just been transferred. These bitcoins, valued at $1 back in 2010, amount to $5 million at the current price. However, in the larger scheme of things, 100 decade-old bitcoins in transit is hardly a market-swinging movement. What we should keep an eye on is the activities of OG miners — those who have been in the industry for more than 10 years. OG miners moving loads of bitcoins (usually around 1,000 BTC, or 20 outputs) to exchanges usually sends signals of the imminent downward trend of BTC price.
Talk of the Town
Saylor Moon: The CEO of MicroStrategy has just added about $1 billion worth of Bitcoin to his trove. Since the company’s first public dealings with Bitcoin in August 2020, not only has MicroStrategy used existing cash on its balance sheet to acquire bitcoins, it has also completed two rounds of convertible debt offerings to finance additional purchases. In view of the recent pullbacks, MicroStrategy’s additional purchase is a confidence booster for many.