- Metaplanet added 1,088 BTC to its treasury, signaling deeper institutional conviction
- Whales and Open Interest revealed some early signs of renewed bullish momentum
Japanese public firm Metaplanet is in the headlines once again after adding 1,088 Bitcoins to its company holdings. According to the company’s disclosure, it bought the BTC at a price of approximately $117 million – Pushing its holdings significantly to 8,888 BTC.
The new purchase places Metaplanet among the top public Bitcoin holders globally. It is also another sign of institutional players increasing their exposure to the asset, despite some uncertainty in the market.
Institutional activity activates dormant BTC Open Interest
Following Metaplanet’s move and other institutional buying activities of the same kind, Open Interest in Bitcoin began to see signs of revival. In fact, the Futures market had been inactive for weeks, alluding to fearful or uncertain trader sentiment across the board.
However, the latest hike in Open Interest suggested that traders are preparing for a longer-term uptrend. This, in addition to the bullish bias towards BTC, despite its choppy short-term price action.
Source: Coinglass
Whales go quiet, but it may be the calm before a move
Interestingly, large Bitcoin transactions dropped over the last few days. According to Coinglass, whales, following months of vicious profit-taking, are now apparently holding out.
Worth noting, however, that the chart’s descent does not necessarily equal bearishness.
In fact, it could mean that whales are simply waiting for the best opportunity to come back, maybe positioning longs as overall sentiment reverts to bullish.
Source: IntoTheBlock
Long-term bias remains bullish for Bitcoin
Despite the temporary cool-off in whale activity, the overall market is still pretty healthy. Institutional buying on a weekly basis by the likes of Metaplanet reaffirms the long-term investment appeal of Bitcoin.
Combined with the hike in Open Interest and the cautious optimism of large holders, the market may be positioning itself for its next rally.
While volatility has always been part of the equation, Bitcoin’s sentiment is still decisively bullish. As long as long-term holders hold their positions and institution buying persists, Bitcoin’s macro trend will remain strong.
