Every week, IntoTheBlock brings you on-chain analysis of top news stories in the crypto space. Leveraging blockchains public nature, IntoTheBlocks machine learning algorithms extract key data that provide a deeper dive into the major developments in the industry.
This week, we cover large bets on Bitcoin from corporations and miners. As well, we go over on-chain data behind the SushiSwap saga and into details behind the most recent DeFi hack.
MicroStrategy & Miners Double Down on Bitcoin
Business intelligence firm MicroStrategy has bought over 16,000 Bitcoin for the second time in the last two months. This brings the total acquired by the publicly traded company to 38,250 Bitcoin. At an aggregate cost of $425 million, this would bring their average Bitcoin price to $11,111.
According to a Coindesk article, MicroStrategy is looking to hold Bitcoin for 100 years. Michael Saylor, MicroStrategys CEO, stated that macro conditions played a large role in his conviction:
Forget about parking the balance sheet surplus in inflation-prone cash or low-yield bonds or overextended tech stocks. In a market like this there are only two good places to put excess cash to work: stock buybacks and bitcoin. – Michael Saylor
Since MicroStrategy first started buying Bitcoin, its stock MSTR has surged over 30%. There are likely to be other institutional investors looking into Bitcoin as well. IntoTheBlocks Large Transactions Volume, which aggregates the total amount transferred in transactions of over $100,000, provides a glimpse into whales and institutional buying/selling activity.
As of September 15, 2020 using IntoTheBlocks Bitcoin Large Transactions
Total large transactions volume hit a yearly high of over 3.33 million Bitcoin on September 10. This number has been increasing significantly si ...