Bitcoin is once again drawing market attention as Michael Saylor posted a cryptic message on X on March 8. He mentioned that “The Second Century Begins”. He also shared a chart historically used by the company when announcing further Bitcoin acquisitions.
Based on a filing with US Securities and Exchange Commission (SEC), the company bought 17,994 BTC for nearly $1.28 billion last week.
The purchase was made at an average price of nearly $70,946. It increased Strategy’s total holdings to 738,731 BTC.
The company’s cumulative acquisition cost for its Bitcoin treasury is now at $56.04 billion. The average purchase price is around $75,862.
The company’s holdings are now valued at over $50 billion at current price. This positions Strategy as the largest corporate holder of Bitcoin.
The company financed the latest acquisition through its at-the-market equity offering program. This allows Strategy to periodically issue shares and raise capital from investors.
Between March 2 and March 8, Saylor’s company raised roughly $1.28 billion through the sale of STRC preferred shares and MSTR common stock.
Strategy’s latest purchase shows a 527% increase in weekly buying activity compared to earlier periods. This highlights the company’s continued commitment to its long-term Bitcoin accumulation strategy.
According to SoSoValue, spot Bitcoin ETFs recorded inflows of $568.45 million last week. This comes after $787.31 million positive flows the previous week.
Despite ongoing geopolitical tensions and market volatility institutional demand for Bitcoin has stayed relatively stable.
Meanwhile the collective Bitcoin holdings of non-mining public companies have climbed to around 999,210 BTC, representing roughly 5% of Bitcoin’s circulating supply.
Also Read: Bitcoin Price Trades Near $67,000 After Recent Drop to $66,000
Bitcoin is currently trading around $69,900. The price fluctuates near the lower boundary of its recent consolidation range.
Technically the asset stays inside a parallel channel between approximately $65,120 and $71,980. Immediate resistance appears near the $71,980 level, while support is located near $65,120.
On the downside, initial support is defined by the channel floor near $65,120, with a break lower exposing the psychological $60,000 horizontal line as the next key level.
As long as BTC trades between $65,120 and $71,980, the pair remains in a corrective bearish channel.