Japanese investment advisor Metaplanet has furthered its commitment to Bitcoin, purchasing **20.2 BTC** for **$1.2 million**, bringing its total holdings to **161.3 BTC**. This latest purchase follows their recent announcement of a $6 million Bitcoin acquisition strategy, reflecting a broader trend among corporations to diversify into the cryptocurrency market. Metaplanet's move mirrors the strategy of MicroStrategy, a software developer known for its massive Bitcoin holdings. The company cites the changing investment environment since the pandemic as a key driver for this strategy. Metaplanet's share price rose by 1% following the announcement.

The Japanese investment adviser said it acquired more than 20.2 BTC.

FinanceMetaplanet Buys Another $1.2M Worth of Bitcoin as Investment Strategy ProgressesThe Japanese investment adviser said it acquired more than 20.2 BTC.By Sheldon RebackJul 1, 2024 at 10:11 a.m. UTCUpdated Jul 1, 2024 at 10:53 a.m. UTCShare on FacebookShare on LinkedInShare on XTokyo, Japan (Ryo Yoshitake/Unsplash)Share on FacebookShare on LinkedInShare on XMetaplanet spent $1.2 million to buy more than 20.2 BTC as part of its strategy to build up holdings of the world's largest cryptocurrency by market cap.The investment is part of its strategy, announced a week ago, of buying another $6 million worth of BTC.UnmuteBitcoin’s Price Is Way Up. And $48 Trillion in Wealth Just Got Access08:42Bitcoin Ecosystem Developments in 2023 as BTC Hits Fresh 2023 High01:10Bitcoin Extends Rally as $1B in BTC Withdrawals Suggests Bullish Mood1:02:43Why Financial Advisors Are So Excited About a Spot Bitcoin ETF02:21When Could Traders See the Arrival of a Spot Bitcoin ETF?Metaplanet (3350), a publicly listed Japanese investment adviser, said it bought more than 20.2 bitcoin (BTC) as part of a $6 million strategy to boost BTC holdings in its treasury.In a statement on its website, the Tokyo-based company said it bought 200 million yen ($1.2 million) worth of bitcoin, taking its total holdings to 161.3 BTC. It posted a statement about the purchase to its account on social media platform X shortly after the close of trading on the Tokyo Stock Exchange.A week ago, the company said it planned to increase its bitcoin holdings by buying an additional $6 million worth of BTC. At the time, it already owned $9 million worth of the world's largest cryptocurrency by market cap. The focus on bitcoin was engendered by changes in the investment environment resulting from the Covid pandemic, according to the Metaplanet website.The bitcoin-accumulation strategy mirrors the approach taken by Tysons Corner, Virginia-based software developer MicroStrategy, which has been buying BTC for almost four years and now owns over 226,000 BTC, more than 1% of the entire number of bitcoin that will ever be issued.Metaplanet shares rose 1% before the announcement.CORRECTION (July 1, 10:53 UTC): Corrects number of bitcoin held by MicroStrategy in penultimate paragraph.Edited by Oliver Knight.DisclosurePlease note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.Sheldon RebackSheldon Reback is a CoinDesk news editor based in London. He owns a small amount of ether.Follow @sheldonreback on TwitterRead more aboutMSTRBitcoininvestment

Metaplanet Buys Another $1.2M Worth of Bitcoin as Investment Strategy Progresses

Metaplanet Doubles Down on Bitcoin, Spending $1.2 Million on 20.2 BTC

CleanSpark, a Bitcoin mining company, has achieved a significant milestone by surpassing its mid-year hash rate target of 20 exahashes per second (EH/s). The company mined 445 Bitcoin in June, representing a 6.7% increase in production. This achievement places CleanSpark as the third largest Bitcoin miner in terms of hash rate, trailing behind Marathon Digital and Core Scientific. CleanSpark's CEO, Zach Bradford, has emphasized the company's commitment to increasing its hash rate and associated revenues, choosing to focus on Bitcoin mining rather than diversifying into alternative revenue streams. The company's strategy is to continue expanding its mining operations, with plans to reach 50 EH/s in the future. CleanSpark's stock price has experienced significant growth, up 55.6% in 2024 and 247.6% over the past 12 months.

Bitcoin miner CleanSpark mined 445 Bitcoin in June and became the third miner to notch a hash rate of 20 EH/s.

CleanSpark Achieves 20 EH/s Hash Rate, Focuses on Bitcoin Mining Expansion

Cobo, a leading digital asset custody provider, has announced the integration of **The Open Network (TON)** blockchain into its services. This integration will enhance **security and flexibility** for institutional clients by providing comprehensive custody solutions, including **custodial wallets and multiparty computation wallet technology**. The partnership will also integrate **TON's native Toncoin (TON) token, Notcoin (NOT), and stablecoins like Tether (USDT)**. This move follows significant Web3 support for TON, which powers Telegram's new advertising platform. The integration aims to improve the security and flexibility of digital asset management for institutional clients, expanding Cobo's service offerings. However, TON's **multichain architecture and sharding technology** may present technical challenges. Cobo's platform has a history of regulatory compliance, making this partnership strategic following **Toncoin's approval by the Kazakhstan Financial Services and Regulatory Committee (AFSA)**. This approval places Toncoin on a list of **107 cryptocurrencies approved by the Kazakh government**.  Despite the success of the TON ecosystem, concerns remain regarding **phishing attacks on the blockchain**, as highlighted by SlowMist founder Yu Xian. Xian argues that Telegram's ecosystem is **too free**, with phishing links spread through message groups, airdrops, and other deceptive methods. Users with anonymous numbers face higher risks, as their accounts can be lost if phished by bad actors.

Cobo announces an integration with the TON blockchain, enhancing security and flexibility for institutional clients with advanced custody solutions.

Cobo Integrates TON Blockchain for Enhanced Digital Asset Security

The **stock-to-flow model**, a popular tool for predicting Bitcoin's price, has historically shown a strong correlation between scarcity and value. However, recent data from **Glassnode** reveals a **deviation** from this model. Despite the **halving** in April 2024, which should have increased scarcity and boosted prices, Bitcoin's price has not aligned with the projected stock-to-flow values as closely as in previous cycles.

This divergence suggests that **other factors** are influencing Bitcoin's price beyond scarcity. **Regulatory developments, macroeconomic trends, and the increasing complexity of the market** are playing a significant role in shaping Bitcoin's price trajectory. While the stock-to-flow model remains a valuable tool, investors need to consider a broader range of factors when evaluating Bitcoin's future prospects.

The **maturity and complexity of the Bitcoin market** have **tempered the predictive power of the stock-to-flow model**. This emphasizes the need for a more nuanced approach to Bitcoin price analysis, taking into account the interplay of various market forces.

The complexity and maturity of the Bitcoin market seems to have diminished the predictive power of the stock-to-flow model.

Bitcoin Deviates From Stock-to-Flow Model: What Does It Mean for Investors?

**VanEck's 2024 Bitcoin predictions have proven remarkably accurate, with 95 out of 150 predictions coming true.** This highlights the firm's insightful understanding of the rapidly evolving cryptocurrency market.  **Key predictions that have materialized include:**

* **Bitcoin remaining above $30,000** despite the US recession not yet occurring, fueled by significant inflows into Bitcoin ETFs.
* **The Bitcoin halving in April 2024 proceeding smoothly** and Bitcoin trading above $55,000 afterwards.
* **Bitcoin reaching an all-time high in Q4 2024**, driven by political changes and regulatory optimism. Although BTC hit its peak earlier, in March, the forecast was directionally accurate.
* **Ethereum not surpassing Bitcoin in market cap but outperforming mega-cap tech stocks**, which has been the case.

VanEck's impressive accuracy highlights their expertise in the crypto market and offers a **positive outlook for Bitcoin in 2024.**

VanEck’s crypto predictions achieve high accuracy with 95 out of 150 points.

VanEck's 2024 Bitcoin Predictions: Bullish Outlook With 95% Accuracy

The German government has sold an additional 1,500 BTC, valued at $94.7 million, bringing its total Bitcoin holdings to 44,692 BTC ($2.82 billion). This follows a previous sell-off last week, indicating a strategic move to reduce its Bitcoin reserves. The government transferred 400 BTC to major exchanges like Bitstamp, Kraken, and Coinbase. While the exact reasons for these sales remain unclear, it's likely they are intended to raise capital for government operations. **This sell-off adds to the bearish sentiment surrounding Bitcoin, as a major government player is reducing its exposure to the cryptocurrency.**

The German government has offloaded an additional 1,500 BTC, valued at $94.7 million, with 400 BTC sent to major exchanges such as Bitstamp.

German Government Sells 1,500 Bitcoin, Signaling a Continued Reduction in Reserves

According to Bloomberg ETF analyst Eric Balchunas, **Baby Boomers** are proving to be **better Bitcoin hodlers** than younger generations. Despite the recent drop in Bitcoin's price, **Baby Boomers have maintained their positions**, showing confidence in Bitcoin's long-term potential. This resilience stands in contrast to younger investors who tend to sell off during price drops.  The analyst also noted that **Bitcoin ETFs have experienced net positive flows**, even during the recent price downturn, indicating continued investor confidence. The strong performance of Bitcoin ETFs during this period could be attributed to the unwavering support from Baby Boomer investors.

Baby boomers, resilient in the face of Bitcoin drops, are the best hodlers according to analyst Eric Balchunas.

Baby Boomers are the Unexpected Bitcoin Hodlers

Several on-chain metrics suggest that Bitcoin's price may have reached a cycle top, a bearish signal for the cryptocurrency market. **Capriole Investments founder Charles Edwards** highlights three key indicators:  

1. **Bitcoin Long-Term Holder (LTH) inflation rate**: This metric, which measures the annualized accumulation or distribution rates of long-term holders, is nearing the **critical 2.0 threshold**. A value above this threshold typically signifies a high probability of a cycle top.  

2. **Bitcoin Dormancy Flow**: This metric measures the number of coins being spent relative to the overall trend. The **Dormancy Z-score** has sharply increased over the last 90 days, indicating that the average age of coins spent is significantly higher in 2024. This pattern, similar to the 2017 and 2021 tops, suggests a potential cycle top. 

3. **Spent Volume**:  Spikes in Spent Volume can signal areas of growing risk. **The recent surge in Bitcoin's 7-10-year spent volume** could indicate a cycle top, particularly as the amount moved onchain is significantly higher than previous highs. 

Furthermore, **the recent sale of 142,000 Bitcoin by Mt. Gox**, combined with potential **continued selling by governments**, adds to the supply-side pressure for Bitcoin. Tracking the selling patterns of Bitcoin whales can offer valuable insights into market trends.

Several Bitcoin price metrics suggest that BTC is overvalued.

Metaplanet Doubles Down on Bitcoin, Spending $1.2 Million on 20.2 BTC

Key Points:

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Other Latest News

CleanSpark Achieves 20 EH/s Hash Rate, Focuses on Bitcoin Mining Expansion

Cobo Integrates TON Blockchain for Enhanced Digital Asset Security

Bitcoin Deviates From Stock-to-Flow Model: What Does It Mean for Investors?

VanEck's 2024 Bitcoin Predictions: Bullish Outlook With 95% Accuracy

German Government Sells 1,500 Bitcoin, Signaling a Continued Reduction in Reserves

Baby Boomers are the Unexpected Bitcoin Hodlers

Bitcoin Price 'Cycle Top' Signals: Are We at the Peak?

Other Latest News

CleanSpark Achieves 20 EH/s Hash Rate, Focuses on Bitcoin Mining Expansion

Cobo Integrates TON Blockchain for Enhanced Digital Asset Security

Bitcoin Deviates From Stock-to-Flow Model: What Does It Mean for Investors?

VanEck's 2024 Bitcoin Predictions: Bullish Outlook With 95% Accuracy

German Government Sells 1,500 Bitcoin, Signaling a Continued Reduction in Reserves

Baby Boomers are the Unexpected Bitcoin Hodlers

Bitcoin Price 'Cycle Top' Signals: Are We at the Peak?