Litecoin has failed in its attempt to get back above $75 and has been trading around lows since early March. So far, the market has been ruthless on older altcoins, favouring new promising projects or heavyweights like Bitcoin and Ethereum benefiting from actual or potential ETF launches.
Crypto News
CryptoQuant estimates that large bitcoin holders, including miners, have reduced positions through OTC platforms by $1.2bn in the past two weeks. Bitcoin miners’ reserves have fallen below 2021 levels. Net outflows from BTC-ETFs totalled $460 million in the same two weeks.
“If this nearly $1.7bn in sell-side BTC is not redeemed OTC, brokers may take bitcoins to the CEX, negatively impacting the market,” commented CryptoQuant CEO Ki Yoon Ju.
MicroStrategy acquired an additional 11,931 BTC for $786 million (~$65,883 per coin) using proceeds from bonds issued and excess cash. MicroStrategy said it sold $800 million worth of bonds. In total, the company now owns 226,331 BTC, acquired for approximately $8.33 billion.
Read More: The Crypto Market Didn’t Dare to Grow