Asia’s MicroStrategy Metaplanet Buys 107 Additional Bitcoins Just Before Uptober Rally Kickstarts

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As a seasoned researcher who has witnessed the rollercoaster ride that is the crypto market over the past decade, I find myself intrigued by the relentless Bitcoin buying spree of Metaplanet. With my fingers on the pulse of this dynamic sector, I can confidently say that their recent purchase of 107 Bitcoins is a strategic move that aligns with the broader market sentiment.

On Tuesday, Asia’s Metaplanet from MicroStrategy announced the acquisition of 107 Bitcoins, boosting their holdings, as the crypto market begins Q4 with a positive outlook. Investors are anticipating a Bitcoin surge in October, often referred to as a Bitcoin Uptober rally. Over the last few months, this Japanese-listed company has been persistently purchasing Bitcoins, following MicroStrategy’s strategy to incorporate Bitcoin into their financial assets.

Metaplanet Bitcoin Buying Spree Continues

Metaplanet recently announced that they’ve invested an extra 1 billion Yen, using it to buy more Bitcoins. At the time of purchase, Bitcoin was trading at a 1.32% decrease, with a value of $63,657 and a market capitalization of $1.257 trillion. With this latest transaction, the Japanese firm now owns over 500 Bitcoins, having invested a total of approximately 4.75 billion Yen. This is also their first Bitcoin purchase since the Fed’s rate cut announcement in September.

*Metaplanet purchases additional 107.91 $BTC*
— Metaplanet Inc. (@Metaplanet_JP) October 1, 2024

After the announcement was made, the price of Metaplanet’s stock rose by 3.63%, now hovering around the 1,027 mark. The stock has already seen a staggering 540% increase in value so far this year, but it is still selling at a 66% reduction from its peak of 3,000 in May, when the company first announced its Bitcoin acquisition.

Bitcoin closed September with nearly 8% gains making it one of the best September’s over the past decade. However, the bulls failed to hold above the crucial resistance level of $65,000 with Bitcoin and altcoins falling sharply on Monday. Bohan Jiang, head of OTC options trading at Abra said:

As a market analyst, I can express this observation in a more conversational style like this: “I noticed that the selling activity was primarily fueled by profit-taking through active spot trading on exchanges, and also due to new short positions being opened, leading to an uptick in open interest for Bitcoin within the perpetual futures market.

Investors Looking Forward to Bitcoin Uptober Rally

As a researcher immersed in the dynamic world of cryptocurrencies, I am brimming with anticipation as we step into the traditionally bullish Q4. The Bitcoin market and the broader crypto sphere are buzzing with optimism. What makes this period particularly intriguing is the supportive macroeconomic indicators and the increasing money supply that seems to be fueling the excitement.

Financial authorities are considering another 50 basis point reduction in interest rates, which could potentially propel Bitcoin prices towards $70,000. Historically, October tends to be a favorable month for the markets, with approximately 80% of Octobers demonstrating growth. Furthermore, in years when there is an election, all of October, November, and December have consistently shown gains. Consequently, given these positive signs, companies like Metaplanet, MicroStrategy, and others are planning to accumulate more assets in anticipation of the upcoming bull market.

80% of Octobers were green

100% of election years had a green October, November and December

100% of the years with a green September had a green October, November and December

Q4 starts TOMORROW

— Quinten | 048.eth (@QuintenFrancois) September 30, 2024

With the ongoing growth of the worldwide M2 money supply, Bitcoin speculators anticipate a potential rally to reach around $90,000 by year’s end.

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2024-10-01 07:30