WIN BITCOIN
Over $713 million in long positions were liquidated in the past 24 hours, with Bitcoin and crypto traders on major exchanges like Binance and OKX bearing the brunt of the losses. The sharp decline came amid renewed macroeconomic concerns, particularly fresh U.S. tariff proposals that rattled global markets. Bitcoin price fell to $113,756.
Market technicals have deteriorated notably, with Bitcoin’s Coinbase premium turning negative this week for the first time in nearly two months, according to CryptoQuant data. This shift, coupled with a 13% drop in Bitcoin futures open interest on CME from July highs. The options market has also turned cautious, with Bitcoin’s 30-day skew flipping from +3% to -1.5%, indicating stronger demand for downside protection.
The cooling sentiment follows a substantial wave of profit-taking in late July, with realized profits ranging between $6-8 billion. Institutional selling pressure intensified around July 15, when approximately $10 billion worth of Bitcoin changed hands over-the-counter, triggering a 4% price decline. Adding to the downward pressure, miners liquidated roughly 15,000 BTC following the recent all-time highs, suggesting that even long-term holders are taking advantage of elevated prices to secure profits.
Despite the sharp pullback, institutional appetite for Bitcoin continues to grow. Japanese hotel firm Metaplanet announced plans to raise upto $3.7 billion through a preferred stock offering to accelerate its Bitcoin accumulation strategy. The company aims to acquire 210,000 BTC by 2027, which would require increasing its current holdings of 17,132 BTC more than twelvefold.
The proposed raise represents approximately 75% of Metaplanet’s current market capitalisation of $4.8 billion. The company plans to issue two classes of perpetual preferred shares, each potentially worth $1.9 billion, offering dividend payouts up to 6% annually.
The Company intends to actively pursue equity financing as part of its ‘Bitcoin Strategy. Metaplanet’s move follows a growing trend of corporate Bitcoin accumulation. Earlier this week, Strategy bought $2.5 billion worth of Bitcoin, while MARA Holdings completed a $950 million convertible note offering primarily earmarked for BTC purchases.
The institutional buying spree has helped maintain Bitcoin’s price above $100,000, despite today’s volatility. The total market value of publicly-traded companies holding Bitcoin has now exceeded $100 billion, with new entrants joining the space almost weekly.
Market analysts suggest the current pullback could provide an attractive entry point for institutional buyers looking to establish or increase their Bitcoin positions. The growing corporate interest, exemplified by Metaplanet’s ambitious fundraising plans, indicates strong underlying demand despite short-term price fluctuations.
