Japanese investment firm Metaplanet has recently expanded its bitcoin holdings with another $2 million purchase, acquiring 38.464 bitcoin worth approximately 300 million yen. This move brings the Tokyo-listed company's total bitcoin holdings to 398.832 BTC, valued at around $26 million, as disclosed in a statement.
The decision to increase its bitcoin reserves comes at a time when confidence in the cryptocurrency is on the rise. bitcoin was trading at $56,732 with a 3.12% increase in the past 24 hours, rebounding from a recent dip to $52,700 earlier in the week.
Following the announcement of the additional bitcoin purchase, Metaplanet's stock reacted positively, rising by 4.42% on Tuesday. Shares were trading at around 1,086 yen, with a brief peak at 2,000 yen during the day. In contrast, the broader Nikkei 225 index showed a marginal 0.02% increase.
Digital Asset Products Experience Largest Outflows Since March
In light of major macroeconomic events, investors have become more cautious about digital asset investment products, leading to significant outflows totaling $726 million over the past week. This figure matches the largest recorded outflow since March.
bitcoin, in particular, saw substantial outflows amounting to $643 million. Despite this, short-bitcoin products attracted minor inflows of $3.9 million, indicating some investors are still hedging against further price declines in the leading cryptocurrency.
ethereum also faced significant losses, with outflows reaching $98 million, primarily from the Grayscale ethereum Trust, a key player in the market. Market stabilization has been observed following last week's price swings, but implied volatility remains elevated.
According to a recent note from QCP Capital, the crypto market anticipates volatility ahead of key events, such as the Trump v Harris debate and CPI data release. Despite cautious sentiment due to potential downside risks, the market continues to monitor developments closely.
