Strategy boosts BTC holdings with $100 million purchase as whales return to accumulation
- Strategy purchased 1,587 BTC last week, boosting its holdings to 846,842 BTC.
- CryptoQuant data show that exchange inflows from whales collapsed to near-zero, triggering a whale supply U-turn on Sunday.
- Whales absorbed panic selling at $61,400, triggering a rebound to $65,700 with a strong supply shock.
Strategy (MSTR) expanded its Bitcoin (BTC) holdings last week, purchasing 1,587 BTC for roughly $100 million, according to a filing submitted on Monday. The purchase increased Strategy's total holdings to 846,842 BTC, acquired at an average cost basis of $75,656 per Bitcoin.
Strategy extends Bitcoin buying streak, whales return to action
The acquisition was funded with proceeds from the company's at-the-market (ATM) equity program, through which it sold 1.7 million shares of its Class A Common Stock (MSTR), raising $209 million. Strategy said it maintained approximately $1.1 billion in cash reserves during the period.
The latest purchase comes as onchain indicators suggest selling pressure from long-term Bitcoin holders has eased significantly.
According to CryptoQuant contributor Woominkyu in a note on Monday, exchange inflows from whales dropped sharply in recent days, signaling a potential end to a period of heavy distribution that weighed on Bitcoin earlier in the month.
The Inflow Coin Days Destroyed (CDD), a metric used to track the movement of older coins, fell from 2.16 million to roughly 33,000. The decline suggests long-term holders have largely slowed Bitcoin inflow to exchanges, reducing potential sell-side pressure.
The analyst pointed to a sharp reduction in old-coin movements after a wave of exchange deposits between June 1 and June 4 helped push Bitcoin from $71,300 to as low as $63,800.
The shift became more evident during Bitcoin's decline to roughly $61,400. CryptoQuant data showed the Exchange Whale Ratio climbed to 62.3%, indicating that large holders accounted for the majority of exchange activity while absorbing selling pressure from smaller market participants.
“At the $61.4K bottom, whales stepped in. Over 11.4K BTC (~$700M USD) was withdrawn from exchanges to cold wallets (Negative Netflow),” Woominkyu wrote.
As selling activity slowed, Bitcoin rebounded to around $65,700. The analyst said a key turning point occurred on June 14, when total whale supply reversed a 12-day decline and began trending higher.
BTC is trading at $66,600, up 4.5% over the past 24 hours at the time of writing.
Author
Michael Ebiekutan
FXStreet
With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addition to
