MicroStrategy recently acquired 11,931 BTC worth $786 million using the proceeds from a convertible notes offering. However, the Bitcoin price, which briefly surpassed $65,000, has now dropped back below $64,000.
Despite this, most holders are still in a profitable position as they acquired BTC at lower average prices compared to the current level. On-chain data reveals that 46.72 million addresses are currently in profit, while 5.68 million addresses are holding their coins at a loss (nearly 11%).
Only 2.67%, or 1.44 million addresses, have acquired BTC at average prices that correspond to the current trading price. BTC experienced a decline to $56,000 in early May, followed by a spike to above $71,000, which was rejected on May 21 and early June.
On Friday, Bitcoin price dropped by more than 3% to below $64,000, while Ethereum also fell to under $3,500. BTC is currently around $63,700, and ETH is trading near $3,503.
Over the past 30 days, BTC has decreased by 8%, while Ether has declined by 6%, owing to a combination of downside catalysts. Spot Bitcoin ETFs experienced net outflows, and miners have continued to sell post-halving, with on-chain data indicating that miners have sold more than 30,000 BTC in June.
Bitcoin analyst Willy Woo predicts that miner capitulation will likely remain a key downside factor for BTC in the short term. Despite expectations of a quick recovery, miner capitulation is taking longer than historically observed, potentially due to factors that have increased miner profits.
This week, there has been increased sell-off pressure possibly due to a potential dump by the German government, which pushed Bitcoin’s price surge, resulting in the total value of the coins being over $3 billion.
