Metaplanet Sells $108 Million in BTC Amidst Bitcoin's $80,000 Push
Metaplanet, a Japanese company, has transferred 1,350 BTC to Coinbase Prime. The transfer is valued at approximately $108 million and follows recent deposits into the institutional platform.
The move comes as Bitcoin trades near $79,716, with some traders eyeing the next resistance level of $80,000.
Metaplanet still holds 43,000 BTC in its treasury, acquired at an average price of $96,191 per coin. This means that despite the transfer, the company's reported value remains around $3.48 billion.
The transfer has attracted attention due to concerns about potential selling activity, but no sale was recorded with this transfer. Previous deposits from Metaplanet were for operational purposes such as collateral management, and did not result in confirmed Bitcoin sales.
Bitcoin's price has been steadily increasing, with a 2.20% gain over the past seven days, according to CoinGecko data. Traders are monitoring its approach towards $80,000, which some consider a key resistance level.