Metaplanet's $108M BTC Transfer Sparks Selloff Fears Amid Bitcoin Price Volatility
Metaplanet, a leading Bitcoin treasury firm, has sparked concerns in the crypto market after moving $108 million worth of BTC to Coinbase Prime. The transfer, which consists of 1,350 coins, is the latest in a series of similar moves made by the firm earlier this month.
As per Lookonchain's on-chain transaction tracking platform, Metaplanet transferred 1,000 Bitcoin to Coinbase Prime on August 25, valued at $79.77 million. This recent move has intensified speculation among crypto market participants, especially as Bitcoin price attempts to overcome the key resistance level of $80,000.
Notably, Metaplanet's decision to transfer its BTC holdings to Coinbase Prime does not necessarily mean an immediate sale. However, it often fuels speculation among traders. The firm has purchased 43,000 BTC at an average price of $96,191 and currently holds 38.65K BTC valued at around $3.07 billion.
Metaplanet's move comes as Strategy, another leading Bitcoin treasury, has halted its BTC buying strategy and shifted focus towards increasing its 'USD Cash' reserve. This development has further fueled discussions among market participants, who are keeping close track of developments surrounding Metaplanet and the price movements of Bitcoin.