Bitcoin fell to 115,500 USD, Metaplanet splurged 93 million USD to buy another 775 BTC.

Affected by the latest macroeconomic data from the United States, the sentiment in the cryptocurrency market continues to be under pressure. Bitcoin (BTC) briefly fell to $115,500 on Sunday evening, while Ethereum (ETH) also declined to $4,330. Despite the price pullback, Japanese investment company Metaplanet still increased the position, spending $93 million to acquire 775 BTC, raising its total holdings to 18,888 coins, demonstrating a long-term bullish stance.

Macroeconomic Data Suppresses Market Sentiment

The Producer Price Index (PPI) for July released last week in the United States increased by 3.3% year-on-year, higher than market expectations, weakening investors' confidence in a rate cut in September. Vincent Liu, Chief Information Officer of Kronos Research, pointed out that inflation exceeding expectations has strengthened the dollar, leading to a decrease in market risk appetite.

Bitcoin has fallen about 2% in the past 24 hours, hitting a low of $115,046, down 7.5% from the historic high of $124,350 set last Wednesday. Ethereum's decline was even greater at 3.33%, trading at $4,329.

Analysts: Key Catalysts Remain in the Macroeconomic Environment

Market observers believe that the next wave of significant market momentum will come from macroeconomic events in the United States, including this week's Jackson Hole central bank annual meeting and the initial unemployment claims data on August 21.

BTC Markets analyst Rachael Lucas stated that the capital flow of spot ETFs indicates that the market's sluggishness is more due to capital rotation rather than a collapse of confidence. Although there has been capital outflow from Grayscale and Ark Invest's Bitcoin ETFs, BlackRock's IBIT continues to maintain net inflows, showing that institutional funds are concentrating on low-cost products.

Lucas added that the current key support levels for Bitcoin are at $115,000 and $112,500. If it falls below these levels, it could test the $110,000 mark.

Metaplanet increases the position by 775 BTC

Despite short-term pressure on the market, Japanese investment company Metaplanet announced on Monday that it purchased 775 BTC for approximately $93 million, with an average cost of about $120,000, bringing its total holdings to 18,888 coins, valued at approximately $2.2 billion at current market prices.

Metaplanet President Simon Gerovich stated on social media: "18,888 BTC, keep moving forward, continuously upward." According to Bitcointreasuries data, the company is currently the seventh largest Bitcoin holdings institution in the world.

Long-term Strategy and Financial Performance

Since the launch of the Bitcoin accumulation plan by Metaplanet in April 2024, it has achieved continuous growth in Bitcoin-related business revenue for three consecutive quarters. In the second quarter, revenue reached 1.2 billion yen (approximately 8.4 million USD), a quarter-on-quarter increase of 41%; net profit turned from loss to profit at 11.1 billion yen (approximately 75.1 million USD).

Gerovich stated that stable recurring revenue provides the company with financial resilience and flexibility, supporting further expansion of Bitcoin holdings in the future.

Conclusion

Under the pressure of macro data, Bitcoin is under short-term pressure, but Metaplanet's counter-cyclical increase the position actions show that institutional investors remain confident in the long-term value of BTC. With the Jackson Hole meeting and U.S. employment data about to be released, the market may welcome a new round of volatility. Investors should closely monitor the trends in the macro economy and the flow of institutional funds, as these factors will be key in determining Bitcoin's next move.