Whale Alert, a popular blockchain tracker that observes large cryptocurrency transactions, has reported a significant transfer directed at the U.S.-based exchange Coinbase (NASDAQ: COIN), coinciding with a substantial increase in Bitcoin’s price.
3,000 BTC Deposited to Coinbase
Whale Alert identified an impressive deposit of 3,000 BTC to Coinbase, valued at approximately $205,920,028 at the time of the transaction, which occurred about two hours ago. Following this, the tracker also detected a transfer of 1,501 BTC, worth around $103,243,667, moving between two anonymous wallets.
Since Friday, October 25, Bitcoin, the largest cryptocurrency by market capitalization, has experienced a 3.68% increase, climbing from the $66,500 range to approximately $68,865 at the time of writing. Over the last 24 hours, Bitcoin has risen nearly 2%.
Previously, Bitcoin faced a decline of 2.57% on Friday due to geopolitical tensions in the Middle East and reports of the U.S. government investigating Tether, which were later dismissed by the company’s CEO, Paolo Ardoino, as “fake news.”
MicroStrategy’s Stock Outperforms Bitcoin
In a recent tweet, Bitcoin advocate and MicroStrategy founder Michael Saylor shared data indicating that MicroStrategy’s stock (MSTR) has outperformed Bitcoin over the past four years. Since the company began purchasing Bitcoin with its free cash reserves in August 2020, Bitcoin has increased by 51% annually, outperforming various investment benchmarks, including the Magnificent 7 (+28%), S&P 500 (+14%), real estate (+10%), gold (+7%), and bonds (-5%).
In contrast, MicroStrategy has achieved an annualized performance of 101%. The company continues to actively purchase Bitcoin, having raised nearly $1 billion from investors through the issuance of convertible senior notes to finance these acquisitions. As a result, MicroStrategy is effectively functioning like an unofficial ETF, attracting investors looking to capitalize on its Bitcoin holdings and their anticipated appreciation in value.
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