While the MSTR stock has recovered, Strategy, formerly MicroStrategy, has announced its 12th Bitcoin purchase in as many weeks.
Between July 23 and July 30, Strategy, formerly MicroStrategy, made another Bitcoin purchase, bringing the company’s weekly BTC buying streak—which started in April—to a record 12-week total. The MSTR stock, meanwhile, is up from last week’s weekly finish of $383 and is aiming to regain the $400 mark.
Strategy acquires 4,980 BTC for $531.9M
The corporation said in a press release that it paid $531.9 million for 4,980 Bitcoins at an average price of $106,801 per. Additionally, it has a 19.7% year-to-date (YTD) Bitcoin yield. At an average price of $70,982 per Bitcoin, the company paid $42.40 billion to acquire 597,325 BTC, which it currently owns.
Strategy has now made weekly purchases for 12 straight weeks, matching a record it set between November of last year and the beginning of February of this year. The most recent acquisition comes two weeks after it paid $26 million for 245 BTC, which was its second-smallest purchase this year.
As is customary, Michael Saylor, the company’s co-founder, alluded to the Bitcoin acquisition yesterday when he uploaded the MicroStrategy BTC portfolio tracker on his X platform. “You’ll wish you’d bought more in 21 years,” he captioned the photo.
Saylor and Strategy are still placing large bets on Bitcoin, and they don’t appear to be slowing down as they continue to sell BTC-backed instruments to raise money for other acquisitions.
But so far, this wager has paid off. The Bitcoin wager has now reached $21.3 billion in unrealized gains and keeps rising with each BTC increase, according to research. In the next 21 years, Saylor believes the price of Bitcoin will rise to $21 million.
The positive impact on the MSTR stock
The MicroStrategy stock, the best-performing primary asset since the company implemented this strategy in 2020, has also benefited from the Bitcoin wager. The MSTR stock has likewise risen by more than 181% over the past year, according to MarketWatch statistics.
The MSTR stock, however, is up from last week’s weekly close and is aiming to regain the psychological $400 price level. According to TradingView data, the stock is currently trading at about $390, up over 2% in pre-market trading.
It’s important to note that Strategy caused controversy yesterday when it moved $796 million in Bitcoin to three new wallets. Lookonchain, an on-chain analytics platform, pointed out that this change is probably more for better custody than for sale.
Arbitrum price up 40% this week as Robinhood rumors heat up. What’s next for ARB?
The price of arbitrum has increased 40% in a single week, and a 70% surge is imminent as optimism soars in the wake of reports of a Robinhood deal.
Over the past seven days, Arbitrum (ARB) has increased by almost 40% as rumors about a potential cooperation with Robinhood has fueled a surge in optimistic enthusiasm. As of this writing, the price of arbitrum has increased by 18% to $0.366. In the meantime, trade volumes increased by more than 570% in a single day, indicating a notable level of market interest. What does ARB’s future hold in light of these gains?
Why is Arbitrum price up 40% this week?
According to CoinMarketCap data, the price of arbitrum has increased by around 40% over the past seven days, indicating a massive upward trend. The price has increased from $0.26 to $0.36 due to positive momentum.
A number of bullish reasons are contributing to the current surge, including:
- Speculative strategic alliances
- Robust on-chain data
- Market makers’ increased involvement
Rumoured partnership with Robinhood sparks bullish sentiment
Bullish momentum surrounding the Arbitrum pricing is being bolstered by the ARB community’s expectation that the project will collaborate with the Robinhood exchange. An X post by Robinhood announcing an impending meeting with Offchain Labs, the makers of Arbitrum, set off the rumor.
The bullish feeling surrounding ARB has sharply increased since this rumor. The weighted sentiment of Arbitrum has increased to its highest level since December 2023, according to Santiment statistics.
However, other from the impending meeting with Offchain Labs, Robinhood has not disclosed any partnerships. Furthermore, although similar rumors surfaced earlier this year, this agreement has not yet materialized.
Surging on-chain activity
Strong on-chain data also supports a bullish outlook for the price of Arbitrum and the possibility of further gains. The number of returning active addresses on the network has risen to 446,000, the highest level since early March, according to DeFiLlama data.
Given that Arbitrum is among the best layer two projects, the expansion of the network may result in significant profits, which would raise the price of ARB.
Arbitrum market makers become increasingly active
Additionally, market makers are reentering the market and propelling the Arbitrum price increase. After obtaining 20 million tokens from the Gelato Network, cryptocurrency market provider GSR Markets is expanding trade ARB, per Lookonchain data.
Anchorage Digital Custody transferred 50.1 million ARB tokens to Wintermute’s hot wallets throughout the course of the previous two weeks. Additionally, 42.19 million ARB tokens valued at around $12.88 million were acquired via a wallet connected to Monetalis.
Arbitrum’s price volatility will inevitably increase due to market-making activity. These traders also have a tendency to increase liquidity, which is good for the price because it keeps the price from dropping sharply if someone decides to sell.
What’s next for ARB price as 69% rally looms
With the emergence of a bullish double-bottom formation, the technical structure indicates that the price of Arbitrum may be poised for a 69% rally. Following the December 2024 bottom of the downtrend at $0.267, this pattern began to take shape. Last week, the price of ARB retested and held this support.
The initial price target for this altcoin is the neckline of $0.45, following a bounce from $0.267. ARB is just 25% away from this level at its current price of $0.36, which will validate the double-bottom pattern’s maturity and spur gains.
The double bottom target price is at $0.76, 69% above the breakout point, after the neckline resistance of this double bottom is reversed.
However, the RSI indicator, which is still below 50, puts this bullish pattern at risk of reversal. The RSI’s current value of 44 indicates that the momentum is negative, which may cause bears to defend the $0.45 level and thwart a double bottom confirmation.
In conclusion, rising on-chain activity, growing bullish attitude, and increased market maker activity all suggest that the price of Arbitrum is poised for a significant upward climb. A 69% rally from a significant resistance level may be on the horizon, according to a double-bottom pattern formation.
