According to BroadChain, at 05:30 on April 23, Bitcoinist reported that MicroStrategy has recently purchased an additional 34,164 BTC, bringing its total holdings to 815,061 BTC. This surpasses the 802,823 BTC held by BlackRock's spot Bitcoin ETF IBIT as of April 17. This move solidifies its position as one of the largest corporate holders and highlights the increasingly intense competition among institutions for Bitcoin assets.
Despite Bitcoin's price falling nearly 50% from its all-time high of $126,000, institutional-level demand and interest have not waned. MicroStrategy's current holdings now account for over 4% of the total BTC supply, gradually approaching its initial goal of holding 5% to 7% of the circulating supply. With Bitcoin's price recovering above the company's average cost basis of $75,527, its period of unrealized losses has ended, and it currently has a paper profit of approximately $242 million.
However, the market analysis platform Alphractal points out that multiple on-chain indicators suggest the Bitcoin bear market is not yet over. A key indicator—the comparison between the realized price of short-term holders and the realized price of long-term holders—shows that a bear market may only conclude when the short-term holder realized price falls below the long-term holder realized price. Historical trends support this judgment, and close attention should be paid to changes in this reading.