This article was originally published in First Mover, CoinDesk’s daily newsletter. It puts the latest crypto market moves into context.

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MicroStrategy, the largest corporate bitcoin holder, added to its holdings by buying 14,620 BTC on Wednesday. According to the company’s executive chair, Michael Saylor tweeted, MicroStrategy purchased the bitcoins at an average of $42,110 per bitcoin. The company now has 189,150 BTC, worth $5.9 billion. This was purchased at an average of $31,168 for each BTC. MicroStrategy started purchasing bitcoins in August 2020. The company made its most recent bitcoin purchase last month when it bought 16,130 BTC, worth approximately $608 million.

ARK Invest purchased 4.3 million ProShares Bitcoin Strategy ETF shares (BITO) after selling its remaining Grayscale Bitcoin Trust shares (GBTC). Based on closing prices, the ProShares stake was valued at $9.2 millions. Cathie Wood’s investment vehicle sold $27.6 Million worth of Coinbase stock (COIN) and purchased 20,000 shares in the Ark 21Shares active Bitcoin Future Strategy ETF. ProShares, the exchange-traded funds that began trading in October 2020 as the first U.S. Bitcoin-linked ETFs, accounts for 5.03%, or its sixth largest holding, of the ARK Next Generation Internet ETF.

Bitcoin is still holding strong, with a price of over $40,000 at the time of 2023’s final quarterly option expiry. Deribit will expire $7.7 billion in options related to bitcoin (BTC), and $3.5 Billion of options related to ether (ETH), on Friday, at 08:00 UTC. Deribit has experienced its largest expiry to date, with a total of $11 billion. Of that, almost $5 billion of options will expire at the money level, which is the highest amount ever. This could lead to above-average hedging and trade activity, according Luuk Strijers.

Chart of the Day

  • This chart shows which cryptocurrencies have been making the most noise in social media over the last 24 hours. The green portion of the bar represents positive mentions in social media, while the red portion stands for negative. Yellow indicates neutral bias.
  • Retailers are more interested in ether, and other smaller altcoins (alternative cryptocurrencies) than bitcoin.
  • Altcoins are often characterized by extreme bullish sentiment, which can be a sign of upcoming market tops.
  • Source: Santiment


– Omkar Godbole

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Sheldon Reback is the editor.