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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Dec 07, 2024 10:02 UTC
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Marathon Digital Expands Bitcoin Holdings with $130 Million BTC Purchase
Marathon Digital acquired 1,300 BTC in seven hours, doubling down on its Bitcoin strategy.
Marathon raised $850M via convertible notes to expand Bitcoin holdings and reduce debt.
Whales bought 20,000 BTC worth $2B after prices briefly dipped to $96,000.
Bitcoin mining giant Marathon Digital Holdings (MARA) is once again capturing the market’s attention with its aggressive Bitcoin acquisition strategy. The company recently purchased 1,300 BTC, worth $130.66 million, in just seven hours! As Bitcoin struggles to push past the volatile $100,000 mark again, Marathon’s actions raise questions about market trends, institutional confidence, and the strategic plans of major players.
Why is Marathon doubling down on Bitcoin now? Let’s dive into the details.
Marathon’s Bitcoin Buying Spree
Marathon Digital isn’t slowing down. This latest purchase follows another one earlier this week, where the company secured 1,423 BTC, valued at $139.5 million. These two back-to-back acquisitions show Marathon’s strong belief in Bitcoin’s future potential, even as prices fluctuate in the short term.
To support its strategy, Marathon recently raised $850 million by offering convertible notes. This money will be used to purchase more Bitcoin and manage the company’s debt. Marathon’s strategy follows a similar path to MicroStrategy’s well-known Bitcoin buying plans, showing careful financial planning for long-term growth.
Whales & Institutions Are Driving Bitcoin Demand
Marathon isn’t alone in its strategic Bitcoin acquisitions. On-chain data shows that large investors, or whales, are actively buying during recent price dips. In just the past 24 hours, whales purchased 20,000 BTC, worth $2 billion, as prices dropped briefly to $96,000.
Institutional investors also remain very active. Spot Bitcoin ETFs, like BlackRock’s iShares Bitcoin Trust (IBIT), recently hit $50 billion in assets under management. This shows growing confidence among big financial players in Bitcoin’s potential.
Bitcoin Market Trends & Price Analysis
Despite recent volatility, Bitcoin continues to show resilience. After falling to the $96,000 support level, Bitcoin has bounced back and is now trading near $99,776, up 1.17% over the past 24 hours.
Additionally, BTC Futures Open Interest has seen a small increase of 0.68%, now standing at $61.61 billion, according to CoinGlass data. This indicates that market sentiment remains hopeful as institutional interest and whale activity fuel positive momentum.
While short-term trading volumes have dipped, the steady flow of institutional capital and strong whale activity suggests that Bitcoin’s rally could still have room to grow. Keep your eyes peeled!
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FAQs
Marathon Digital believes in Bitcoin’s long-term potential, securing BTC to strengthen its holdings despite short-term price fluctuations.
Large investors (whales) and institutional players, such as BlackRock’s Bitcoin ETF, are fueling demand, even during Bitcoin’s price dips.
Despite volatility, Bitcoin remains resilient, with positive momentum driven by whale activity and institutional investments, pushing prices above $99,000.
Yes 
No 
