MARA bought $615 million worth of Bitcoin following its $1 billion bond offering. Thus, it increased its total assets to 34,794 BTC. Amid these developments, MARA’s shares closed at $ 26.92 on Wednesday, up 7.81 percent. Meanwhile, CryptoQuant announced that the bull market Bitcoin price crashes provided good entry points.
MARA attracted attention with its massive BTC purchase!
MARA Holdings, the largest publicly traded Bitcoin miner, raised $1 billion in a bond offering. After that, it bought 6,474 BTC worth about $615 million with the funding it provided. MARA announced that it purchased the last batch of BTC at an average price of $95,395 per Bitcoin. It also wrote that it brought its total assets to 34,794 BTC worth about $3.3 billion. The company reported buying another 703 BTC after its initial purchase of 5,771 BTC last week.
The latest BTC purchase follows MARA’s move last week to close a $1 billion offering of 0% convertible senior notes due 2030. The company said it plans to allocate approximately $199 million of the proceeds to repurchase its existing convertible bonds due 2026, with the remaining funds earmarked to purchase more BTC and for general corporate purposes.
CryptoQuant: It’s still smart to buy Bitcoin as its price falls!
Blockchain analytics platform CryptoQuant said that despite significant price increases over the past few days, it is still a good time to enter the crypto market and buy the dip. The price of Bitcoin rose 34% in November. However, data shows that investors have yet to see the explosive price action and the peak excitement of a bull run. Altcoins also showed strong gains. Moreover, CryptoQuant says there is still room for growth.
CryptoQuant’s Bitcoin Bull-Bear Market Cycle Indicator shows that the market has not reached the “Extreme Bull phase”. The platform explained that investors can enter the market during dips, which are common in bull markets. For example, in the 2017 bull run, there was a 22% decline, while in 2021 there were crashes of 10% and 30%. Similarly, in the 2024 market cycle, there were declines of 15% and 20%. As this is just the beginning of the cycle, investors can wait for future crashes for good entry points. According to CryptoQuant, the higher Bitcoin price is pushing traders into speculative bets. When these bets are cleared, it will be a good buying point, the bearish analysis company notes
What do indicators show for potential Bitcoin price volatility?
Net Buyer Volume (24HMA) measures the difference between buyer buying and selling. According to CryptoQuant, buyer selling pressure is approaching significant highs of -$30,000,000. This provides a good market entry point. This increase in buyer selling pressure suggests that investors are willing to pay higher prices. In other words, it signals that the bulls will soon take control. Another bullish indicator is the Accumulation/Distribution line for Bitcoin. As you’ve been following on Kriptokoin.com, the Bitcoin price reached the ATH level of $99,655.50 five days ago. At that time, the Accumulation/Distribution line has been forming an uptrend since early November. We also witnessed a slight dispersion.
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