Daily Bits — Relentless Pursuit

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Chart of the Day

On-chain metrics can sometimes send mixed signals. On one hand, we are seeing large volumes of BTC leave major exchanges as Bitcoin journeys southbound — past $35k. At any rate, this still shows a bullish sign as solid accumulation takes place, letting off some of the looming selling pressure.

On the other hand, the total transfer volume settled by the Bitcoin network experienced a 65% plummet in the last two weeks. The magnitude of the plunge is comparable only to the 2017 aftershock, where on-chain settled volume fell by 80% over a short span of three months. We could read as much into the lack of actions but still can’t determine whether it is a fleeting moment of placidity or the lull before a storm.

Talk of the Town

Thumbs down from investors as Nasdaq-listed MicroStrategy announced plans to offer $400 million worth of senior secured notes, a type of debt offering, to fund its continued Bitcoin acquisition. Its existing Bitcoin holdings, 92,000 bitcoins worth approximately 43.4 billion, will be held by a new entity.

Upon the press release, MicroStrategy’s stock got dented by over 3% as investors may have soured on the firm aggressive pursuit of Bitcoin. In separate news, MicroStrategy revealed that it expects to incur an impairment loss of at least $284.5 million due to a nearly 50% decline in the price of Bitcoin.

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