🟡 Strategy is buying bitcoins worth millions — but the market barely notices?
— Analysts at TD Cowen have figured out: BTC purchases from Strategy (formerly MicroStrategy) have little impact on the price.
— The average volume of their purchases is only 3.3% of the weekly turnover.
— Correlation with the price of bitcoin is less than 25%.
In other words: — The strategy of 'buying bitcoin for hundreds of millions' is great for investors, but it doesn't move the market as many think.
— Since the beginning of 2023, Strategy's portfolio has yielded +306% returns — sounds like not the worst hodl.
Reminder: — From April 7 to April 13, the company purchased 3,459 BTC for $285.8 million
— Average price — $82,618 per coin
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