Semler Scientific and Mt Gox whale actions cause Bitcoin long-term investors to re-accumulate
With $40 million BTC investment, Semler Scientific emulates MicroStrategy.
However, Mt Gox has not started compensating consumers after $9.6 billion BTC payments over multiple addresses.
Spot BTC may be driving the bull market as long-term holders re-accumulate.
Bitcoin temporarily fell below $70,000 on Tuesday after Semler Scientific and Mt Gox made whale movements. Key on-chain information from Glassnode illuminate the market's present status.
Recent BTC actions by Semler Scientific and Mt Gox upset market. Health-tech company Semler Scientific said on Tuesday that it has embraced Bitcoin as its principal reserve asset after buying 581 BTC for $40 million, including fees and expenditures. "Our bitcoin treasury strategy and purchase of bitcoin underscore our belief that bitcoin is a reliable store of value and compelling investment," stated chairman Eric Semler.
Bitcoin's deflationary architecture, institutional acceptance following spot Bitcoin ETF approval, outsized gains, and digital gold story were other factors in Semler's BTC Treasury choice. "After studying various alternatives, we decided that holding Bitcoin would be the best use of our excess cash," he stated. The departure from MicroStrategy's playbook has boosted Semler's shares by 36% in 24 hours.
Wu Blockchain said that Mt Gox sent around 141,000 BTC worth $9.6 billion to multiple addresses on Tuesday as it began refunding investors. Many worry that the refund would cause customers to dump their tokens and crush BTC's price, but the business hasn't started reimbursements using BTC or digital asset sales.
"I believe MtGox is OK. There is no immediate bitcoin sale, but the trustee is shifting money to a new wallet in preparation for the distribution this year "Mark Karpeles, former CEO. Mt Gox's user repayment may temporarily lower BTC due to sell-side pressure.
