Metaplanet Acquires 780 BTC as Bitcoin Nears $120,000

Bitcoin's recent surge past $119,000 has prompted Metaplanet to acquire 780 BTC for approximately $92.5 million at an average price of $118,622 per coin, aiming for a total of 30,000 BTC by the end of 2025. As of July 28, Metaplanet holds 17,132 BTC, with an average purchase price of about $101,030 per coin and a total investment nearing $1.73 billion.

Metaplanet's current holdings represent over 57% of its year-end target.
Only 13% of short-term spot market participants are profitable, with a realized price around $104,000.
Historical data shows prior bull markets yielded higher average profits compared to the current cycle.

Investor Ted Pillows noted that a breakout above $119,500 could signal a significant upward movement for Bitcoin. Currently, Bitcoin trades near $119,400, marking a 1% increase in the last 24 hours.

The "max pain" level for short sellers is at $119,600, potentially triggering over $1.1 billion in liquidations if Bitcoin approaches its all-time high of $123,000.