Amid reports that the German government is reducing its BTC holdings, MicroStrategy has purchased an additional $786 million worth of Bitcoin.
The cryptocurrency market initially rose on Friday morning after business intelligence firm MicroStrategy acquired an additional 11,931 BTC.
However, after the Nasdaq index hit an all-time high of 19,980, the market turned lower as tech stocks sold off.
Bitcoin was trading flat on the day, while Ethereum was down 0.6% and Solana was down 2.5%.
Meanwhile, blockchain analytics firm Arcam reports that the German government has been selling BTC, with just under $200 million sold so far.
MicroStrategy's purchases amount to $786 million. The company acquired BTC for an average of $65,883 between April 27 and June 19, according to Thursday's filing. This brings MicroStrategy's total Bitcoin holdings to 226,331 BTC.
According to founder Michael Saylor, these holdings have been accumulated at an average price of $36,798 per Bitcoin, totaling $8.33 billion.
Meme coins Dogecoin, Shiba Inu and Pepe have recorded losses between 1% and 4% in the past 24 hours.
According to CryptoQuant data, the dominance ratio of meme coins compared to altcoins is declining, plummeting from 0.060 to less than 0.045 on Friday.
“CT will shift from gambling to a focus on fundamentals, just like it did a few years ago,” said Ki Young-ju, CEO of CryptoQuant. “It's over, guys.”
In other BTC news, the VanEck Bitcoin ETF has begun trading on the Australian Securities Exchange (ASX).
According to CoinGlass, over 43,599 traders were liquidated in the past 24 hours, bringing the total liquidated amount to $111 million. The largest single liquidation order occurred on Bybit, with $8.09 million in BTC-USD value.
Michael van de Poppe, CEO of MN Trading, believes Bitcoin has likely bottomed out between $63,000 and $65,000.
“As a result, altcoins are beginning to show more strength as Bitcoin's dominance declines,” he said. “A reversal is near.”
US stock markets fell on Wednesday, led by losses in the technology sector. The S&P 500 Index fell 0.3% and the Nasdaq Composite Index dropped 0.8%. Notably, the Dow Jones Industrial Average rose 0.4%, according to Yahoo Finance.
