Metaplanet Continues to Expand Bitcoin Holdings 

Company continues to grow its Bitcoin portfolio. With the latest purchase of 1,088 BTC, the company reinforces its confidence and interest in digital assets. Despite the volatility in Bitcoin prices, Metaplanet is expanding its portfolio with a focus on risk management. The expectation that Bitcoin will appreciate in value plays a major role in the company’s increasing investment. Despite competition and volatility in the Bitcoin market, the investment firm remains focused on strengthening its holdings. As you may know, the company recently announced a $50 million zero-interest bond issuance to increase its Bitcoin (BTC) assets. 

After adopting its Bitcoin treasury strategy in April 2024, Metaplanet became the largest publicly traded Bitcoin holder in Asia. Through this strategy, it continues to maintain its position among the world’s top holders, with 580,250 BTC under management. 

Market Value and Impact of Bitcoin Holdings 

Investment firm total holdings of 8,888 Bitcoin are worth approximately $930 million at current prices. This substantial amount highlights the company’s strength in the digital asset sector. Additionally, this acquisition brings Metaplanet closer to its year-end goal of reaching 10,000 BTC. While Bitcoin’s volatility causes frequent price changes, Metaplanet remains committed to its long-term growth objective. 

In this context, Bitcoin’s return for 2025 has reached 66.3%, supporting strategic decisions of companies like Metaplanet. The increase in Bitcoin investments contributes to the expansion of the cryptocurrency markets. 

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Long-Term Bitcoin Activity Increasing 

Glassnode data reveals that the spending volume of Bitcoins held for one to five years has risen to $4.02 billion. This marks the highest level since February and represents the fifth largest spending wave of the bull market. 

Since the start of this bull market, old Bitcoin holders have sold large amounts of BTC after each rally. Investors spent significant amounts of BTC in March, October, November 2024, and February 2025. 

Spending by older $BTC holders is heating up again. Aggregate volume from the 1y–5y cohorts just hit $4.02B – the highest since February.
Older coins are on the move pic.twitter.com/jhMETQFJdB

— glassnode (@glassnode) May 28, 2025

The largest spending in this cycle occurred in October 2024, reaching $9.25 billion. Most of the sales came from investors holding BTC between one and two years. The second and third largest spending waves were in March 2024 ($6.11 billion) and February 2025 ($5.42 billion). During this period, the most active group was investors holding BTC for two to three years. The fourth largest spending was in November 2024, with $4.39 billion spent by investors holding BTC for three to five years. 

Especially, Bitcoin holders with three to five years of holding dominated this period. Their activity alone was measured at $2.16 billion, the second largest sale in the cycle. The largest sale was $6 billion in March 2024. Meanwhile, those holding BTC for two to three years spent $1.41 billion, and holders between one and two years spent $450 million. Previous major movements occurred in October, November 2024, and February 2025, where similar selling waves followed price increases. 

Old wallet holders are either taking profits or repositioning. CoinMarketCap data shows the price dropped over 4% from $111,970. At the time of writing, BTC was around $107,540, down about 3% weekly and 1.2% daily. If the aim is to change strategy, BTC may consolidate further. However, if it’s profit-taking, the price could fall below $106,000. 

***NOT INVESTMENT ADVICE ***

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Why Is Bitcoin Not Facing Selling Pressure?  

Glassnode analyzed this situation and pointed out that despite 100% supply profitability, investors remain cautious about selling their Bitcoin holdings. According to the platform, the total profit-taking volume at prices above $111,000 was around $1 billion. This figure is less than half of the $2.1 billion recorded when BTC first crossed $100,000 last December.  

Funding rates indicate that Bitcoin’s current rally is healthy and organic. These rates were six times higher in Q1 and three times higher in Q4 of last year. The current low rates suggest minimal speculative activity in the futures market.  

This means the rally is driven by real purchases in the spot market rather than leveraged trading. As a result, the risk of sudden and sharp corrections is reduced, offering a safer environment for investors.  

Glassnode stated:  

“Despite higher prices, profit realization was much more limited.”  

This data shows that current investors remain patient and focused on the long term. At the same time, it supports the view that Bitcoin still holds strong upside potential. Analysts say Bitcoin’s rise is fueled by spot buying rather than leveraged positions, with futures funding rates remaining low, indicating restrained risk-taking and more organic price moves.  

On the liquidity side, there is a noticeable increase in stablecoin supply. Moreover, the global M2 money supply growth points to a large cash reserve ready to be deployed in the market. All these factors support the idea that Bitcoin can continue rising.  

Additionally, global liquidity trends continue to provide support for BTC. The global M2 money supply, which measures the total money circulating in major economies, grew by 5% in Q1 2025. This growth was influenced by monetary policy easing in the US, European Union, and Japan.  

NOT INVESTMENT ADVICE  

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The post Bitcoin Hits New High Without Selling Pressure, Glassnode Reports   appeared first on Coin Engineer.