Bitcoin (BTC) prices fell in September, but that did not stop Michael Saylor's Strategy company from acquiring over 7,000 BTC.
Bitcoin exchange-traded funds (ETFs) saw total inflows of over $240 million in September. This has been a boon for some companies, such as BlackRock, which has generated $260 million in revenue from its ETF products over the past two years.
In the United States, progress on cryptocurrency legislation has slowed; many legislative bodies are in recess or have adjourned. Nevertheless, five states made progress on cryptocurrency bills this month, with Wisconsin proposing a bill regarding data centers and Bitcoin mining.
Meanwhile, the growth of stablecoins has not slowed down. Last month, the total market capitalization of stablecoins exceeded $295 billion.
Here is a review of the data from September:
Strategy, a company that transitioned from a software firm to a Bitcoin investment tool led by Michael Saylor, purchased over 7,378 BTC this month at an average price of $113,520 per Bitcoin, totaling $837.5 million. According to Strategy's data, the company has now made 80 Bitcoin purchases.
While accumulating nearly $1 billion in Bitcoin over a month seems like a significant amount, for Strategy, it represents a certain degree of slowdown. In August, the company purchased 7,714 BTC, a substantial decrease from 31,466 BTC in July.
Saylor stated that Bitcoin is in a growth phase, so price movements may seem a bit "boring." He mentioned that institutions prefer to enter when price volatility is lower, which may make the market appear somewhat bearish before further increases.
After several months of steady growth, the total valuation of stablecoins surpassed $290 billion in September. In the week ending September 26, stablecoins grew by nearly $5 billion.
Some jurisdictions are providing clarity for stablecoins. In the U.S., the Commodity Futures Trading Commission (CFTC) is exploring the use of tokenized assets, including stablecoins, as collateral in the derivatives market. In Australia, the Securities and Investments Commission has introduced a licensing exemption for intermediaries distributing stablecoins.
Other jurisdictions are less lenient, at least for certain types of stablecoins. A senior official from the Bank of Italy recently stated that stablecoins issued by multiple entities in different countries could pose risks to the EU financial system.
The number of cryptocurrency millionaires worldwide has reached a record high of 241,700. According to the Crypto Wealth Report by wealth and citizenship consultancy Henley & Partners, this represents a year-on-year increase of 40%.
The number of cryptocurrency billionaires—those with a net worth exceeding $100 million—grew by 38% to 450, while the number of cryptocurrency centibillionaires increased by 29% to 36.
According to the consultancy, the growth of crypto billionaires is attributed to a "watershed year for institutional adoption."
Bitcoin ETFs recorded inflows of $241 million in September, while Ethereum (ETH) saw a net outflow of $73 million. According to CoinMarketCap, this brought the total net inflow for cryptocurrencies to $167.8 million.
For some cryptocurrency ETF issuers, these financial instruments have proven to be a boon. BlackRock's cryptocurrency ETF has generated approximately $260 million in revenue for the company in less than two years, including $218 million from Bitcoin ETFs and $42 million from Ethereum.
As cryptocurrency adoption progresses in the U.S., states are self-regulating the industry. In September, five states made progress on cryptocurrency bills, with Wisconsin proposing a cryptocurrency bill.
On September 2, lawmakers in the Wisconsin Assembly (the lower house of the state legislature) introduced a bill to exempt data centers from sales and use taxes, except for those used for cryptocurrency.
This bill, initiated entirely by Republicans, will amend a law from July to support the development of data centers in this agricultural state. Critics and observers have expressed concerns about the power and water resource demands of the data centers planned for Wisconsin.
Seven EU member states are now opposing the proposed chat control legislation. Additionally, the number of EU member states supporting the law has decreased from 15 at the beginning of the month to 12. This is according to data from the Fight Chat Control organization, which monitors support for the measure.
The chat control legislation would effectively undermine encrypted messaging in the EU, requiring services like WhatsApp and Signal to screen messages before sending. The law was submitted to the EU Council several years ago but did not receive the necessary support. Denmark reintroduced the measure during its six-month presidency of the EU Council starting in July.
Related: Strategy increases Bitcoin holdings by $22 million, now holding over 640,000 BTC
Original article: “September Chart Review: Strategy Acquires 7,000 Bitcoins (BTC); Stablecoins Exceed $295 Billion”
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