UK firm buys $250M Bitcoin as analysts eye quiet Easter weekend
Whales and institutions are increasing Bitcoin holdings ahead of Easter, anticipating a less volatile weekend after recent market fluctuations due to global trade tensions. Abraxas Capital acquired 2,949 Bitcoin worth over $250 million before April 19, including a $45 million purchase from Binance on April 18. Michael Saylor’s Strategy also bought $285 million in Bitcoin at an average price of $82,618 per BTC. Large investors have absorbed over 300% of Bitcoin’s yearly issuance, while exchanges are losing coins at a historic rate. However, over 170,000 Bitcoin from medium-term holders entering circulation may indicate potential market volatility. Analysts suggest that significant on-chain movements typically do not affect weekend price action due to low liquidity. Concerns about weekend volatility have increased following recent sharp price drops in other cryptocurrencies and a record $5 trillion sell-off in the S&P 500, which affected Bitcoin's price as it is a continuously traded asset.
