Institutional selling? No, it's increasing the position! Metaplanet and Strategy are buying more Bitcoin against the trend, while BitMine spends $1.1 billion to buy the dip on ETH.

Despite the recent pullback, Bitcoin remains above the key support level, trading at $112,737. Market capital has shifted from Bitcoin to Ethereum, primarily due to BitMine Immersion's massive $1.1 billion purchase of ETH. However, this short-term fluctuation has not deterred institutional investors' long-term bullish sentiment. Japanese companies Metaplanet and Strategy continue to significantly increase their holdings of Bitcoin, highlighting the growing trend of businesses treating crypto assets as balance sheet reserves.

Bitcoin is currently trading at $112,737, down 2.34% in the past 24 hours, with a market cap of $2.24 trillion and a daily trading volume exceeding $70 billion. Despite the price decline, the narrative around institutional adoption remains strong.

BitMine Immersion, under the leadership of Tom Lee, acquired ETH for $1.1 billion, becoming the largest public holder of Ethereum, a move that briefly attracted market attention. This action triggered a 10% drop in BitMine's stock price as market participants digested the massive purchase and new equity financing news. Meanwhile, capital flowing into ETH led to Bitcoin (BTC) dropping about 2.5%. However, BTC successfully held above the $112,000 level, a threshold seen by traders as a sign of its resilience.

Metaplanet increased its holdings by 5,419 BTC, Strategy purchased an additional 850 BTC.

Japan's Metaplanet has also expanded its Bitcoin reserves, increasing its holdings by 5,419 BTC, worth approximately 633 million USD, bringing its total holdings to 25,555 BTC, valued at nearly 3 billion USD. This makes it the fifth largest corporate holder of Bitcoin globally, despite facing short-term selling pressure on its stock price. Meanwhile, Michael Saylor's Strategy increased its holdings by 850 BTC with an additional 100 million USD after the Federal Reserve's rate cut, pushing its total holdings to 639,835 BTC, worth 47.3 billion USD.

Federal Reserve Interest Rate Cuts and Corporate Demand

The 25 basis point rate cut by the Federal Reserve has again boosted market expectations for liquidity. This has encouraged institutions to expand their crypto asset allocations. Although the $100 million purchase scale of the Strategy is smaller than in the past, it highlights the ongoing confidence. Saylor believes that the decrease in Bitcoin's volatility is not a weakness, but a sign of maturity and institutional comfort.

The rapid accumulation of Metaplanet also reflects a broader trend among Asian companies to use BTC as a hedge against currency risk. Although stock prices have pulled back in the short term, the company's Bitcoin (BTC) return has reached 10.3% in less than three months, which has strengthened market confidence in crypto assets as corporate reserves.

Bitcoin (BTC/USD) Technical Outlook

In technical terms, the BTC/USD price chart shows a head and shoulders reversal pattern after breaking below the $115,000 support level and sliding out of its ascending channel. The price is testing the key pivot level of $113,450 at the 200-EMA. If it fails to reclaim this level, BTC could drop towards $110,850, with deeper support levels at $108,750 and $107,250.

The momentum indicator tends to be bearish. The RSI is at 31, indicating oversold conditions, but buyers remain cautious without bullish confirmation (such as a hammer or engulfing candlestick). If it can rebound cleanly above $114,750 - $116,150, market sentiment will shift, paving the way for a return to $118,000.

Currently, aggressive traders may short below $115,000, while patient investors might wait for confirmation around $110,800. The long-term structure of higher lows formed since summer remains intact, suggesting that the current pullback could be an accumulation zone.

With the increased activity of corporate buyers and improved regulatory clarity, Bitcoin is expected to reclaim its lost ground and prepare for a rebound towards $120,000 and above as 2026 approaches.

Conclusion

This report clearly depicts the dual narrative of the current market: on one hand, there is the pullback in Bitcoin prices due to internal capital rotation and short-term technical patterns; on the other hand, there is the steadfast belief-driven accumulation from major global enterprises. Although BitMine's massive ETH purchase attracted short-term attention and triggered market fluctuations, heavyweight companies like Japan's Metaplanet and America's Strategy continue to strategically incorporate Bitcoin into their balance sheets. This behavior indicates that for visionary enterprises, Bitcoin has transcended mere speculative assets, becoming a strategic reserve to hedge against currency risk and maintain long-term value. Therefore, while short-term price trends may be unsettling, in the long run, the continued actions of these institutions provide strong support for the market's fundamentals, suggesting that the current pullback is more likely a "charging" phase in preparation for the next upward cycle, rather than the end of a bull market.