Japan-based Bitcoin treasury firm Metaplanet has made a surprising Bitcoin move as it appears to be offloading its tokens following the broader crypto market slowdown.
Although Metaplanet is renowned for its steady Bitcoin purchases, the latest Bitcoin move from the firm did not go unnoticed as it appears to be a bearish move from the firm.
Metaplanet dumps Bitcoin
According to the latest data shared today, Metaplanet has transferred about $237 million worth of Bitcoin to the leading U.S. cryptocurrency exchange, Coinbase Prime.
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The large Bitcoin deposit has sparked discussions among market participants as it suggests that the firm is beginning to exercise caution as Bitcoin’s price has slowed from the recent rally.
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Although the Japanese Bitcoin treasury firm has yet to specify the reason behind its recent Bitcoin move, market participants argue that it is a major attempt by the firm to sell off a portion of its holdings.
It is important to note that transfers to crypto firms like Coinbase Prime do not necessarily mean the Bitcoin is being sold. However, the size and timing of the transaction have further triggered speculation of a bearish move from the firm.
Is Metaplanet taking profit?
The large Bitcoin deposit from Metaplanet has come at a time when investors are beginning to trade with caution again while others are offloading their assets to secure profits made during the recent price rally.
Amid the rising profit-taking activity, Bitcoin has retraced from its upside and is now trading in the red, sparking speculation that Metaplanet could have offloaded the assets to secure its profits.