Strategy: Despite high-point buying, market correction pressure persists.
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Economist and Bitcoin advocate Lyn Alden analyzed on the 9th that the Federal Reserve is entering a phase of "gradual monetary expansion" rather than large-scale quantitative easing. Alden stated that the Fed is likely to gradually expand its balance sheet in line with the growth rate of total bank assets and nominal gross domestic product (GDP).
In his investment strategy newsletter released on the 8th, Alden stated, "The Fed's policy path is not one that will rapidly stimulate asset prices," and added, "In an environment where the pace of money supply expansion is limited, short-term price volatility is inevitable even if the preference for scarce assets persists."
This monetary policy uncertainty is directly weighing on Bitcoin prices. The market sees a low probability of a rate cut at the March Federal Open Market Committee (FOMC) meeting, with the CME FedWatch benchmark rate cut expectation remaining at around 20%.
Meanwhile, even amidst the Bitcoin price decline, large holders are continuing to buy. According to a filing with the U.S. Securities and Exchange Commission on the 9th, Strategy, led by Michael Saylor, purchased an additional 1,142 Bitcoins last week, worth approximately $90 million (KRW 131.319 billion).
Strategy's average purchase price this time was approximately $78,800 per Bitcoin, which was higher than the market price at the time of purchase. Bitcoin continued its bearish trend, temporarily falling to the $60,000 range during the same period.
This purchase brings Strategy's total Bitcoin holdings to 714,644, with an average purchase price of approximately $76,056. This demonstrates the company's commitment to a long-term holding strategy rather than focusing on short-term price fluctuations.
However, the overall market sentiment remains cautious. Alden pointed out that the Federal Reserve's policy stance and the perceived hawkish tendencies of Kevin Warsh, a potential candidate for the next Federal Reserve Chairman, are weighing on investor sentiment. He said, "Until the path of monetary policy becomes clear, aggressive buying of risky assets is likely to be limited."
The market is closely watching the Federal Reserve's policy direction and the macro liquidity environment to determine whether the Bitcoin downturn will be a short-term correction or lead to further price adjustments.
Reporter Jeong Ha-yeon yomwork8824@blockstreet.co.kr
