Bitcoin Miner Hut 8 Hits Major Milestone With Latest $100M BTC Buying

Leading Bitcoin miner Hut 8 has fueled market optimism with his recent BTC buying move while hitting a major milestone. Notably, the firm said that it added $100 million worth of BTC to its portfolio, with its Bitcoin Reserve hitting the $1 billion mark with this latest accumulation. This also comes amid a gloomy sentiment in the broader crypto market, showcasing the firm’s confidence in the flagship crypto despite the recent setbacks.

Bitcoin Miner Hut 8 Buys $100M In BTC

In a recent announcement, Hut 8 said that the firm has purchased 990 Bitcoin, worth around $100 million, or an average of about $101,710 per BTC. With this latest purchase, the Bitcoin miner’s total holdings surged to 10,096 BTC, reflecting a market value of over $1 billion, the firm said.

Notably, the company also said that this latest acquisition also adds it to the “ten largest corporate owners of Bitcoin in the world”. This latest accumulation has fueled market optimism, especially as global leaders, as well as corporate firms, are racing to accumulate the flagship crypto.

For context, MicroStrategy has continued its BTC buying, showcasing the firm’s increasing confidence in the asset. Simultaneously, Japan’s “MicroStrategy” Metaplanet has also shifted its focus towards accumulating the crypto, as evidenced by its recent moves.

Meanwhile, this Hut 8 accumulation comes as the crypto market has recorded a robust rally since Donald Trump’s election victory in November. However, following a strong run, the optimism appeared to have cooled down recently, especially after the US Fed announced another rate cut yesterday. Notably, Fed Chair Jerome Powell signals a hawkish move ahead by the central bank, which has likely weighed on the investors’ sentiment.

Following the comments, the broader financial market takes a hit. Bitcoin and other top altcoins also noted significant declines amid a hovering gloomy sentiment in the market. However, Hut 8’s recent revelation indicates that the institutional interest in the flagship crypto still remained strong despite the ongoing volatility.

What’s Next For BTC?

BTC price today declined 3% during writing to $102,000, while its trading volume jumped 23% to $96 billion. However, despite the current decline, the crypto has recovered from its 24-hour low of $98,792, signaling increasing investors’ participation.

On the other hand, the US Spot Bitcoin ETF inflow was also strong over the past few weeks, indicating growing institutional interest in the crypto. So, considering the recent market trends, experts also remained optimistic about the future trajectory of BTC.

Bitwise CIO recently said that the crypto is poised to hit $500K once the US finalizes its Bitcoin Strategic Reserve. Simultaneously, these accumulation trends from corporates like Hut 8 further fuel market sentiment, showcasing the growing confidence of the Wall Street players towards the asset.

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