Market Wrap: Monday, December 2nd, 2024 

Never a dull moment in crypto markets as Bitcoin surged to a high of $99,800 before dipping to $90,750, only to rally once again to $97,000, then down to ~$94,000 as of publication. The past few weeks have been a BTC rollercoaster ride, but we're hovering around ATHs. Meanwhile, corporate treasury inflows continue to bolster the market, providing strong support amidst the volatility.  

Michael Saylor is at it again - adding more Bitcoin to MicroStrategy’s ever-growing reserves.  MicroStrategy recently acquired an additional 15,400 BTC at an average price of $97,862. This latest purchase brings their total holdings to an impressive 402,100 BTC, worth over $38 billion. This move follows previous acquisitions of $5.4 billion and $4.6 billion worth of BTC in recent weeks, reaffirming MicroStrategy’s aggressive Bitcoin accumulation strategy.
 
Saylor will also present a Bitcoin treasury proposal to Microsoft’s board of directors. This news comes ahead of the company’s December 10th shareholder meeting, where shareholders will vote on whether to incorporate Bitcoin into MSFT’s balance sheet.

MARA Holdings is back in the headlines with its announcement of a $700 million USD convertible senior note offering.  The proceeds will be used to expand its Bitcoin holdings and repurchase a portion of its existing notes. This move underscores the company’s commitment to a Bitcoin treasury policy. If follows a similar $1 billion debt offering announced on November 21st, aimed at achieving the same objectives.

Last week saw a slowdown in the rush towards BTC ETFs, as the shortened trading week led to $135 million in outflows. In the meantime, XRP surged past USDT and SOL, claiming its position as the third-largest cryptocurrency by market cap.

The Macro Week Ahead 

This week, all eyes will on U.S. labor market data, with additional attention on Federal Reserve Chair Powell’s speech scheduled for Wednesday. 

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