Bitcoin rises above $87,000 as Strategy buying and holder gains draw scrutiny

  • Bitcoin rebounded from about $75,000 to an intraday high of $87,363 after the CLARITY Act vote failed, with Strategy's purchase and Saylor's comments among the cited catalysts.
  • Strategy bought 950 BTC for $75.7 million, or $79,670 per coin including fees and expenses, and reported 846,000 BTC at an average cost of $75,416.
  • Long-term holders had roughly 37% unrealized gains against a $62,706 average cost basis, while Bitcoin's market capitalization rose 36.0% since August 18 versus a 0.8% S&P 500 gain and a 1.5% decline in gold.

Bitcoin reached an intraday high of $87,363, its highest level since late January, after rebounding from about $75,000 and gaining nearly 18% over the week. The move followed Strategy Inc.'s cash-funded purchase of 950 BTC for $75.7 million after a pause since late August, alongside bullish comments from Michael Saylor about the failed CLARITY Act vote that Peter Schiff called self-serving. Strategy reported 846,000 BTC held at an aggregate cost of $63.80 billion, while separate reporting cited 845,050 BTC, creating a discrepancy in reported totals. On-chain analyst Axel Adler Jr. estimated long-term holders' unrealized gains at roughly 37% against a $62,706 average cost basis, and Santiment data showed Bitcoin's market capitalization up 36.0% since August 18 versus a 0.8% gain for the S&P 500 and a 1.5% decline in gold.

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