Japanese investment firm Metaplanet has overtaken El Salvador in total Bitcoin holdings following a fresh acquisition of 1,241 BTC worth approximately $129 million on May 12. The firm’s total Bitcoin treasury now stands at 6,796 BTC, valued at around $707 million, making it the largest corporate holder of BTC in Asia and the tenth-largest globally, according to BiTBO.
With this acquisition, Metaplanet surpasses El Salvador’s BTC stash of 6,170 BTC, currently worth about $642 million, as reported by the country’s National Bitcoin Office.
Metaplanet’s aggressive accumulation began in April 2024 and includes major buys like 5,555 BTC on May 7, four separate purchases in April totaling 18,586 BTC, and six purchases in March for 18,925 BTC. In addition to its growing reserves, Metaplanet reported a Bitcoin Yield of 38% this quarter and 95.6% in Q1 2025.
Bitcoin Enters Wyckoff’s Final Act, Analyst Warns
While institutional accumulation continues, market analysts are turning cautious. Trader Merlijn shared a chart suggesting that Bitcoin may be entering the Distribution Phase of the Wyckoff Market Cycle. This phase often precedes a sharp decline following an explosive top.
This technical analysis implies Bitcoin may face increased volatility in the coming weeks, especially if the pattern holds true.
Notably, Bitcoin dominance—the share of total crypto market value held by BTC—has fallen back to 62.6%, after peaking at 66% earlier this week. Historically, a decline in BTC dominance after such peaks has signaled the onset of an altcoin season—a period when alternative cryptocurrencies outperform Bitcoin.
BTC Holds Strong Above Key EMAs — $107K Next or Pullback Ahead?
Bitcoin is trading around $104,400 and remains in a strong uptrend. It currently holds above the 20, 50, 100, and 200 EMAs, which act as support levels. The 20 EMA is nearly $103,000, while the 50 EMA is around $100,500. The bullish trend is intact as long as Bitcoin stays above these levels.
The next major resistance is $104,650. A breakout above this level could open the door for a rally toward $107,000 or higher. However, the relative strength index (RSI) is at 64, showing slowing momentum. The RSI has started to form lower highs while the price stays near the top, often a signal of a possible cooldown or pullback.
If Bitcoin breaks below the $103,000 support, it could fall toward the $100,000–$98,000 zone. But if it clears $104,650, the uptrend may continue.
