Bitcoin Network Fees Spike, 'Roaring Kitty' Nears Billionaire Status, and MicroStrategy Faces Massive Short Interests
Summary:
On June 7, the Bitcoin network experienced a temporary increase in transaction fees likely due to OKX congestion. Notably, stock trader Keith Gill, known as Roaring Kitty, is on his way to becoming a billionaire due to surging GameStop shares. Contrary to this, MicroStrategy stocks have seen significant short seller interest, with $6.9 billion in institutional short positions, despite the stock value nearly tripling in the last six months.
On the 7th of June, an unexpected rise in transaction charges on the Bitcoin network was observed, primarily due to the 332,000 pending transactions. Colin Wu, a blockchain expert, proposed that this sudden congestion might have originated from the crypto exchange OKX amassing and sorting numerous wallets, but this information was not verified at the time. At the apex of the spike, high-priority transactions were being charged 514 sats, while the low-priority ones were a step behind at 513. In dollar terms, the transaction fee was hovering between $50 to $52.
Stock trader Keith Gill, popularly known by his online aliases as “Roaring Kitty” and “DeepFuckingValue”, might soon join the ranks of billionaires owing to the soaring prices of GameStop (GME) shares. On June 2nd, Gill made the disclosure that he has resumed trading in GameStop shares, with a trading capital of $180 million. Gill's announcement sparked another surge in GameStop's stock price, leading the shares to increase by an impressive 38.8% so far in 2024 according to Robinhood's overnight markets. As per the figures from The Kobeissi Letter, the GameStop shares hit $67.50 in after-hours trading, pushing Gill's investment value close to $1 billion.
Michael Saylor's software intelligence company MicroStrategy is witnessing $6.9 billion in considerable short positions. Despite the increased stake of the short sellers, the company's stock price almost tripled in the past six months. As recent as June 6th, there were 18 short positions on MicroStrategy listed on Fintel's 'The Big Shorts' list, which displays the significant short positions reported to the SEC. The most substantial short position is worth about $2.4 billion making it the 27th largest net short position among institutions. The short seller sentiment appears to be waning, with the short-interest ratio for MicroStrategy's stock having decreased by almost 50% over the past six months.
Published At
6/7/2024 11:40:11 PM
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