Why has $BTC$BTC surged so sharply over the past 2 days?
Most of the buying came from ProCap BTC, which purchased 4,932 BTC worth $514.5M.
On June 23, they announced a $1B merger and had raised more than $750M.
In less than a day, they spent $386.5M to buy 3,724 $BTC at an average price of $103,785, causing $BTC to spike nearly 5%.
Just now, they announced that they bought another 1,208 $BTC($128M) at an average price of $105,977.