El Salvador Buys 1,098 BTC as Bitcoin Slides Under $90K
El Salvador resumed its Bitcoin accumulation programme with a $100 million purchase of 1,091 BTC on November 18, bringing weekly buys to 1,098.19 BTC and total reserves to 7,474.37 BTC. Valued at about $672.9 million, the holdings show an unrealised gain of $264.6 million. The contrarian dip-buying comes as Bitcoin slid under $90,000, trading near $90,268 after a 4.9% drop amid global panic selling. Short-term holders offloaded 148,000 BTC at a loss—their largest capitulation since April 2025. Since launching a one-BTC-per-day plan in November 2022, El Salvador has ignored IMF calls to suspend purchases. The state’s $100 million buy provided brief relief, but analysts warn that broader de-risking could prompt further selling. Traders will watch whether long-term holders absorb the discounted supply or if Bitcoin slips lower.
Bullish
El Salvador’s continued dip-buying programme injects consistent demand for Bitcoin and reinforces a price floor under $90,000, which is inherently bullish. Although short-term holder capitulation and broader market de-risking could exert downward pressure in the short term, the government’s one-BTC-per-day accumulation signals long-term confidence and supply tightening. This sustained strategy is likely to support Bitcoin’s price trajectory over time.