XRP dropped 3% in the past 24 hours, leading losses among major tokens as bitcoin (BTC) started the festive week in the red and Japanese bitcoin accumulator Metaplanet (3350) announced its biggest purchase.

The Tokyo-listed company said it bought a record 619.70 BTC for 9.5 billion yen ($61 million) in a move that lifted its BTC holdings by 54%.

BTC is still 1.5% lower over 24 hours, CoinGecko data shows, with ether (ETH), Cardano’s ADA, Solana’s SOL and dogecoin (DOGE) all down as much as 2%. Chainlink’s LINK and Tron’s TRX gained, while the broad-based CoinDesk 20 (CD20) index fell 1.39%.

Metaplanet has now acquired 1,762 BTC for 20.87 billion yen ($133.2 million), with an average purchase price of 11.85 million yen. Between Oct. 1 and Dec. 23, the company achieved a BTC yield of 309.82%, up from the 41.7% for Jul. 1-Sep. 30.

Metaplanet experimented with novel ways of funding its bitcoin buys since it first started the strategy in April. As of Dec. 20, the company issued a $5.0 billion yen 5th Series of Ordinary Bonds to EVO FUND, a zero-coupon bond maturing June 16, 2025 with early redemption possible linked to the 12th series stock acquisition rights.

In total, the company has made 19 separate bitcoin purchases using capital market activities and operating income. The shares have skyrocketed 2,100% this year, and the company has become the 15th-largest publicly traded bitcoin holder.

Meanwhile, market watchers are cautious ahead of the holiday period with a short-term bearish bias.

“Markets continue to digest the Fed’s tougher tone, reinforced by the accumulated urge to lock in profits after a strong year,” Alex Kuptsikevich, FxPro chief market analyst, told CoinDesk in an email. “Bitcoin is trading around $95.5K, receiving support near the 50-day moving average on Friday and Monday. While we expected to see the market decline here, it’s too early to say this is the end of the correction.”

“Further declines in the stock market, of which there are many in Bitcoin and Ethereum, could trigger institutional investors, launching a deeper pullback. Reduced holiday liquidity has the potential to amplify this amplitude with a potential dip into the $70K area,” Kuptsikevich said, adding that the $90,000 level could present an “attractive level” for buyers to stop the sell-off.