According to CryptoPotato, despite recent price swings, including fluctuations of $2,000 within a few days, the total number of bitcoin (BTC) whales has reached a local peak of 1,611, according to data from Glassnode. In comparison, there were fewer than 1,570 large investors in May when the leading digital asset's valuation hovered around the $26K-$27K level. Glassnode's analysis shows that the number of BTC whales has surged to a 10-month high amid increased volatility surrounding the primary cryptocurrency.

During the second half of August, BTC appeared stuck at around $26,000, but the situation changed in favor of the bulls when Grayscale won its lawsuit against the United Securities and Exchange Commission (SEC). The asset's price soared to $28,000 on August 29, with some expecting a further rally if the regulator approved one of the spot BTC ETF applications filed by finance giants such as BlackRock, Invesco, and Fidelity. However, the agency delayed its decision on all filings by another 45 days, causing BTC to lose all gains following Grayscale's landmark victory and currently trading at approximately $26K, according to CoinGecko's data.

It remains to be seen how large investors will react to the latest price developments, whether they will use the price decline as a buy-the-dip opportunity or dump some holdings due to growing uncertainty.