In a week marked by turbulence for crypto enthusiasts, the price of Bitcoin (BTC) has undergone significant fluctuations, briefly dropping to a low of $25,400.
This rapid decline can be attributed to a combination of factors. Reduced market activity, compounded by the ongoing upheaval in China’s real estate sector, has contributed to the downward trend.
Additionally, reports indicating that Elon Musk’s SpaceX has divested a portion of its Bitcoin holdings have added to the cryptocurrency’s challenges.
Despite these challenges, optimism has returned to the crypto market in the past 24 hours as high-net-worth investors have begun accumulating Bitcoin once again.
To be more precise, on August 23, BTC experienced a temporary surge to $26,800, driven by renewed activity among addresses associated with crypto whales and sharks—entities or individuals holding substantial cryptocurrency amounts that can significantly influence market movements.
Santiment, a cryptocurrency behavior analytics platform, reveals that “there are currently 156,660 wallets holding 10 to 10,000 BTC, and they have accumulated $308.6M since August 17th.”
These investors have collectively added 11,629 BTC over the past 6 days, as highlighted by Santiment.
As of August 24, BTC was trading at $26,447, reflecting a 1.78% increase for the day. Although the cryptocurrency briefly touched the $26,800 mark during this period, it experienced a minor retreat afterward.
Over the past week, the top-ranked crypto asset encountered a loss of more than 7%, and its monthly decline exceeded 9.7%, leading to a decrease of over $50 billion in market capitalization within this 30-day span.
However, it’s important to note that Bitcoin maintains a strong position on a year-to-date basis, with an impressive surge of around 60%.
Broader Market Sentiment
While major crypto investors are seizing the opportunity to buy the recent Bitcoin dip, the same sentiment doesn’t extend across the broader crypto landscape.