In a roller-coaster week for those closely tracking the world of crypto, the price of Bitcoin (BTC) faced significant turbulence, dropping to a low point of $25,400 at one juncture.
This sharp decline can be attributed to a combination of factors. Reduced market activity, coupled with the escalating uncertainty surrounding China’s real estate sector, has exerted downward pressure on the market.
Additionally, reports highlighting SpaceX’s sale of a portion of its Bitcoin holdings, linked to Elon Musk, have contributed to the cryptocurrency’s recent struggles.
Nonetheless, a glimmer of optimism has emerged within the crypto landscape over the past 24 hours, with high-net-worth investors once again entering the scene to accumulate the pioneer cryptocurrency.
To be more precise, BTC experienced a temporary surge to $26,800 on August 23, driven by renewed activity among large crypto holders, known as whales and sharks.
These are individuals or entities possessing substantial amounts of cryptocurrency, capable of significantly influencing market trends.
According to cryptocurrency behavior analytics platform Santiment, “there are currently 156,660 wallets holding 10 to 10,000 BTC, and they have accumulated $308.6 million since August 17th.”
During the past six days, these investors collectively acquired 11,629 BTC, as highlighted by Santiment.
As of August 24, at the time of writing, BTC was trading at $26,447, marking a 1.78% increase for the day. The cryptocurrency briefly touched the $26,800 milestone before experiencing a slight retreat.
Over the past week, the leading crypto asset faced a decline of over 7%, and on a monthly basis, it dropped by more than 9.7%. Consequently, the market capitalization of Bitcoin witnessed a decrease of over $50 billion during this 30-day period.
However, it’s important to note that on a year-to-date basis, Bitcoin remains significantly in the green territory, with a substantial surge of around 60%.