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BTC Struggles Around $26K as SpaceX Dumps Holdings

• Bitcoin (BTC) price struggles around $26k as SpaceX drops its holdings
• Glassnode data suggests that the number of wallets holding at least 1 BTC has reached an all-time high
• According to Glassnode, the amount of BTC supply active between a week and one month just dropped to 680,353.028 BTC

Bitcoin Struggles Around $26k After SpaceX Drops its Holdings

The Bitcoin (BTC) price has struggled around $26,000 after Elon Musk’s spacecraft manufacturer SpaceX dumped its BTC holdings. On-chain data provider Glassnode suggests that the number of wallets holding at least 1 BTC has reached an all-time high (ATH) of 1,015,299 despite the bearish market sentiment. Additionally, short-term traders have also risen with the recent price downturn with the amount of BTC supply active between a week and one month dropping to 680,353.028 BTC – a 30-day low.

Number Of Wallets Holding At Least 1 BTC Reaches ATH

Per Glassnode, addresses have risen since late 2021 when BTC hit an ATH of $68,790. Moreover, 83% of crypto liquidations were long positions surpassing the $1 billion mark shortly after news about SpaceX’s digestion emerged.

Current Price Movements

At time of writing Bitcoin is down by 0.3% in the past 24 hours and is trading at $25,990. The 24 hour trading volume has also plunged by 2.5%, currently at $9.4 billion while Bitcoin briefly touched a 24 hour high of $26 260 on August 20th.. Furthermore it’s market cap still stands above the 500 billion mark with a 48% market dominance.

Impact Of SpaceX Dropping Its Holdings

SpaceX accumulated roughly 373 million worth of Bitcoin in 2021 and 2022 before dropping all its holdings which caused liquidations to exceed one billion dollars predominately being long positions according to reports from crypto news outlets . This led to an increase in short term holders and traders who assumed more risk when prices declined due to speculation following Space X’s disposal..

Conclusion

Overall this article highlights how Elon Musk’s Space X dropping their bitcoin holdings impacted overall prices as well as sent shockwaves throughout crypto markets leading to liquidations exceeding one billion dollars mainly consisting of long positions . In spite this there are still an increasing number wallets holding at least one bitcoin reaching an all time high as well as other signs hinting that prices may recover soon such as Bitcoin touching an hourly high recently .