BTC struggles around $26k as 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 the other hand, Glassnode data 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.
Per the on-chain data provider, the addresses have risen since late 2021, when BTC hit an ATH of $68,790.
Moreover, BTC short-term traders have also risen with the recent price downturn. According to Glassnode, the amount of BTC supply active between a week and one month just dropped to 680,353.028 BTC, marking a 30-day low.
Short-term holders and traders rose after SpaceX dumped all of its BTC holdings. Per the crypto.news report, the aerospace company accumulated roughly $373 million worth of Bitcoin in 2021 and 2022.
Shortly after the news about SpaceX’s BTC digestion emerged, the number of crypto liquidations surpassed the $1 billion mark. Per the report, 83% of the liquidations belonged to long positions.
Furthermore, Bitcoin is still down by 0.3% in the past 24 hours and is trading at $25,990 at the time of writing. BTC’s 24-hour trading volume also plunged by 2.5%, currently at $9.4 billion.
Bitcoin briefly touched a 24-hour-high of $26,260 on Aug. 20. BTC’s market cap still stands above the $500 billion mark with a 48% market dominance.
