Bitcoin’s Surge Toward $27,000 Halted, Yet Network Fundamentals and Large Holder Activity Continue to Show Strength (Weekly Crypto Summary)

The conclusion of the previous week was significantly more eventful as the leading cryptocurrency experienced a sharp decline of over $3,000 within hours, reaching its lowest price in more than two months at just above $25,000. Subsequently, there were attempts at recovery, allowing BTC to regain approximately $1,000.

Since that time, bitcoin’s price has remained relatively stable, hovering around $26,000. The only notable fluctuations occurred on Wednesday, when it unexpectedly dropped by more than $500, and again yesterday.

On Thursday, a more substantial price increase propelled BTC to $26,800. However, as the bulls seemed poised to challenge the $27,000 mark, the situation shifted, and the cryptocurrency retraced to the familiar level of $26,000.

In the midst of this lackluster price activity, the network fundamentals (more on that later) and the actions of larger investors are noteworthy. The crypto analytics platform Santiment reported this week that the so-called sharks and whales capitalized on last week’s price decline to accumulate over $300 million worth of BTC.

The firm also noted that the total number of wallets holding between 10 and 10,000 BTC has increased to well over 150,000.

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While BTC shows slight weekly losses, altcoins such as Ripple, Tron, TONCOIN, and Stellar have recorded impressive gains, with XLM increasing by up to 6%.

In contrast, PEPE has declined by nearly 20% during the same period amid rumors and reports regarding suspicious transfers and allegations about doxxing the meme coin’s creator.

Market Data

Market Cap: $1.09B | 24H Vol: $35B | BTC Dominance: 46.4%

BTC: $26,037 (-1%) | ETH: $1,657 (-1%) | BNB: $216 (-0.7%)

Cryptocurrency Market Overview. Source: Quantify Crypto

This Week’s Crypto Headlines You Can’t Miss

Bitcoin Mining Difficulty Reaches New ATH as BTC Price Faces Challenges. As previously mentioned, the behavior of whales is not the only encouraging development surrounding Bitcoin. The network has never been more robust, as indicated by the key difficulty metric, which reached yet another all-time high this week.

Only 5.8% of BTC in Circulation Resides on Exchanges, Yet Bitcoin Price Struggles: Santiment. Another point of interest is the diminishing immediate selling pressure for the asset. This is due to the percentage of BTC held on exchanges continuing to decline, now at its lowest level in six years.

2 More Ethereum ETFs Added to Expanding List, But ETH Price Remains Bearish. While the competition for a spot Bitcoin ETF in the United States intensifies, the number of firms seeking to establish an exchange-traded fund tracking the price of ETH is also increasing. Two additional applications were submitted to the SEC this week.

BitMEX’s Arthur Hayes: Bitcoin is the Solution for ‘Flawed, Corrupt, Parasitic’ Fiat Banking System. The founder of BitMEX, Arthur Hayes, stated in his latest blog post that the primary cryptocurrency could act as the “solution” for the flawed and corrupt fiat banking system, which is expected to fail eventually.

SBF Pleads Not Guilty Again, Expresses Concerns About Lack of Vegan Food in Prison (Report). With the trial date of October 2 approaching rapidly, developments surrounding Sam Bankman-Fried and his legal situation continue to emerge. The disgraced founder of FTX has been placed in one of the most challenging jails in the US and recently voiced his concerns about surviving on bread and water due to his vegan diet.

SEC Momentum Over? XRP Loses All Gains Made After Ripple’s Landmark Court Victory. The blockchain company achieved a significant victory against the SEC earlier this summer, which triggered a substantial rally for its native token. However, the momentum appears to have dissipated as XRP has reverted to its pre-SEC victory levels of around $0.5.

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