Bitcoin concluded the week with a 4% decline, trading near $62,500 after failing to break resistance levels repeatedly. Strategy sold another 1,690 BTC for $108.6 million, though its CEO confirmed the company plans to resume bitcoin purchases by year-end. Despite the downturn, large wallet numbers are increasing for Bitcoin and Ripple, with analyst chatter about “crypto is dead” potentially serving as a contrarian signal.
Bitcoin concluded a volatile week facing downward pressure, sliding to a 10-day low of $62,500 as of press time after failing to establish momentum above $65,000. The asset’s weekly losses now stand near 4%, according to market data, as repeated attempts to break resistance at $65,400 and $64,400 were rejected by sellers. Bitcoin’s market capitalization has dropped to $1.255 trillion, while its dominance over altcoins fell sharply to 56.1%.
Strategy continued its ongoing divestment of bitcoin holdings, selling another 1,690 BTC for $108.6 million in its latest disposal. The firm remains the largest corporate holder of any cryptocurrency, but CEO Phong Le offered reassurance about future plans. Le confirmed the company intends to resume its bitcoin purchases by the end of the year.
Several altcoins managed to post weekly gains despite Bitcoin’s struggles, including SOL, BNB, TRX, XMR, CC, and LINK. Ethereum posted a more modest decline of 2.8%, while XRP slipped below $1.00 for the first time in 21 months earlier this week and is now fighting to reclaim that psychological support level.
The number of large bitcoin wallets holding 10,000 coins or more has reached a six-month high, with only 90 addresses currently meeting that threshold. A similar trend emerged within the Ripple ecosystem, where large wallet counts increased by 32 over the past three months despite XRP’s significant price decline.
Online chatter about the industry’s demise has risen amid the ongoing price collapse, leading analysts to suggest this could serve as a contrarian signal. Data indicates large investors are accumulating positions ahead of a potential market recovery.
