Bitcoin dropped from about $95,500 to $87,500 within roughly 48 hours this week. Market watchers pointed to renewed US–EU tensions and rising long-dated JGB yields.
The asset had hit roughly $98,000 mid last week before sliding more than $10,000. The move unfolded as some investors sold and others added to positions.
According to Santiment’s post, wallets holding under 0.01 $BTC dumped about 132 coins in nine days, roughly -0.28% of their holdings. Meanwhile, 10–10,000 $BTC wallets accumulated about 36,322 BTC, worth about $3.2 billion.
A significant portion of that accumulation may stem from Michael Saylor’s firm, Strategy, which bought 22,305 BTC last business week (Ed. note: this purchase was reported separately). The wider market faced added pressure as a strategist at Saxo Bank described a ‘relentless surge in long-dated JGB yields’.
Safe-haven metals moved higher as gold reached nearly $4,900 per ounce and silver approached $100. For the data visuals shared by Santiment, see the platform’s post and media links: Santiment media and the earlier tweet.
