The price of Bitcoin (BTC) fell to $49,000 throughout the weekend but recovered to around $56,000, eliciting various responses from holders.
Bitcoin whales, who are significant holders of assets, took advantage of the opportunity to buy at reduced rates, while small investors dumped their holdings as panic spread.
Crypto wallets containing a quantity of Bitcoin (BTC) ranging from 1,000 to 10,000, with an approximate value of $56 million to $560 million based on current market prices, exhibited confidence during the market downturn by continually augmenting their holdings.
Nevertheless, wallets holding less than 1 BTC showed a lack of resilience, experiencing the most significant decline in their holdings amidst the market’s fall. On Monday, there were net outflows of $168 million from U.S. spot bitcoin exchange-traded funds.
Bitcoin (BTC) has seen a 9% rebound in the last 24 hours, with investors in spot BTC ETFs showing resilience. ETFs like BlackRock’s IBIT did not outflow on August 5th, while alternative cryptocurrencies like Solana’s (SOL) saw a 21.4% gain. This recovery may be an organic response to the market’s 29% decline over two weeks.
