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Bitcoin is currently trading at $65,172, down 48.37% from its record highs. It has racked up losses for a significant portion of its holders, including its pseudonymous founder Satoshi Nakamoto.
Satoshi's wallets, which have been untouched since 2010, hold about 1.096 million Bitcoin according to Arkham data. This is currently worth $71.19 billion, a significant drop from when the Bitcoin price peaked. When the Bitcoin price reached an all-time high of $126,198 last year, its value would have been worth more than $138 billion.
The current value of $71.19 billion represents a decline of about $67 billion, or a more than 48% drop from the Bitcoin creator's holdings. Bitcoin price is currently trading near levels not seen since September 2024.
Earlier "crypto winters" were considerably worse, with peak-to-trough losses of up to 80%.
Bitcoin price recovery?
Rafael, Glassnode co-founder, thinks BTC continues to sit on somewhat shaky legs, with participation and demand staying relatively thin.
Spot activity remains at extremely low levels, as does the daily spot turnover ratio, describing this scenario as textbook apathy. Aside from crypto-native spot markets, trading in both ETFs and DAT equities has thinned out from their highs. The markets communicate the same message: subdued participation.
This puts a sustained Bitcoin recovery not yet in the picture, with the Glassnode founder adding that a healthier move higher requires participation.
BIP 110 hits roadblock
A new, minority chain created when BIP-110 (Bitcoin Improvement Proposal-110) supporters split from Bitcoin on Saturday has produced just two blocks hours after going live, with no signal that any miner wants to keep it moving.
"With only 2.6% miner signaling, BIP-110 has failed to earn broad miner support. At block 961,632, its nodes will reject non-signaling blocks. BIP-110 will then stall or fork into irrelevance while Bitcoin continues normally," Michael Saylor reacted to this development in an X post.
U.Today Editorial Team
Dan Burgin
