Satoshi Nakamoto, the anonymous creator of Bitcoin (BTC), remains the world’s largest BTC holder as of now, with his wallets facing an unrealized loss exceeding $20 billion since the peak price of over $126,000 reached in early October.
Nakamoto’s Bitcoin holdings exceed 1 million BTC, valued at over $117.5 billion as of now, as per data from Arkham Intelligence.
The portfolio surged to over $136 billion during Bitcoin’s rise to new all-time highs of over $126,000 in the first week of October.
However, the crypto markets experienced significant turmoil due to cascading liquidations in the perpetual futures market on October 8, triggered by a post from US President Donald Trump indicating increased tariffs on China, raising investor fears of a renewed trade war.
This market crash resulted in $20 billion in liquidations, the most severe 24-hour liquidation event in crypto history, leading to a price drop where some altcoins fell over 99%. Nonetheless, Bitcoin demonstrated resilience by staying above the $100,000 mark.
Related: Precious metals trade ‘overheated,’ investors to rotate into BTC: Analyst
Market crash is a temporary setback, not a reevaluation of fundamentals
The market downturn beginning on October 8 is merely a short-term fluctuation and “does not have long-term fundamental implications,” according to investment analysts at The Kobeissi Letter.
A range of technical factors contributed to the market collapse, including excessive leverage, low market liquidity that amplifies volatility, and Trump’s social media post, The Kobeissi Letter noted.
“We believe a trade deal will be achieved, and crypto retains its strength. We remain optimistic,” the analysts added.
Earlier, The Kobeissi Letter highlighted that Bitcoin’s all-time high coincided with the US dollar’s weakest performance since 1973, indicating a significant macroeconomic shift.
Additionally, prices of risk-on assets are rising simultaneously with store-of-value and bearer assets like gold and BTC, an anomaly as these asset classes normally behave in opposition to one another, supporting the analysts’ macroeconomic argument.
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