Bitcoin price struggles as stablecoin and futures market data show declining confidence among traders.
Bitcoin’s price increased by 5.5% on Aug. 6 yet struggled to maintain levels above $57,000 despite positive momentum in traditional financial markets. On Aug. 7, the Euronext 100 index rose by 2.2% and oil prices surged by 2.8%. This suggests that Bitcoin’s (BTC) price correction is less about global economic conditions and more about market-specific factors, as derivatives metrics indicate a lack of enthusiasm.
Some analysts attribute Bitcoin’s weakness to whales reducing their positions after a long period of accumulation, including a notable entity known as “Mr. 100”.
Data from Bitcoinator reveals that the address linked to “Mr. 100” reached a peak balance of 73,067.66 BTC on Aug. 6 after accumulating 3,390 BTC over six days. However, on Aug. 7, two withdrawals totaling 5,952.59 BTC occurred. Some blockchain analytics firms, such as Arkham Intelligence, believe this address belongs to the Korean exchange Upbit, though this is unconfirmed. Regardless, the address is closely watched due to its significant holdings.
