Satoshi Nakamoto, the pseudonymous creator of Bitcoin (BTC), is currently the largest BTC holder in the world. The wallets controlled by Nakamoto hold over 1 million BTC, valued at approximately $117.5 billion at the time of this writing, according to data from Arkham Intelligence.
Since Bitcoin reached its all-time high price of over $126,000 in early October, Nakamoto’s Bitcoin stash has experienced an unrealized loss of over $20 billion. The portfolio had swelled to more than $136 billion during Bitcoin’s rally to new all-time highs in the first week of October.
However, crypto markets were severely impacted on October 8 due to cascading liquidations in the perpetual futures market. This event was triggered by a post from US President Donald Trump signaling additional tariffs on China, which sparked investor fears of a renewed trade war. The resulting market rout caused $20 billion in liquidations, marking the worst 24-hour liquidation event in the history of crypto. Prices plummeted, with some altcoins losing over 99% of their value.
Despite this turmoil, Bitcoin showed remarkable resilience, maintaining a price above the $100,000 level.
**Market Crash: Temporary Setback or Long-Term Concern?**
Investment analysts at The Kobeissi Letter have described the market crash that began on October 8 as a short-term decline without long-term fundamental implications. According to their analysis, multiple technical factors contributed to the meltdown, including excessive leverage, thin market liquidity—which increases volatility and amplifies the impact of large, sudden moves—and the influence of Trump’s social media post.
“We think a trade deal will be reached, and crypto remains strong. We are bullish,” the analysts stated.
Just days earlier, The Kobeissi Letter highlighted that Bitcoin’s all-time high coincided with the US dollar’s weakest year since 1973, indicating a major macroeconomic shift. Additionally, they noted an unusual phenomenon where risk-on asset prices are rising simultaneously with store-of-value and bearer assets like gold and Bitcoin. Typically, these asset classes move in opposite directions, and this concurrent increase adds weight to the Kobeissi analysts’ macroeconomic thesis.
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**Related:** Precious metals trade ‘overheated,’ investors to rotate into BTC: Analyst
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