Bitcoin's decline has continued, cutting the estimated value of Satoshi Nakamoto (사토시 나카모토)'s bitcoin holdings to about $71 billion.

U.Today, a blockchain outlet, reported on Aug. 9 that bitcoin is trading around $64,800. That is 48 percent below its all-time high (ATH).

Arkham data show the Satoshi wallet holds about 1,096,000 BTC. The holdings are known to have not moved once since 2010. At current prices they are worth $71.19 billion. When bitcoin reached its all-time high of $126,198 last year, the same holdings were worth more than $138 billion. The recent price correction cut the value of Satoshi's holdings by about $67 billion, with the decline exceeding 48 percent.

Bitcoin has slid to around levels not seen since September 2024. The size of the drop itself is not unprecedented compared with past crypto bear markets. In previous crypto winters, peak-to-trough declines have reached as much as 80 percent.

The market is still seen as showing weak signs of a full-fledged rebound. Rafael (라파엘), a co-founder of on-chain analytics firm Glassnode, viewed bitcoin as still in an unstable state. He pointed to thin overall market participation and demand.

Spot trading has also failed to rebound significantly. Rafael said the daily spot turnover ratio is also very low, describing the current situation as a "typical apathetic market." Not only the native crypto spot market, but also trading in exchange-traded funds (ETFs) and digital asset treasury company (DAT) stocks is subdued compared with its peak. That means the broader market is showing slowing participation in the same direction.

That is also raising questions over the durability of any bitcoin rebound. Rafael said market participation ultimately needs to recover for a healthier rise. A price bounce alone makes it hard to talk about a trend reversal.

Technical issues inside and outside the bitcoin network have also surfaced. Last week, a minority chain created when BIP-110 supporters split from bitcoin generated only 2 blocks during the first few hours after launch. There were also no confirmed signs that miners intended to keep the chain running.

Michael Saylor (마이클 세일러), who leads Strategy, said in a post on X, formerly Twitter, "With miner signaling at just 2.6 percent, BIP-110 failed to gain broad miner support." He added, "If BIP-110 nodes begin rejecting non-signaling blocks at block 961,632, this chain will remain a one-off chain with no presence." By contrast, he added, the existing bitcoin chain will continue to operate normally.

Ultimately, the current market can be summed up as a period in which a price correction, shrinking trading and weakening momentum for internal network experiments are appearing at the same time. For bitcoin to build a rebound, demand recovery and broader market participation will likely need to be confirmed first.