Santiment, a crypto on-chain analytics platform, reported via X that "The sharp drop in the crypto market led to active trading by BTC whales on August 5 and 6 (local time), with the highest activity since the first week of April. The increase in wallets holding between 10 and 1,000 BTC suggests that these whales were quick to buy when BTC dropped below $50,000."
Meanwhile, since the last crypto market plunge, the hash price - the amount of money Bitcoin miners earn per TH/s - has dropped to $40, the lowest it's ever been, DL News reported. Wolfie Zhao, consulting partner at Blocksbridge, said: "The price drop seems to have hit mining companies hard. Since the halving in April, many miners have been losing money, and many of the smaller ones have run out of cash and are on the verge of going out of business. Under these circumstances, 'who can hold on longer' is becoming the key to survival."
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