Bitcoin's price has retraced to around $26,000 after a brief surge earlier this week. However, on-chain data shows that the supply of Bitcoin held on exchanges has dropped to a six-year low, indicating that investors are holding onto their assets instead of selling. Additionally, Bitcoin whales have been accumulating more Bitcoin since last week's market crash, with over $300 million worth of Bitcoin accumulated so far.
The market is currently waiting for the outcome of the US Federal Reserve's Jackson Hole meeting, which could have an impact on Bitcoin's price. However, negative sentiment caused by regulatory actions may continue to affect the cryptocurrency market until there is a clear regulatory framework.
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