The Bitcoin price has seen more than 10% correction from $65,000 earlier this week, thereby taking strong support at the $58,000 level. This led to the Bitcoin whales turning active again and are now aggressively buying the BTC dips. As per the report from Santiment, whale wallets with over 100 BTC have reached a 17-month high with some key crypto events scheduled for the month of September.
Despite the recent market disappointments and volatility over the past month, Bitcoin whale accumulation has continued with a steady surge in whale holdings per the Santiment report. Over the last month, BTC whale wallets holding more than 100 Bitcoins have surged by 283, thereby taking the total number of such wallets to 16,120. This represents the highest number of such large holders in the last 17 months.
Further data from Santiment also reveals a strong reduction in the BTC supply on the exchanges, dropping by 40,000, Bitcoins worth $2.4 billion, in the last three days. These exchange outflows suggest that Bitcoin whales are moving the BTC to cold storage in huge quantities and buying Bitcoin dips aggressively.
This whale accumulation coupled with positive macro indicators can provide a catalyst for the Bitcoin price to regain $60,000 again. On Friday, the US PCE inflation data came at 2.5%, much lower than the market expectations. Furthermore, the US core PCE index for the last month of July stood at 0.2% on a month-on-month basis.
The next month of September could be absolutely eventful for the crypto markets moving ahead. To begin with, the Cardano Chang Upgrade will go live on Sunday, September 1, steering the blockchain network towards the path of strong governance and further decentralization.
The most-awaited event will be the FOMC meeting in September and Jerome Powell’s decision on interest rate cuts. However, it would be interesting to see whether this would be a 25-bps rate cut or a 50-basis rate cut. By the year-end, the market is considering the possibility of a 100 bps rate cut in total. Along with the macro optimism, some top altcoins will be on investors’ radar looking to kickstart the next alt season.
Furthermore, Donald Trump and Kamala Harris are set for the first presidential debate and the crypto community is all ears to this development as the crypto industry has been the center-point for the political agenda of the 2024 US Presidential elections.
On the other hand, the Asian market is gearing up for major crypto events such as the Korean Blockchain Week starting September 9. Similarly, the Token2049 event will happen later in the month in Singapore. These developments coupled with Bitcoin whale accumulation and drop in exchange supply could be a major trigger for the next phase of the rally.
Zcash prices crashed over 40% today following a stunning revelation by developers. A severe vulnerability…
Bitcoin price has continued bleeding, recording lows near $59,000. It marks BTC's lowest level since…
Bitcoin advocate and Strategy Executive Chairman Michael Saylor has responded to Jim Cramer blaming him…
Financial giant BNP Paribas has predicted three Fed rate hikes as the U.S. labor market…
The U.S. House Ways and Means Committee has released several crypto tax discussion drafts as…
Grayscale Investments has submitted an application to the U.S. Securities and Exchange Commission (SEC) to…