Bitcoin has had a significant 10% adjustment, falling from $65,000 earlier this week to a strong level of support at $58,000. Because of this price drop, Bitcoin “whales” are back at it. They’re now eager to buy the dips.
A report from Santiment says that wallets holding more than 100 BTC have reached their highest level in 17 months. As important crypto events in September get closer, people are accumulating a lot of cryptocurrency.Bitcoin whale accumulation has continued to rise slowly, even though the market has been unstable and disappointing lately.
The number of BTC whale wallets with more than 100 Bitcoins has grown by 283, taking the total to 16,120. This is the highest number in 17 months. This trend shows that major buyers are becoming more confident, even though the market as a whole is having trouble.
Bitcoin Exchange Outflows
More information from Santiment shows that the amount of Bitcoin available on platforms has decreased significantly. Only in the past three days, platforms have removed 40,000 Bitcoins, valued at approximately $2.4 billion.
These movements show that whales are putting a lot of Bitcoin into cold storage, which supports the idea that they are buying on price drops with the long term in mind. Along with positive signs about the economy as a whole, this accumulation by “whales” could help Bitcoin’s price reach $60,000 again.
The U.S. PCE inflation rate on Friday was 2.5%, which was less than what the market had expected. The core PCE measure for July showed a small 0.2% increase from the previous month. The Federal Open Market Committee (FOMC) will make decisions about lowering interest rates at its September meeting. These numbers could have an impact on the meeting.
The cryptocurrency market is likely to have a big month in September. Starting on September 1, the Cardano Chang Upgrade aims to enhance the governance and decentralization of the blockchain.
The FOMC meeting and the first presidential debate between Donald Trump and Kamala Harris could also have a major effect on the market. This is especially true since the crypto industry has become a major issue in the 2024 U.S. election.
The crypto scene in Asia is getting ready for major events like Token2049 in Singapore later this month and the Korean Blockchain Week, which starts on September 9. These events, along with ongoing Bitcoin whale accumulation and a decrease in exchange supply, could start the next part of the rally, which could lead to a strong market recovery in the coming weeks.
