After facing a strong rejection at the $65,000 level, the Bitcoin price has once again seen strong selling pressure taking support at the $58,000 level. On the other hand, the Bitcoin whale wallets with 100 plus BTC have reached a 17-month high ahead of some key events scheduled for the month of September.
Bitcoin Whale Accumulation Continues Hitting New Milestone
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.
Key Crypto Events Ahead in September
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.
There may be a lot of events that cause market fluctuations in September, such as the debate between Trump and Harris, the FOMC of the Fed starting to cut interest rates, CZ’s release from prison, etc. In addition, the Korean Blockchain Week and Singapore 2049 will also be held… pic.twitter.com/4lZXhQJTFZ
— Wu Blockchain (@WuBlockchain) August 31, 2024
Bhushan Akolkar
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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