Bitcoin whale holdings were largely unchanged over the past week at about 5.23 million BTC, according to analyst Ali Martinez, who cited data from Santiment. The lack of notable accumulation or selling suggests large market participants are staying on the sidelines ahead of a heavy run of event risk over the next roughly 10 days. The calendar includes U.S. Producer Price Index and Consumer Price Index reports, along with the Federal Reserve’s interest-rate decision. A crypto-specific catalyst is also approaching on Sept. 15, when the U.S. Senate is scheduled to hold a procedural vote on advancing the CLARITY Act. One day later, the Fed will announce its rate decision and hold a press conference. The Bank of Japan is also set to announce its own rate decision next week, a move that could add to pressure across global markets. During this stretch, Bitcoin has continued to trade sideways in a range between $77,500 and $80,000. The market expects the cryptocurrency could break out of its multi-week consolidation once this cluster of macro events is out of the way.
Bitcoin whale holdings were broadly unchanged over the past week at about 5.23 million BTC, according to analyst Ali Martinez, who cited data from Santiment.
The lack of visible accumulation or distribution points to a wait-and-see stance among large market participants ahead of several key events over the next roughly 10 days. Those include U.S. Producer Price Index (PPI) and Consumer Price Index (CPI) reports, as well as the Federal Reserve’s interest-rate decision.
Sept. 15 puts a crypto-specific catalyst on the calendar
Beyond macro data, the market is also watching Sept. 15, when the U.S. Senate is scheduled to hold a procedural vote on advancing the CLARITY Act. A day later, the Federal Reserve will publish its rate decision and hold a press conference.
The Bank of Japan is also due to announce its rate decision next week, which could add another variable for global markets.
Bitcoin remains range-bound
For now, Bitcoin continues to trade sideways between $77,500 and $80,000. Market expectations are that the cryptocurrency could move out of its consolidation phase of the past several weeks once this run of macro events has passed.
The item cited CryptoPotato as the source.
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