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The largest market participants appear reluctant to make a move as the asset struggles below $80,000. Or, maybe there are waiting for these major developments to unfold.
ByJordan Lyanchev
Citing data from Santiment Intelligence, popular analyst Ali Martinez showed a chart indicating that Bitcoin whale holdings have remained almost completely unchanged at roughly 5.23 million units over the past week.
Perhaps the most evident reason for this is what comes in the next ten days or so, as BTC, alongside all financial markets, braces for a major impact.
10 Days of Chaos
The analyst noted that the lack of accumulation or distribution from whales suggests these large market participants are staying on the sidelines waiting for two particularly important events coming in the next week or so – the US inflation report and the subsequent Federal Reserve meeting.
The <a href="https://xpertsstudio.com/bitcoin-traders-dial-down-bullish-plays-ahead-of-u-s-inflation-data/" title="Bitcoin traders dial down bullish plays ahead of U.S. inflation data“>inflation data is split: the first batch, the August Producer Price Index (PPI), arrives today, while the considerably more important Consumer Price Index (CPI) comes out a day later. Inflation has already become a major talking point after the stronger-than-expected US employment report substantially increased expectations for a new Fed rate hike.
Current odds show a 60% probability of a September rate uptick, even though a Reuters poll found that most economists still expect the central bank to remain on hold. Consequently, Friday’s CPI Reading could play a major role in breaking that disagreement.
Although these two macro events will indeed have some impact on the digital asset market, there are others. The crypto-specific catalyst arrives on September 15, when the Senate is scheduled to hold its procedural vote on advancing the CLARITY Act. Previous progress or delays have typically influenced the market.
A day later comes the aforementioned Federal Reserve decision about its rates, accompanied by Kevin Warsh’s press conference and updated economic projections. Next week will conclude with the Bank of Japan’s announcements about its own rates, with another hike potentially adding pressure to global bond and currency markets.
Source: cryptopotato.com