As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed countless market cycles and trends that have shaped the global economic landscape. The current state of the crypto market, particularly Bitcoin (BTC), presents a unique blend of opportunity and uncertainty.
On Tuesday during early European trading, the overall value of the cryptocurrency market, primarily driven by Bitcoin (BTC), bounced back approximately 2 percent to surpass $2.16 trillion. The price of Bitcoin itself soared over 3 percent on Monday, peaking at around $59,343, effectively erasing the losses experienced on September 1st. In the past 24 hours, many altcoins followed suit in a similar recovery trend, with Ethereum (ETH), BNB, and Solana (SOL) leading the way.
However, Bitcoin price is not fully out of the woods and the fear of further crypto capitulation in the coming weeks is valid. Furthermore, Bitcoin’s fear and greed index hovered around 26 percent, denoting extreme fear, despite BTC price rebound above $58K.
Bitcoin Whales on the Move
Despite economic uncertainties during the midterm period, there are conflicting responses from various large-scale investors, who are believed to be institutional traders. For example, US-based Bitcoin exchange-traded funds (ETFs) saw a net withdrawal of approximately $46.53 million on Monday. This has resulted in these ETFs experiencing five straight days of outflows, with Grayscale’s GBTC and ARK 21Shares Bitcoin ETF (ARKB) leading the trend.
A smart whale with a $62M profit withdrew 1,100 $BTC ($64.2M) from #Binance 14 hours ago.
This whale is proficient in strategically purchasing Bitcoin (BTC) at lower prices and then selling it at higher ones. It amassed a significant amount of BTC (around 2,947 coins), which comprises most of its holdings, during the pre-price surge period from November 2023 to January 2024, with an average purchase price of $44,300 per coin.
— Spot On Chain (@spotonchain) September 3, 2024
Over the past day, information from the blockchain indicates that a large Bitcoin investor has taken out approximately 1,100 BTCs, equating to over $64 million, from Binance. At present, this whale investor is in possession of roughly 3,823 BTCs, which are valued at around $227 million.
A significant Bitcoin investor, who previously sold approximately $450 million worth of Bitcoins in July, has recently been purchasing more coins through Binance. In fact, just today, this whale investor withdrew over 1000 BTCs, valued at around $58 million, from Binance.
In summary, a significant Bitcoin investor, often referred to as a ‘whale’, has amassed approximately 2,000 Bitcoins, currently valued at over $117 million, through the Binance exchange within the past four days. This addition brings the whale’s total Bitcoin holdings to roughly 8,559 coins, with an estimated value of around $494 million.
As a crypto investor, I’ve noticed an intriguing trend: the available supply of Bitcoin on cryptocurrency exchanges has decreased significantly over the past few days. From approximately 2.44 million BTC on August 27th, it’s now hovering around 2.35 million at the time of writing this. This substantial drop in Bitcoin’s exchange-held supply, despite the current low bullish sentiment, suggests a growing confidence among investors, as they seem to be holding onto their Bitcoins more tightly.
Market Picture
If the U.S. Federal Reserve reduces interest rates as expected later this year, there’s a strong possibility that the crypto market could witness a resurgence of bullish trends during the fourth quarter. Given the upcoming U.S. elections and shifting regulatory environments in significant regions like Russia and India, such a shift could propel Bitcoin’s price beyond its previous record highs.
The story of #Bitcoin
— Yoddha (@CryptoYoddha) September 2, 2024
Looking at the technical aspects, it seems that Bitcoin’s price might be gearing up for a rapid increase phase, much like the surge seen after the 2020 post-Black Swan incident.
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2024-09-03 11:28