- Bitcoin whales increase holdings as $58K support level holds strong.
- Wallets with 100+ BTC reach a 17-month high amid market volatility.
- Key September events could drive the next phase of Bitcoin’s rally.
Following a 10% drop from $65,000 to $58,000, whales have started buying up Bitcoin aggressively. The $58,000 support level has held strong, which has spurred whales to increase their holdings.
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A recent report from Santiment reveals that wallets holding over 100 BTC have surged to a 17-month high. With key crypto events lined up for September, whales are gearing up for what’s next.
Bitcoin Whales Take Control
Over the last month, the number of whale wallets holding 100 or more BTC has grown by 283, bringing the total to 16,120. This rise in large Bitcoin holders signals ongoing confidence, despite recent market turbulence.
Additionally, the amount of Bitcoin on exchanges has dropped by 40,000 BTC, or $2.4 billion, in just three days. This significant outflow suggests that whales are moving their Bitcoin to cold storage.
Key Crypto Events in September
September could be a game-changer for the crypto market. To start, the Cardano Chang Upgrade will go live on September 1. This upgrade will enhance the network’s decentralization and governance.
However, the most anticipated event is the upcoming Federal Open Market Committee (FOMC) meeting. Investors are eagerly waiting to see if the Fed will implement a 25 or 50 basis point interest rate cut.
Meanwhile, Asia is gearing up for the Korean Blockchain Week and the Token2049 conference in Singapore. These events, along with the continued accumulation by Bitcoin whales and the decrease in exchange supply, could spark the next phase of Bitcoin’s rally.
With all these developments on the horizon, Bitcoin could soon reclaim the $60,000 level. The whales certainly seem to think so, and they’re making moves to capitalize on the opportunity.
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