- The number of whale wallets holding more than 100 BTC has hit a 17-month high.
- Bitcoin, might see substantial gains in the event of an interest rate decrease by the Fed.
After a sharp 10% drop from $65,000 earlier this week, Bitcoin has found solid support around $58,000. As a result, the Bitcoin whales have resurfaced and are actively purchasing Bitcoin as it drops in price.
Santiment reports that, with many important crypto events about to take place in September, the number of whale wallets holding more than 100 BTC has hit a 17-month high.
Whales in Action
As to the Santiment data, Bitcoin whale accumulation has persisted, with a steady climb in holdings. Despite the recent market disappointments and volatility over the previous month. The number of Bitcoin whale wallets, defined as those containing 100 Bitcoins or more, has increased by 283 in the last month. Thus, bringing the total to 16,120. This is the most significant increase in the number of such big investors during the last 17 months.
Cryptocurrency options are being used by professional traders to maximize profits while minimizing risks. Since investors anticipate that risk markets, including Bitcoin, might see substantial gains. Especially, in the event of an interest rate decrease by the Federal Reserve (Fed).
In the face of both the possibility of a Bitcoin price gain and the dread of forced liquidations caused by sudden market fluctuations, traders are trying to figure out how to improve their strategy. It is difficult to forecast market reactions on September 18th, despite the possible positive trigger, since some investors have already priced in a 0.50 percent interest rate drop.
Positive macroeconomic prospects for risk markets may have been overshadowed by rising worries inside the crypto industry, according to the price action. Many believe that Bitcoin’s lackluster performance is due, in part, to the fact that Democratic candidate Kamala Harris has shown little willingness to back the sector.
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