Bitcoin
Bitcoin Holds Ground Amid Rate Hike Expectations and Whale Accumulation
Large holders have continued accumulating Bitcoin despite rising expectations of a Federal Reserve interest rate hike and growing bearish sentiment among derivatives traders.
Headline US consumer price inflation rose 0.4% in August compared to 0.1% in July, pushing annual inflation to 3.4% and fueling expectations that the Federal Reserve could resume interest rate hikes. Ahead of the upcoming Federal Open Market Committee meeting, major traditional financial institutions have priced in monetary tightening, including Bank of America modeling a 75-basis-point increase.
Derivative market positioning has shifted alongside these macroeconomic expectations. CoinGlass data indicates that Bitcoin's 24-hour long-to-short ratio dropped to 0.79, reaching its lowest level in over a month and reflecting growing short exposure among traders. Analysts cited in the piece suggest that if spot prices withstand this pressure, the heavy short positioning could form a bear trap.
On-chain data highlights continued buying from large entities during this period. Lookonchain reported that a single whale spent 85.42 million USDC to acquire 1,075.6 BTC over four days at an average price of $79,412. The report notes that broader whale accumulation has persisted since July, when Bitcoin rebounded roughly 35% from a low near $57,000.
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