Bitcoin Whale Address Surge Signals Renewed Investor Confidence as BTC Price Rallies

The number of Bitcoin whale addresses has surged over the past week, coinciding with a cooldown of tensions in the Middle East.

Bitcoin whale addresses surged last week as tensions in the Middle East cooled. According to Glassnode data, the number of addresses holding over $1 million in Bitcoin increased by 2,000 between Oct. 2 and Oct. 6. A selloff on Oct. 2 reduced the number of large Bitcoin holders to 107,835. This drop coincided with the period Iran launched a missile attack on Israel on Oct. 1. However, as the situation cooled, the number of whale addresses rebounded to 109,921 by Oct. 6, signaling renewed investor confidence in the market. Bitcoin Price Rallies as Whale Activity Increases Bitcoin’s price also mirrored the whale address increase. After dipping below $60,000 over the weekend, BTC is up 1.8% over the past 24 hours, trading at $63,675 per current Coingecko data. Also, its market capitalization is nearly $1.25 trillion, while its daily trading volume stands at $21 billion. This upward momentum has influenced the broader crypto market recovery, with global cryptocurrency market capitalization surpassing $2.3 trillion, a 1.7% increase over the past day. This resurgence of whale activity reflects investor optimism following the geopolitical tension. Last week, the crypto’s price decline and significant liquidations were partly triggered by the US political support for Israel’s potential action against Iran’s oil facilities. Data from Coinglass showed that total crypto liquidations reached $162 million, with liquidations on Bitcoin accounting for $37 million. Short positions were $24.3 million, while long positions totaled $12.8 million, setting up BTC for a price correction due to overbought conditions. Liquidations, Inflation Data and Bitcoin’s Price Action In addition to geopolitical developments, macroeconomic factors also influence the crypto market. The US Consumer Price Index (CPI) report for September 2024 will be released on Oct. 10. This report will strongly impact financial markets, including crypto. If the inflation rate comes in lower than analysts’ forecast of 2.2%, it could pave the way for another interest rate cut by the US Federal Reserve. Thus, a rate cut by the US Fed could inject bullish momentum into the crypto market.

The above is the detailed content of Bitcoin Whale Address Surge Signals Renewed Investor Confidence as BTC Price Rallies. For more information, please follow other related articles on the PHP Chinese website!