Bitcoin Consolidates Near $79K as Whales Book Record Profit

Bitcoin has consolidated near $79,000 ahead of crucial US macroeconomic data releases. Key figures such as PCE inflation and GDP are due later in the day.

Traders remain cautious as profit-taking emerges, with short-term holder whales realizing a record $1.2 billion in profits over the past three days.

The global crypto market capitalization has risen 1.52% to $2.65 trillion, according to CoinMarketCap. Despite this growth, sentiments remain 'extreme greed', as per the Fear and Greed Index which stands at 80.

Nischal Shetty, Founder of WazirX, noted that liquidations have reached $641.79 million, including $489 million in longs, confirming downside pressure. However, he also highlighted positive ETF flows of $10.13 million, indicating continued institutional interest.