Bitcoin Whale Buys Amid FOMC Rate Hike Expectations

The recent Consumer Price Index (CPI) figure for August came in higher than expected, at 0.4% compared to 0.1% in July.

This puts US inflation comfortably above the Federal Reserve's target level of 2%, with an annual rate of 3.4%.

Nearly every major financial institution now expects a rate hike from the Federal Reserve, with Bank of America pricing in a 75-basis-point increase.

This has led to growing bearishness among traders, and Bitcoin's Long/Short Ratio has dropped to 0.79, its lowest level in over a month.

However, despite this macroeconomic pressure, a single whale has spent $85.42 million on 1,075.6 BTC at an average price of $79,412 over the last four days.

This accumulation is occurring while the market sentiment remains in the 'greed' territory, suggesting that big whales still have confidence in Bitcoin's prospects.