Bitcoin Whales Hold Steady as Macro Events Loom
Bitcoin whales have chosen to remain quiet in the face of significant macroeconomic and regulatory events set to unfold over the next ten days, according to data from Santiment Intelligence.
The number of BTC held by these large-scale investors has remained virtually unchanged at approximately 5.23 million units during this period, with no clear signs of accumulation or distribution.
Analyst Ali Martinez notes that this inaction is likely due to the density of upcoming events, which includes the publication of the Producer Price Index (PPI), the Consumer Price Index (CPI), and the Federal Reserve's rate decision.
The CPI reading is particularly crucial, as it may break a disagreement between economists and futures markets about the probability of another rate hike by the Fed.
Bitcoin has been trading within a narrow range between $77,500 and $80,000 for over a week, with several failed breakout attempts at the upper boundary. The coming days will likely force a breakout in one direction or another, according to analysts.