Bitcoin Whales Load Up Ahead of Key Inflation Data
Bitcoin whales accumulated a record 140,699 BTC in the past 30 days, signaling a potential buying spree ahead of the April CPI data release on May 12. According to on-chain analyst Murphy, this accumulation wave is the largest in over two years and started at around $66,000.
The presence of seasoned investors who have survived previous market fluctuations has been noted by analysts. These 'battle-hardened old-timers' are seen as sharp and experienced buyers, contributing to the significant accumulation.
However, a hotter-than-expected CPI reading could put pressure on riskier markets, including Bitcoin. The Cleveland Fed's nowcast projects April CPI at 3.56% year-on-year, up from 3.3% in March.
A break below $72,000-$74,000 could send BTC down to $66,000, while maintaining support above this level keeps the trend optimistic towards a retest of $96,000-$100,000.