Bitcoin Whales Sit Tight Ahead of Inflation Report and Fed Meeting
The Bitcoin market is bracing for a chaotic period ahead of two significant events: the US inflation report and the subsequent Federal Reserve meeting.
According to data from Santiment Intelligence, Bitcoin whales have remained relatively unchanged over the past week, holding around 5.23 million units.
Analyst Ali Martinez suggests that this lack of accumulation or distribution is due to these large market participants staying on the sidelines, waiting for the upcoming events.
The US inflation report will release its August Producer Price Index (PPI) today, followed by the Consumer Price Index (CPI) tomorrow. The latter's reading could play a crucial role in breaking the disagreement among economists about a potential Fed rate hike.
Additionally, the Senate is scheduled to hold a procedural vote on advancing the CLARITY Act on September 15, and the Federal Reserve will announce its decision on rates on September 21, accompanied by Kevin Warsh's press conference and updated economic projections.
The Bank of Japan will also make its announcements about rates the following day. With these events converging in a short period, Bitcoin is expected to break out of its consolidation phase.