Crypto Market Sees Mixed Movements as Whales Continue Accumulating Bitcoin
The cryptocurrency market saw mixed movements on Wednesday, September 3, with major assets showing both gains and losses. Bitcoin traded near $77,532, recording a marginal gain of 0.14% over the previous 24 hours. However, Ethereum fell 0.95% and traded around $2,389 after failing to maintain its position above the $2,400 level earlier in the session.
The softer U.S. private employment data influenced expectations around future interest rate decisions, contributing to changing market sentiment. According to CME FedWatch data, the probability of a rate hike to the 3.75%-4.00% range at the Federal Reserve's upcoming meeting declined from 67% to 62.3% within 24 hours.
Bitcoin whales continued accumulating during the recent correction, with large investors reportedly purchasing around 6,765 BTC valued at roughly $521 million between August 28 and September 3. This suggests that some major investors remain confident in Bitcoin despite the recent decline.