Whales Hold 5.23M BTC as Bitcoin Stuck in Range Ahead of Crucial Events

Bitcoin's price has been stuck in a range between $75,000 and $80,000 for nearly a week, with every attempt to exceed the upper bound failing. Despite this, large Bitcoin addresses have not made significant net accumulation or distribution of their holdings over the past seven days.

The data from Santiment shows that these 'whales' have held 5.23 million BTC, awaiting key events that could impact markets. These include the US producer price report on September 10, consumer inflation data on September 11, a procedural vote on the CLARITY Act in the Senate on September 15, and the Federal Reserve's monetary decision on September 16.

The outcome of these events may change expectations around interest rates, bond yields, and investors' appetite for cryptos. Inflation figures could particularly impact rate hike expectations, with a rise above projections strengthening the case for monetary tightening and higher bond yields.