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Bitcoin price is not yet out of the woods as investors speculate on midterm economic uncertainties in the United States.
The total crypto market cap, led by Bitcoin (BTC), rebounded around 2 percent to hover above $2.16 trillion on Tuesday during the early European session. Bitcoin price rallied over 3 percent on Monday to reach a high of around $59,343, thus obliterating the losses registered on the first day of September. Most of the altcoins had rebounded in a similar fashion in the past 24 hours led by Ethereum (ETH), BNB, and Solana (SOL).
However, Bitcoin price is not fully out of the woods and the fear of further crypto capitulation in the coming weeks is valid. Furthermore, Bitcoin’s fear and greed index hovered around 26 percent, denoting extreme fear, despite BTC price rebound above $58K.
Bitcoin Whales on the Move
Amid the midterm economic uncertainties, on-chain data shows mixed reactions from different whale investors, presumably institutional traders. For instance, the US-based spot Bitcoin ETFs registered a net cash outflow of about $46.53 million on Monday. As a result the US spot Bitcoin ETFs have registered five consecutive days of cash outflows led by Grayscale’s GBTC and ARK 21Shares Bitcoin ETF (ARKB).
A smart whale with a $62M profit withdrew 1,100 $BTC ($64.2M) from #Binance 14 hours ago.
This whale is skilled at buying $BTC at lows and selling at highs:
• accumulated 2,947 $BTC (most of its holdings) during the pre-pump period (Nov 2023 – Jan 2024) at $44,300 on average;… pic.twitter.com/aCAX2xHoG0
— Spot On Chain (@spotonchain) September 3, 2024
Meanwhile, on-chain data shows a whale investor withdrew 1,100 BTCs, worth over $64 million, from Binance in the last 24 hours. Currently, the whale investor holds a total of 3,823 BTCs, worth about $227 million.
Another whale investor, who had dumped nearly half a billion dollars worth of Bitcoins in July, began accumulating more coins from Binance in the recent past. Specifically, the whale investor withdrew 1000 BTCs, worth more than $58 million, from Binance earlier today.
Overall, the whale investor has accumulated 2k Bitcoins, worth over $117 million, from the Binance exchange in the last four days. As a result, the whale investor has a total holdings of about 8,559 BTCs, worth around $494 million.
According to data on Bitcoin balance in all crypto exchanges, the supply has dropped from 2.44 million on August 27, to about 2.35 million at the time of this writing. The notable drop in Bitcoin’s supply on centralized exchanges, despite the low bullish sentiment, is an indication of rising confidence from investors.
Market Picture
The crypto market is anticipated to regain bullish momentum in the fourth quarter if the US Fed initiates the much-anticipated interest rate cut. Amid the upcoming US elections and changing regulatory landscape in major jurisdictions – led by Russia, and India – the next bullish phase will send Bitcoin price above its all-time high.
The story of #Bitcoin pic.twitter.com/Nk1tmphBKo
— Yoddha (@CryptoYoddha) September 2, 2024
From a technical standpoint, Bitcoin price could be preparing for a parabolic expansion period similar to the 2020 post-Black Swan event.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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