2022-10-9 22:29 |
Bitcoin (BTC) whales have been on their longest “sustained” accumulation streak since May, adding 46,173 BTC (worth around $929 million) to their holdings since September 27.
According to crypto market sentiment analysis platform Santiment, who first pointed out the data, such market activity among wallets that hold between 100 to 10,000 BTC has been a “rarity” for the market in 2022. The platform tweeted that the whale’s BTC accumulation streak has also coincided with a drop in their holdings of the dollar-pegged stablecoin USDT.
The trend is notably a turnaround from an 11-month-long drop in the BTC holdings of whales previously noted by Santiment. The trend in late September saw whales’ BTC holdings reach a 29-month low of 45.72% of BTC’s circulating supply amid concerns about runaway inflation.
The latest accumulation points to whales signalling that the BTC market has reached a bottom and could be poised for a bounce upwards. The market is already showing signs of this as BTC struggles to reclaim $20,000. BTC is trading at around $19,524, up 1.45% per data from CoinMarketCap at the time of writing.
BTCUSD Chart by TradingView Analysts expect macro-economic policies to push crypto prices higherThe latest BTC price recuperation is coming on the back of speculation that the U.S. Federal Reserve and other central banks globally may soon be forced to pivot in their policy.
The economic watchdogs have been fighting growing inflation by raising interest rates. However, several analysts, including Robert Kiyosaki, the author of the best-selling financial coaching book ‘Rich Dad Poor Dad’, have stated that the looming recession will force a pivot that will benefit the currently struggling store of value assets like BTC, gold, and silver.
Kiyosaki said he believes the U.S. dollar will crash when the Fed starts dropping interest rates. Similarly, Daniel Kostecki, a senior market analyst at the investment company Conotoxia, told Forbes that even if the Fed does not suspend its interest rate hikes, the crypto market could become bullish again when the hikes peak at around 4.7%.
He speculates that the timeline for this peak could be around spring 2023. He said:
“If that were the peak, then perhaps the spring of 2023 could bring a bigger rebound in the cryptocurrency market as well, since expectations for interest rate cuts in the U.S. could begin to rise with falling inflation.”
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