Whales seem to be feeling confident ahead of Friday’s publication of US employment data.
There is still a chance that the US might have a recession, even if the Fed is optimistic about a rate cut.
There have been increasing demands for Bitcoin prices below $50,000. As the market continues to see selling pressure on the cryptocurrency. Nevertheless, Bitcoin whales persist in amassing BTC with each price decline. The whales seem to be feeling confident in the days leading up to Friday’s publication of US employment statistics.
Spot On Chain reports that in the last four days, an anonymous Bitcoin whale withdrew 1,145 BTC, or $65.1 million, from the Binance crypto exchange.
This Bitcoin whale has been purchasing Bitcoins at every price drop. And has accumulated them via seven transactions at an average price of $56,841 per BTC, according to the statistics. This whale is clearly capitalizing on the present decline in the price of Bitcoin.
High Volatility Expected
During market falls, huge whales have been aggressively collecting Bitcoin, while small traders have been losing patience and selling their BTC. Santiment, a crypto analytics platform, reports that Bitcoin whales have amassed Bitcoin worth more than $7.8 billion in the last month. There have been increasing cries for a further 12-15% drop as the BTC price hovers around $56,200 levels.
Curiously, the market is anticipating the publication of US Nonfarm Payroll (NFP) statistics while Bitcoin whales accumulate. These nonfarm payroll figures are crucial because, with US employment falling to 2021 lows, the Federal Reserve is expected to decide soon whether or not to lower interest rates. There is still a chance that the US might have a recession, even if the Fed is optimistic about cutting interest rates.
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