Whales are accumulating Bitcoin despite recent market dips and ongoing macroeconomic pressures. Dormant Bitcoin addresses have reactivated, indicating renewed market activity.
Bitcoin has struggled to gain momentum in the early days of “Uptober,” a month typically characterized by bullish trends. Despite widespread community hopes for Bitcoin to surpass $70,000, the leading cryptocurrency recently reached a 16-day low, dropping 6% over the past week due largely to macroeconomic factors.
Currently, Bitcoin is trading at $61,211, experiencing a minor decline of 0.10% in the past 24 hours, with trading volume down by 13%. Despite the overall market downturn, whales are actively making substantial moves, while savvy retail traders are treating the dip as a buying opportunity. In the past two days, four skilled Wrapped Bitcoin (WBTC) traders with an 80% win rate have acquired 307 WBTC ($18.8 million) on-chain, reflecting confidence in future market cycles.
Adding to the activity, a dormant address holding 100 BTC ($6.1 million) has been activated after almost 11 years. Additionally, several large transactions occurred: 2,500 BTC ($150.4 million) was transferred between unknown wallets, 998 BTC ($60.4 million) was sent to Coinbase, and 1,087 BTC ($65.9 million) was moved to OKX.
Positive Factors for Bitcoin Remain :
Macroeconomic developments continue to shape the narrative. The latest U.S. jobless claims data showed low unemployment, boosting confidence in the labor market. Analysts at QCP Capital pointed out the strong link between cryptocurrency and U.S. equities, suggesting that a recovery in the stock market could support a crypto rebound. They remain hopeful for a potential “Uptober” rally for Bitcoin, despite ongoing geopolitical concerns.
Furthermore, factors such as potential interest rate cuts in the U.S., liquidity injections from China, and customer repayments from FTX totaling $6 billion are seen as potential positive catalysts for Bitcoin in the coming weeks. The approaching U.S. presidential election also provides a historically positive influence on the market, regardless of the outcome.
