Bitcoin whale wallets have barely moved in a week while the coin struggles below $80,000, according to on-chain data cited by analyst Ali Martinez. The inaction points to a wait-and-see stance ahead of ten days packed with inflation reports, a Fed decision and a Senate vote on crypto legislation.
Bitcoin whales are staying put. Large holders' combined balance sits at roughly 5.23 million BTC, almost unchanged from a week ago, even as the asset struggles below $80,000.
Whales hold steady
Analyst Ali Martinez, citing data from Santiment Intelligence, pointed to the lack of accumulation or distribution as a sign that whales are staying on the sidelines. The likely reason: two major events landing in the next ten days.
Inflation reports take center stage
First comes the August Producer Price Index, due today, followed a day later by the more closely watched Consumer Price Index. Inflation had already become a focal point after a stronger-than-expected US employment report lifted expectations for a Fed rate hike. Markets currently price a 60% probability of a September rate increase, even though a Reuters poll found that most economists still expect the central bank to hold.
Friday's CPI reading could settle that disagreement.
More catalysts before the Fed decision
Beyond the macro data, a crypto-specific trigger arrives on September 15, when the Senate is scheduled to hold its procedural vote on advancing the CLARITY Act. Previous progress or delays on the bill have typically moved the market.
A day later, the Federal Reserve delivers its rate decision alongside a press conference from Kevin Warsh and updated economic projections. The following week closes with the Bank of Japan's own rate announcement, where another hike could add pressure to global bond and currency markets.
Source: CryptoPotato
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