Bitcoin whale holdings have remained virtually unchanged at 5.23 million BTC over the past week, according to data from Santiment Intelligence cited by analyst Ali Martinez. This inactivity comes as BTC trades below $80,000, stuck between $77,500 and $80,000. Large market participants appear to be waiting for a series of major events over the next ten days: US inflation data (PPI and CPI), the Senate procedural vote on the CLARITY Act on September 15, the Federal Reserve’s rate decision on September 16, and the Bank of Japan’s policy announcement. The uncertainty surrounding these events has kept whales on the sidelines, with the market likely to break out of its consolidation phase once the outcomes are known.
Bitcoin whale holdings have remained almost completely unchanged at roughly 5.23 million units over the past week, according to data from Santiment Intelligence cited by popular analyst Ali Martinez. The analyst noted that the lack of accumulation or distribution suggests these large market participants are staying on the sidelines.
The hesitation comes as Bitcoin struggles below $80,000, with the asset trading sideways between $77,500 and $80,000 for roughly a week. Each breakout attempt has been halted at the upper boundary, while the lower level has provided support during pullbacks.
The inactivity likely stems from two major events approaching within the next ten days. The August Producer Price Index (PPI) arrives today, while the more important Consumer Price Index (CPI) is due tomorrow.
Current odds show a 60% probability of a September rate hike, even though a Reuters poll found that most economists still expect the central bank to remain on hold. Friday’s CPI reading could play a major role in breaking that disagreement.
A crypto-specific catalyst arrives on September 15, when the Senate is scheduled to hold its procedural vote on advancing the CLARITY Act. Previous progress or delays have typically influenced the market.
The following day brings the Federal Reserve’s rate decision, accompanied by Kevin Warsh’s press conference and updated economic projections. The week will conclude with the Bank of Japan’s announcements, with another hike potentially adding pressure to global bond and currency markets.
With PPI, CPI, the CLARITY Act vote, the Fed’s move, and the BOJ’s decision arriving almost back-to-back, Bitcoin is expected to break out of its consolidation phase. This uncertainty has persisted for weeks after the mid-August pullback.
