Bitcoin Whales Remain on the Sidelines Ahead of Chaotic 10 Days: What’s Coming?

The largest market participants appear reluctant to make a move as the asset struggles below $80,000. Or, maybe there are waiting for these major developments to unfold.

Citing data from Santiment Intelligence, popular analyst Ali Martinez showed a chart indicating that Bitcoin whale holdings have remained almost completely unchanged at roughly 5.23 million units over the past week.

Perhaps the most evident reason for this is what comes in the next ten days or so, as BTC, alongside all financial markets, braces for a major impact.

10 Days of Chaos

The analyst noted that the lack of accumulation or distribution from whales suggests these large market participants are staying on the sidelines waiting for two particularly important events coming in the next week or so – the US inflation report and the subsequent Federal Reserve meeting.

The inflation data is split: the first batch, the August Producer Price Index (PPI), arrives today, while the considerably more important Consumer Price Index (CPI) comes out a day later. Inflation has already become a major talking point after the stronger-than-expected US employment report substantially increased expectations for a new Fed rate hike.