The number of large Bitcoin holders has been growing as the geopolitical tension in the Middle East cools down.
Whale addresses holding over $1 million in Bitcoin (BTC) declined from 111,906 to 107,835 between Sept. 29 and Oct. 2, according to data provided by Glassnode. The selloff was majorly triggered on Oct. 1 as Iran launched a missile attack on Israel.
Per data from Glassnode, these whale addresses soon started to rise — reaching 109,921 unique wallets on Oct. 6 — as the tension in the Middle East cooled down.
The broader crypto market also recorded impressive gains over the weekend. According to a crypto.news report, the global cryptocurrency market cap increased by 1.7% over the past day, surpassing the $2.3 trillion mark.
Bitcoin also gained 1.8% in the past 24 hours and is trading at $63,150 at the time of writing. Its market cap is sitting close to the $1.25 trillion mark with a daily trading volume of $21 billion.
Last week, the BTC price plunged below the $60,000 zone as the Biden administration showed support for Israel potentially hitting Iran’s oil facilities.
Bitcoin’s price rally triggered increased liquidations. Per data from Coinglass, the total crypto liquidations reached $162 million, with BTC leading the chart with $37 million in liquidations — $24.3 million in short and $12.8 million in long positions.
The large amount of liquidations can potentially trigger a price correction for Bitcoin as the market is seeing overbought conditions.
Notably, the U.S. Consumer Price Index report for September 2024 is expected to be released this Thursday, Oct. 10. The inflation report has proven to significantly impact financial markets like crypto.Â
If the inflation comes lower than the expected 2.2%, it’s likely to see another rate cut by the U.S. Federal Reserve which could potentially bring bullish momentum to the market.
