According to The Data Nerd’s recent monitoring, several market makers have deposited a total of 100 million stablecoins into the exchanges Binance, OKX, Bybit, and OSL in the past 24 hours, implying that a market reversal may be imminent.
(Bitcoin plunges to $60,000! Bernstein: If Hsiao-Chin Li wins, BTC may retest the support level of $40,000.)
(Bitwise: Bitcoin to surpass $80,000 by the end of the year, altcoins act as accelerators.)
Table of Contents:
Multiple market makers deposit 100 million stablecoins into exchanges in the past 24 hours.
Glassnode: Current market structure still follows the trend of historical bull markets.
US CPI to be revealed tonight.
Bitcoin experienced selling pressure early this morning, dropping from $62,400 to a low of $60,302. Although it has since rebounded to $61,000 at the time of writing, it still recorded a 2.09% decrease in the past 24 hours, causing concern among many investors.
Bitcoin 1-hour candlestick chart. Source: OKX
Multiple market makers deposit 100 million stablecoins into exchanges in the past 24 hours
However, according to The Data Nerd’s recent monitoring, several market makers have deposited a total of 100 million stablecoins into the exchanges Binance, OKX, Bybit, and OSL in the past 24 hours, suggesting a potential market reversal:
Wintermute deposits 42 million USDT.
Animoca deposits 16.75 million USDT.
Flow_Traders deposits 34.12 million USDC.
Whale Carrot_BTC deposits 6.9 million USDC.
Glassnode: Current market structure still follows the trend of historical bull markets
In addition, analysts from the on-chain data platform Glassnode also stated that despite recent pullbacks in Bitcoin, the overall market structure still remains consistent with previous bull markets, and the current retracement is not significant:
Glassnode also pointed out that the maximum retracement in this bull market is relatively mild compared to previous bull markets, mainly due to strong market demand, which provides support during market downturns.
US CPI to be revealed tonight
It is worth noting that tonight, the US Department of Labor will release the latest CPI data. Previously, non-farm payroll data indicated strong performance in the labor market. If tonight’s CPI data shows that inflation remains under control, it may bring a new wave of upward momentum to the cryptocurrency market.
However, if the CPI data shows a rebound in inflation, the Fed’s rate cut action next month may be terminated, which could negatively impact the cryptocurrency market. Gauff, Managing Director of Palmer Square Capital Management, commented on this:
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