TL;DR
- Bitcoin is still struggling to surpass $60,000 but has not triggered massive sell-offs.
- Exchange activity has decreased, with 19% fewer deposits over the last week.
- Bitcoin’s funding rate has returned to positive values, indicating market optimism.
Bitcoin (BTC) continues to face difficulties breaking the $60,000 threshold, but this has not led to a massive sell-off among investors.
On the contrary, many cryptocurrency holders seem to be choosing to hold onto their assets, as reflected in a notable drop in exchange activity. Recently, the daily number of BTC addresses transferring funds to various crypto platforms has reached its lowest point in several years, reinforcing the accumulation trend among investors.
This drop in exchange activity coincides with market expectations surrounding the upcoming meeting of the U.S. Federal Reserve, scheduled for September 18. The crypto industry is closely watching for a potential decision on interest rates, with a 50% probability that the Federal Reserve may opt for a 0.5% rate cut. Speculation has created an environment of uncertainty which, far from triggering massive Bitcoin sell-offs, seems to be encouraging investors to hold their assets, awaiting a more favorable scenario.
Bitcoin Awaits the Federal Reserve’s Decision
According to on-chain data, the number of addresses sending Bitcoin to exchanges has been in continuous decline since its peak on March 5 of this year. Over the past week, BTC deposits to platforms have dropped by 19%. Essentially, many investors are choosing not to liquidate their positions in the short term. Historically, a decrease in this type of activity is often associated with asset retention, reducing selling pressure in the market.
Furthermore, another important indicator, Bitcoin’s funding rate, has returned to positive values after a week of negative figures. This shift signals increased market confidence, as investors seem willing to pay a premium to maintain long positions, which could be a sign of optimism for a potential price recovery.
As for Bitcoin’s current value, the cryptocurrency is trading at $59,165, with a market capitalization exceeding $1.17 trillion. Over the last 24 hours, the transaction volume has increased by 1.38%, reaching $29.07 billion.
