In Brief :
- - Social volume is also down, and crypto market participants hope for a rebound.
- - Data shows Bitcoin and Tether whales aren't convinced that it's time to jump back in yet.
- - Since Ethereum Merge, whales have been dumping ETH in a huge way.
The calendar turning to October hasn’t changed a whole lot for crypto price trajectories. Bitcoin and Ethereum have slid mildly, and altcoins (outside outliers like QNT, XRP, HT, and MKR) have mostly been in a bit more pain.
Social volume is also down, and crypto enthusiasts continue to drop out as the patience of traders’ hoping for a 2021 rebound continues to be tested.
Crypto Investors Grow Concerned
CPI and PPI data were released last week, indicating some further inflation and recession concerns. We immediately saw an expected market slide on both the crypto and equities sectors as a result, which has been the case throughout each piece of data that made the FOMC likely to increase interest rates.
What was not so expected was the very rapid rebound that caught shorters off guard. After Bitcoin was dumped to $18,300, it looked as if there was another wave of pain coming for crypto hodlers and traders…
Source : S&P 500 Soars, Can Bitcoin and Ethereum Follow Suit?