According to The Data Nerd’s recent monitoring, several market makers have deposited a total of 100 million stablecoins into the Binance, OKX, Bybit, and OSL exchanges in the past 24 hours, suggesting that a market reversal may be imminent.
(Previous summary: Bitcoin plunges to $60,000! Bernstein: If He Qianli wins, BTC may retest the support level of $40,000.)
(Background supplement: Bitwise: Bitcoin “three conditions” to break through $80,000 by the end of the year, altcoins becoming 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
U.S. CPI to be revealed tonight
Bitcoin experienced selling pressure in the early hours of today (October 10), dropping from $62,400 to a low of $60,302. Although it has rebounded to $61,000 at the time of writing, it still shows a 2.09% decline in the past 24 hours, causing renewed panic among many investors.
(Image)
1-hour Bitcoin 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 Binance, OKX, Bybit, and OSL exchanges 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 on-chain data platform Glassnode also stated that despite recent Bitcoin pullbacks, the overall market structure still remains consistent with previous bull markets, and the current retracement is not considered significant:
Glassnode also pointed out that the maximum retracement in this bull market is relatively mild compared to previous bull markets, thanks to strong market demand that provides support during market declines.
U.S. CPI to be revealed tonight
It is also worth noting that tonight, the U.S. Department of Labor will release the latest CPI data. Previously, non-farm payroll data showed a strong performance in the labor market. If tonight’s CPI data indicates 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 next interest rate cut action may be terminated, which could also have a negative impact on the cryptocurrency market. Gao Fu, Managing Director of Palmer Square Capital Management, commented on this:
(Image)
Related Reports
Standard Chartered Bank predicts “SOL will rise 5 times” if Trump is elected, Bitcoin to surge to $200,000 by the end of 2025
Bitcoin holds steady at $62,000, JPMorgan: Four factors will help drive BTC into a frenzy bull market
Air raid warning! The U.S. is expected to sell 69,000 bitcoins soon, “Silk Road” seized BTC to be auctioned.