Whales Fuel Bitcoin Rally to $69,000 After Exploiting US Inflation Data

Bitcoin (BTC) rebounded to $69,000 on April 10 after a dip following the release of the U.S. Consumer Price Index (CPI) print for March. Whales, entities with substantial market influence, bought the dip, contributing to the price recovery. BTC/USD order book liquidity on Binance highlights increased buying activity.

Bitcoin Rallies to $69,000 as Whales Seize Buying Opportunity on US Inflation Data

In a resounding display of confidence, Bitcoin (BTC) surged to $69,000 on April 10th, as market heavyweights known as "whales" took advantage of a price dip triggered by the release of United States macro data.

Whales, with their massive crypto wallets, have the power to influence market movements. Cointelegraph Markets Pro and TradingView data indicate a sharp recovery in BTC prices after touching local lows of $67,482 on the Bitstamp exchange.

This price swing coincided with the release of the US Consumer Price Index (CPI) for March, which came in slightly higher than expected at 3.5% year-on-year. Prior to the announcement, market observers had detected a deliberate strategy by whales to drive down prices in anticipation of the CPI event.

"FireCharts binned CVD shows that purple whales bought the BTC dip," confirmed Material Indicators, a prominent trading resource, in a post on X (formerly Twitter).

Binance, the world's largest cryptocurrency exchange, witnessed a surge in buying activity, indicating the presence of whales. At the time of writing, BTC/USD was trading around its daily opening level of $69,100.

"And just like that, Bitcoin is back above $69,000, and the daily candle is green again," remarked popular trader Jelle.

Fellow trader Daan Crypto Trades noted that the dip below $68,000 had closed a "gap" in CME Bitcoin futures markets that had emerged over the weekend.

US Bitcoin ETFs Maintain Inflow Momentum

US spot Bitcoin Exchange-Traded Funds (ETFs) continued their steady inflows, with the two largest products managed by BlackRock and Fidelity Investments experiencing modest additions on April 9th. This unbroken streak of green inflows reflects the sustained interest in Bitcoin from institutional investors, as reported by investment firm Farside.

On a broader scale, however, April 9th ended with aggregate outflows of $18.6 million due to withdrawals from the Grayscale Bitcoin Trust (GBTC), which shed $155 million. According to data shared by Daan Crypto Trades, GBTC experienced outflows of approximately 2,600 BTC ($180 million) on April 10th.

Hong Kong's Embrace of Bitcoin Spot ETFs

In a significant development, Hong Kong has announced plans to allow spot Bitcoin ETFs, expediting their approval process. This move by Hong Kong's Securities and Futures Commission is expected to further stimulate demand for Bitcoin and strengthen its position as a global financial asset.

Disclaimer: This article does not constitute financial advice or recommendations. Cryptocurrency investments involve risk, and individuals should conduct their own research and due diligence before making any investment decisions.