Why Crypto Market is Up Today? Major Whale Activity Sparks $2.38T Market Rally

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The cryptocurrency market, led by Bitcoin (BTC), edged 2 percent higher in the past 24 hours to hover about $2.38 trillion on Friday, September 27, during the early Asian session. For the first time since August, Bitcoin price closed above the resistance level of around $65k, signaling the onset of the fourth quarter’s bullish narrative. 

The meme coin industry – led by Shiba Inu (SHIB), Dogecoin (DOGE), and Pepe (PEPE) – led the altcoin industry in bullish sentiment. 

Following the sudden crypto pump in the last 24 hours, more than $142 million was liquidated from leveraged markets, mostly involving short traders.

Major Forces Driving the Crypto Market Up Today

Rising Demand from Whale Investors

As the fear of further crypto capitulation has dramatically decreased in recent years, on-chain data shows whales have significantly increased their accumulation pace. In the past 24 hours, about 5,000 Bitcoins, worth around $320 million, were withdrawn from centralized exchanges.

According to on-chain data analysis, a single whale investor has withdrawn 3,501 Bitcoins from the Binance exchange in the past three days. Meanwhile, the US spot Bitcoin ETF issuers registered one of the best days in the past two months, whereby the total cash inflow was more than $272 million on Thursday. 

Gold and Stock Market Rally

The crypto market gradually recovered from the macro bearish consolidation as Gold, Silver, and major stock indexes edged higher recently. Both Gold and Silver reached their respective new all-time highs on Thursday, thus signaling the onset of the macro bull market.

Meanwhile, major stock indexes reacted positively to declining unemployment in the United States amid the lowering inflation, which implies another interest rate cut in the near term.

Early Release of Former Binance CEO CZ

After serving four months in the United States, former CEO of Binance Changpeng Zhao (CZ) is set to be released today,  earlier than expected. As a veteran crypto leader, his return is expected to stir up bullish sentiment, especially in the BNB ecosystem.