Bitcoin, Ethereum, XRP, Dogecoin Gain Amid Treasury Yields Spike: Analyst Says Whales Are 'Buying the Dip'

Leading cryptocurrencies ticked higher on Thursday even as investors weighed a spike in Treasury yields and heightened odds of further rate hikes.Cryptocurrency24-Hour Gains +/-Price (Recorded at 9:25 p.m. EDT)Bitcoin +0.40%$84,603.62Ethereum +0.40%$2,692.60XRP +3.20%$1.54Solana +2.00%$117.46Dogecoin +3.60%$0.09633Crypto Market SteadyBitcoin oscillated in the $82,900-$84,800 range, while Ethereum battled strong bear resistance at $2,700.Cryptocurrency-related stocks rose, with Coinbase Inc. and Bitmine Immersion Technologies Inc. closing up 0.55% and 2.08%, respectively.Over $340 million was liquidated from the cryptocurrency market in the last 24 hours, predominantly in bullish long positions, according to Coinglass data.Bitcoin’s open interest dipped 0.77% over the last 24 hours. A drop in Open Interest accompanied by an increase in price typically indicates short covering, meaning traders who previously sold the asset short are now buying it back."Greed" sentiment prevailed in the market, according to the Crypto Fear & Greed Index.Top Gainers (24 Hours)CryptocurrencyGains +/-Price (Recorded at 9:25 p.m. EDT)Ondo (ONDO) +29.50% $0.5302Quant (QNT) +28.30% $89.99Litecoin (LTC) +15.80% $71.54The global cryptocurrency market capitalization stood at $2.97 trillion, up 0.5% from the previous day. Read Also: Bond Yields Pressures Stock MarketThe Dow Jones Industrial Average shed 161.61 points, or 0.31%, to end at 51,349.98. The S&P 500 dipped 0.02% to close at 7,704.13. The Nasdaq Composite eked out a modest 0.01% gain, settling at 26,939.37.The bond market remained a source of pressure as on Thursday, its highest level since 2007. The 30-year yield touched 5.48%, its highest since 2004.Earlier, in the second week of September, compared to market estimates of 201,000.Rate hike odds remained elevated on the CME FedWatch tool, with traders now pricing in a 67% chance of another 25-basis-point rate hike in OctoberWhales Scoop up BTCAli Martinez, a widely followed cryptocurrency analyst and trader, noted that whale investors are buying Bitcoin’s dip, accumulating roughly 30,269 BTC worth $2.57 billion over the last four days.“But while price corrected, whales appear to have taken advantage of the weakness,” the analyst added.WHALES ARE BUYING THE DIPSince September 21, Bitcoin has dropped 5.24%, falling from $87,400 to a low of $82,800.But while price corrected, whales appear to have taken advantage of the weakness.Over the past 96 hours, large entities accumulated roughly 30,269 , worth… On-chain analytics firm CryptoQuant flagged a significant increase in Bitcoin miner transfers to Binance when the price hit $87,000 on Monday.“Historically, Bitcoin miners often monetize part of their production during stronger markets to cover the substantial operating and capital costs of mining,” the firm stated.CryptoQuant added that since 2024, most miner-to-exchange flows around 20,000 BTC “have not been followed by an immediate sharp decline in Bitcoin’s price.”Miner Flows to Binance Approach 20K BTC for First Time Since August Spike"Historically, Bitcoin miners often monetize part of their production during stronger markets to cover the substantial operating and capital costs." – By Link ⤵️ Read Also: Photo Courtesy: KateStock on Shutterstock.com