Bitcoin Price Consolidates as Market Awaits Economic Data

Tesla and SpaceX Bitcoin Holdings Update

Recent data reveals that Tesla has shifted its extensive Bitcoin holdings totaling $760 million to unidentified wallet addresses. Conversely, SpaceX, under Elon Musk’s ownership, maintains a significant 8,285 BTC within Coinbase’s Prime Custody service.

Bitcoin Demand and Volatility Trends

Post the surge in Bitcoin’s value in March, analytics suggest a widening gap between demand and ‘active supply’, historically indicating an impending period of increased market volatility, as highlighted by Glassnode.

Impact of Tether’s USDT Stablecoin

330 million cryptocurrency wallets and on-chain accounts employed Tether’s USDT stablecoin by the end of the third quarter of 2024, per the issuer. This figure, likened to the US population, surged due to second-tier solutions and the evolution of the TON ecosystem, according to Tether.