Bitcoin breaks $28k threshold on debt ceiling decision, whales continue to accumulate

Quick Take

Bitcoin whales accumulate

• After slowing down accumulation, Bitcoin whales that hold 10,000 or more continue accumulating Bitcoin aggressively over the weekend.

Debt ceiling update

According to The Kobeissi Letter, “news that the debt ceiling deal was reached “in principle” last night,” as Bitcoin broke $28,000. They further go on to explain: “The debt ceiling is rumored not to be raised by a specific amount, and the debt ceiling will run uncapped until January 1st, 2025”.

Crypto Liquidations

• In the past 24 hours, crypto has seen over $118 million in liquidations

Total Liquidations (Source: Coinglass)
Accumulation: (Source: Glassnode)

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