Ki Young Ju, CEO of the blockchain analytics platform CryptoQuant, believes the crypto market is still “in the middle of the bull cycle.”

Bitcoin Accumulation by Self-Custodial Wallets

According to Young Ju’s recent update, self-custodial Bitcoin wallets have been accumulating over the past week. He added that long-term holder whale addresses are showing increased interest.

Whales are accumulating #Bitcoin. Six days of accumulation alerts in a row. Primarily from custody wallet inflows. Nothing has changed for Bitcoin; we’re in the middle of the bull cycle.

Following the increased accumulation, BTC rose by 3.35% in the past 24 hours and is trading at $60,450 at the time of writing. On Sept. 17, the flagship cryptocurrency reached a local high of $61,316 with its market cap surpassing the $1.2 trillion mark.

Global Crypto Market Trends

The global crypto market cap also surged by 0.7% over the past day, reaching $2.17 trillion. Most of the leading altcoins recorded bullish momentum with Nervos Network emerging as the top gainer with a 17% price surge.

Impact of U.S. Fed Rate Cut Expectations

Moreover, the market-wide positive sentiment comes ahead of the expectations of the U.S. Fed rate cut, which is scheduled for today. The probability of a 50 basis point rate cut increased last week as the U.S. Consumer Price Index report showed declining inflation.

According to recent data, the CPI for August came at 2.5% while the expected rate was 2.6%. This will be the first Fed rate cut since July 2019, which many analysts believe could trigger bullish momentum for financial markets, including cryptocurrencies.

Data from the market prediction platform Polymarket shows that there is a 53% chance of a 50 basis point rate cut and a 46% chance of a 25 basis point rate cut.

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