Bitcoin is showing renewed strength as a combination of aggressive whale accumulation and softer-than-expected US employment data pushes the world’s largest cryptocurrency back above $63,000, reigniting bullish momentum after a turbulent week that saw prices briefly dip below $60,000.
TL;DR
- Bitcoin whales accumulated 47,000 BTC in a single 24-hour period, according to CryptoQuant CEO Ki Young Ju
- US Non-Farm Payrolls came in at 175,000 versus 240,000 expected, unemployment rose to 3.9%
- US 2-Year Treasury yields collapsed from above 5% to approximately 4.7%
- Bitcoin surged 4.5% in 24 hours to $63,891, recovering from a sub-$60,000 dip on May 1
- Ethereum network saw 196,710 new addresses on May 4, the largest single-day growth since October 2022
The crypto market experienced a dramatic shift in sentiment over the weekend as macroeconomic data from the United States delivered a clear dovish signal. The Bureau of Labor Statistics reported that Non-Farm Payrolls for April came in at just 175,000, significantly below the 240,000 consensus estimate. The unemployment rate edged higher to 3.9%, while average hourly earnings rose a modest 0.2% month-over-month against the 0.3% forecast. The data across the board painted a picture of a cooling labor market, which dampened fears of persistent inflation and reopened the door for potential Federal Reserve rate cuts later in 2024.
Whale Accumulation Signals Conviction
The macroeconomic backdrop appears to have emboldened Bitcoin’s largest holders. CryptoQuant CEO and founder Ki Young Ju revealed that Bitcoin whales accumulated a staggering 47,000 BTC within a single 24-hour window. Ju clarified that while some of these addresses could be associated with spot ETF operations, the spike in whale balances extends beyond ETF-related activity, suggesting genuine accumulation by high-net-worth individuals and institutional players.
At current prices near $63,891, the accumulated Bitcoin represents approximately $3 billion in value. This scale of buying pressure provides a strong foundation for price support and signals that sophisticated market participants view the recent correction as a buying opportunity rather than a reason to exit.
Bond Market Selloff Reverses Dramatically
The impact on traditional markets was equally striking. US 2-Year Treasury yields, which had been trading above 5% amid concerns about sticky inflation and a hawkish Federal Reserve, collapsed to approximately 4.7% following the jobs data release. This sharp decline in short-term yields reflects a rapid repricing of interest rate expectations, with traders once again pricing in the possibility of multiple rate cuts before year-end.
QCP Capital, a leading digital asset trading firm, characterized the situation as a confluence of dovish catalysts. In their weekend macro note published May 4, the firm noted that “the stars are aligning with both the Fed and Treasury leaning dovish plus weaker data, which reopens the path for rate cuts this year.” The firm highlighted that the dovish FOMC statement and Quarterly Refunding Announcement earlier in the week had already laid the groundwork for the bullish reversal, with the jobs data serving as the decisive catalyst.
Ethereum Network Shows Explosive Growth
The bullish sentiment extends beyond Bitcoin. Ethereum’s network recorded 196,710 new addresses on May 4, marking the largest single-day growth in over 19 months, according to data from Santiment. This surge in network activity coincides with ETH trading at approximately $3,117, reflecting a 2.33% increase over 24 hours. The combination of rising prices and expanding network participation typically signals healthy organic demand rather than purely speculative positioning.
Altcoins and meme coins also participated in the rally. Solana, Cardano, and Ripple prices moved higher alongside Bitcoin, with meme coins notably outpacing the broader market. The cryptocurrency market saw $99.45 million in total liquidations over 24 hours, with the overwhelming majority coming from short positions that were squeezed by the rapid price appreciation.
Technical Outlook Turns Bullish
From a technical perspective, Bitcoin’s price action presents an increasingly constructive picture. The cryptocurrency has crossed above the 50-day Exponential Moving Average at $61,574 on the four-hour timeframe, a level that had previously acted as resistance. The formation of a “three white soldiers” candlestick pattern — three consecutive bullish candles — suggests strong momentum and the potential for continued upward movement.
The Relative Strength Index reading of 63 supports the bullish thesis, indicating positive momentum without yet reaching overbought territory. Analysts identify immediate resistance at approximately $63,200, with a break above this level potentially opening the path toward $64,564 and eventually $67,084. A decisive move past the $67,000 double-top pattern could see Bitcoin challenge the psychologically significant $70,000 level.
However, analysts also urge caution. Santiment warned that rising FOMO among retail traders could create conditions for a sharp correction, noting that “for the rally to continue, we don’t want to see FOMO rising too much higher than what it appears to be now.” The on-chain analytics firm observed that Binance traders were rapidly shifting from liquidated short positions to new longs, a pattern that historically precedes volatility.
Why This Matters
The simultaneous alignment of whale accumulation, favorable macroeconomic conditions, ETF inflows, and broadening network growth creates a rare convergence of bullish factors. The post-halving environment following Bitcoin’s fourth halving in April adds a structural supply reduction to this demand-side pressure. With the Federal Reserve appearing to pivot toward a more dovish stance and traditional bond markets signaling lower rates ahead, the risk-reward profile for Bitcoin appears increasingly favorable. However, the speed of the rally and the growing crowd enthusiasm warrant careful monitoring, as crypto markets have historically rewarded contrarian positioning over consensus thinking.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk, and readers should conduct their own due diligence before making any investment decisions.
47,000 BTC in 24 hours is absolutely insane accumulation. Ki Young Ju confirmed it goes beyond ETF activity too. Someone with serious capital is loading the boat at these levels.
went from sub-60K to 63,891 in basically 48 hours. whales knew the jobs data was coming before the rest of us did
NFP at 175K vs 240K expected was the trigger. That 2-Year yield collapse from 5% to 4.7% basically telegraphed the risk-on move before BTC even started pumping.
^ exactly. the macro setup was perfect. unemployment ticking up to 3.9% gives Powell the cover he needs to cut later this year
196,710 new ETH addresses in one day, biggest since October 2022. The onchain activity is confirming what price is showing.