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.
Ki Young Ju flagged the 47k BTC accumulation within hours of the NFP print. the data was right there and CT was still calling 50k
Dieter W. exactly. whales bought the dump while everyone was shorting into the NFP fear. 2yr yield dropping from 5% to 4.7% was the tell
Dieter W. Ki Young Ju data was public for anyone bothering to check cryptoquant. whales dont post about their moves they just make them
47k BTC in 24 hours while retail was panic selling below 60k. the whales always eat first
47,000 BTC in 24 hours while retail was panic selling below 60k. whales always accumulate into fear, this playbook never changes
Nadia F. the NFP miss at 175k vs 240k consensus was the catalyst. 2-year yield dropping from 5% to 4.7% in hours basically forced every macro fund back into risk assets
47k BTC is roughly 3B at those prices. and people still think on-chain data doesnt matter for timing
47k btc in 24 hours. thats roughly $3b of accumulation while retail was panic selling below 60k
47k BTC in 24h while CT was panicking about 50k. the whales read the NFP data before the algos did
196k new eth addresses same day. its not just btc whales, the entire market was positioning for the bounce
3B in accumulation while CT called for 50k. classic divergence signal that plays out the same way every cycle
3B in accumulation while CT was calling for 50k. the disconnect between smart money and social media sentiment has never been bigger
nfp at 175k vs 240k expected and unemployment ticking to 3.9%. the macro pivot trade is back on
196,710 new ETH addresses on May 4, biggest day since Oct 2022. nobody talks about ETH network growth when BTC does a 4.5% pump but thats the real signal
initial claims had been ticking up for 3 straight weeks before the NFP print. anyone watching the labor data series knew the jobs number would miss. CT was just too busy with meme coins to notice
47k BTC at roughly 63k average is about 2.97B in accumulation. thats almost exactly the 3B the ETFs lost in outflows the prior week. whales literally absorbed the entire ETF sell pressure
196k new ETH addresses on the same day as the whale accumulation. the smart money and on-chain crowd were aligned for once
treasury yields collapsing, unemployment rising, btc whales accumulating. the macro setup for a rate cut rally was textbook and the market front ran it
2yr yield dropping from 5% to 4.7% in hours was the loudest macro signal of 2024. if you missed that you werent paying attention
47k BTC in one day and people still think retail drives price. NFP at 175k vs 240k consensus was the tell, whales just front-ran the inevitable
the 2yr yield collapsing from 5% to 4.7% in a day, thats your signal right there. fish went bearish on the bad jobs print, smart money went the other way
Tomasz K. the 2yr yield dropping 30bps in hours was the loudest macro signal of 2024. anyone who traded that signal made life changing money while CT was drawing triangles
196,710 new ETH addresses on May 4 barely got mentioned but thats the biggest tell imo. new money entering while whales stack BTC