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In the crypto market, it has been observed that both spot and derivative exchange trading volumes have decreased due to macroeconomic anxieties. The hawkish stance of Federal Reserve officials has raised questions about whether interest rates might remain high.
Bitcoin Whales Are Buying
According to data shared by the on-chain data platform Santiment, while the Bitcoin price traded between $61,000 and $64,000, large whales took this opportunity and started accumulating BTC in the last 24 hours.
Investor groups owning between 1,000 and 10,000 BTC accumulated over 15,000 BTC valued at $941 million. Despite the price drop to $62,000, whales continued their accumulation unabated.
The purchases made by whales are significant for a bullish outlook on the entire crypto market.
Whales have reached the highest hodl level in the last two weeks, adding optimism to the rise in Bitcoin. Despite all this, the uncertainty in the market seems to be prolonging the consolidation process.
Fed and Bitcoin Price Outlook
Boston Fed President Susan Collins made a statement on Wednesday. In her statement, she mentioned that interest rate cuts might take longer than expected. According to Collins, the US needs slower economic growth to reduce inflation, which could trigger a decrease in demand.
The hawkish stance of Fed official Neel Kashkari, despite Fed Chairman Jerome Powell’s dovish approach and economic factors observed last week, created anxiety in the crypto market.
According to data from the CME FedWatch Tool, it is likely that the US Fed will start reducing interest rates from September, with further cuts of 25 basis points possible in November and December.
Will Bitcoin Price Drop?
As traders take profits or liquidate long positions, the Bitcoin price dropped below $62,000 during US trading hours. Meanwhile, the BTC price experienced a drop of over 5% today and over 1% in the last 24 hours. A decrease in trading volume was also observed in the last 24 hours.
According to Kaiko, one of the major research firms in the market, meme tokens remain the top leveraged altcoins due to the significant accumulation by whales and other investors.
Investors continue to buy meme coins led by dogwifhat (WIF) and Pepe Coin (PEPE) in this bull market, expecting their prices to rise.
