A Bitcoin with a big whale in the ocean in its background
Bitcoin, like altcoins, has slowed down lately with the price moving mostly sideways, but things have started improving, at least in the backend.
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Just hours to the Federal Open Market Committee (FOMC) announcement on 29 October, the network has shown a huge improvement in whale activity.
The data shows that whale transactions have hit a two-month high of 6,311 with each transaction exceeding $1 million.
FOMC effect?
The FOMC meeting is an important one that usually affects the crypto market depending on its outcome.
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Today, the committee is expected to announce decisions on rate cuts, which determines investors’ willingness to buy into Bitcoin and other digital assets.
With optimism for a rate cut at an all-time high, it makes sense that whales are suddenly waking up and accumulating the coin in anticipation of price gains after the announcement.
Meanwhile, the price of Bitcoin is yet to reflect this rising whale activity. The coin which rose to $114,000 earlier this week has dropped below $112,000 which is a critical support.
One analyst however says the retrace is expected as a normal effect just prior to the FOMC meeting.
As whale activity continues to rise though, the coin may eventually start to show signs if the sentiment continues to be positive.
What could go wrong?
Whales may be buying into Bitcoin due to the high hope of a rate cut. According to data which has remained unchanged since October began, the odds of a rate cut today is 100%.
This is a big boost to whales’ confidence because such a cut can trigger a major rally since investors will be more encouraged to enter risk assets like Bitcoin.
Also, the massive gold rally of this year is a potential fuel for a Bitcoin rally, and the rate cut is just the spark needed to start the fire.
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