- Bitcoin whales have accumulated $941 million worth of BTC, defying the current crypto market sentiment.
- Fed Official Collins joins others to reconfirm that rates cuts will be delayed.
- Despite a drop in Bitcoin’s price to $62,000, large whales have shown confidence in the cryptocurrency’s recovery.
Amidst a bearish crypto market, Bitcoin whales have accumulated $941 million worth of BTC. This move comes as Fed Official Collins reconfirms a delay in rate cuts.
Bitcoin Whales Accumulate $941 Million BTC
Despite the current crypto market sentiment, Bitcoin whales have accumulated $941 million worth of BTC. This move defies the prevailing market sentiment, which has been bearish due to macroeconomic jitters and hawkish warnings from Fed officials. These officials have warned that interest rates are likely to stay higher for longer.
Fed Official Collins Reconfirms Delay in Rate Cuts
Boston Fed president Susan Collins has stated that it will take longer than previously thought to bring inflation down. This statement reconfirms the delay in rate cuts, which has been a significant factor in the current crypto market sentiment. Despite this, large whales have shown confidence in Bitcoin’s recovery, accumulating a significant amount of BTC as the price fell.
Whales Show Confidence in Bitcoin’s Recovery
Despite Bitcoin’s price dropping to $62,000, large whales have accumulated over 15,000 BTC, worth almost $941 million. This accumulation indicates confidence in Bitcoin’s recovery, despite the current market sentiment. The whales’ holdings have rebounded to their highest level in 2 weeks, renewing speculation of a rise in Bitcoin’s price. However, the price of BTC continues to remain in post-halving consolidation due to the lack of market direction caused by uncertainty.
Conclusion
Despite the current bearish crypto market sentiment, Bitcoin whales have shown confidence in the cryptocurrency’s recovery. They have accumulated $941 million worth of BTC, defying the market sentiment and the warnings from Fed officials about higher interest rates. This move indicates a bullish outlook for Bitcoin, despite the current market conditions.
