- Crypto whales are capitalizing on recent macroeconomic events to target specific altcoins.
- Recent macro factors include the Fed’s rate pause and potential for more futures ETFs being approved in the U.S.
- Three altcoins targeted by the whales include LINK, MKR, and BCH.
Marti, the Altcoin Buzz YouTube channel host, thinks crypto whales are capitalizing on recent macroeconomic events and scooping up particular altcoins in which they see potential for profits. According to Marti, the whale activities are due to factors like the Fed’s rate pause and the possibility of more futures ETFs being approved in the United States.
The Altcoin Buzz host identified three altcoins that the whales appear to focus on with their investment activities. Marti’s first spot among the altcoins attracting significant whale attention is LINK, the native coin of the blockchain protocol Chainlink.
With a 30% increase, Marti regards LINK as one of the top gainers in September, among the top 20 ranked cryptocurrencies. According to Marti, the main factors in LINK’s recent surge included a successful tokenization rehearsal with SWIFT and an uptick in the real-world assets (RWA) sector.
Marti revealed the on-chain data that shows whales remain interested in LINK, with data from IntoTheBlock suggesting that between September 17 and October 2, LINK whale transactions increased from 30 to 218. One whale recently purchased 424,443 LINK for $7.67 a piece, amounting to $3.25 million.
Marti identified Maker (MKR) as another altcoin that benefited from September’s macroeconomic events. According to him, MKR saw an influx of significantly large transactions on September 20, shortly after the Feds announced a rate halt. Marti noted that the number of whale transactions on MKR rose from nine on September 19 to 102 by October 2.
Bitcoin Cash (BCH) joins Marti’s list of altcoins experiencing increased whale activities. The Altcoin Buzz presenter noted that crypto whales boosted their BCH holdings in step with a bullish sentiment in the altcoin market. Marti likened the current BCH situation to the June 2023 bull rally that saw BCH reach a yearly high of $329.
Marti observed the on-chain data that shows whales accumulating BCH since September 21. According to him, the whales have increased their total balances from 2.41 million BCH to 2.56 million BCH between September 21 and October 4, suggesting an accumulation of 150,000 BCH over the last few days.
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