- Whale transactions in Bitcoin, Ethereum, and stablecoins surged after the U.S. Fed’s interest rate cut.
- Altcoins like STG, GMX, and GALA saw sharp increases in whale activity, signaling potential price movements.
- Bitcoin broke into the $62K range, with analysts predicting further gains amid renewed market optimism.
Whale activity in major cryptocurrencies, like Bitcoin and top stablecoins, is increasing following the U.S. Federal Reserve rate cut. These large transactions have placed some altcoins like STG, GMX, BIGTIME, OGN, GALA, and PIXEL on the radar of analysts.
Big Bitcoin Moves
A few hours ago, 2,000 BTC worth $120.6 million and 2,372 BTC worth $143.6 million were transferred between unknown wallets. Around the same time, Bitcoin, worth over $114 million, was moved out of Coinbase to a private wallet.
Ethereum also saw significant movement, with most whale transactions involving transfers of ETH to various exchanges, likely for sale.
Stablecoins See Action Too
Meanwhile, stablecoins have also seen notable whale transactions. Coinbase’s institutional entity transferred $65 million USDC to an unknown wallet less than six hours ago. At the same time, Tether orchestrated multiple transfers, each worth $60 million in USDT.
These movements hint at potential shifts in liquidity as investors get ready for upcoming trading opportunities after the Federal Reserve’s recent rate cut. Bitcoin broke into the $62K range today, riding the wave from the Fed’s 50 basis point rate reduction.
Six Altcoins to Watch
As whale transactions rise in major cryptocurrencies, attention is also shifting to altcoins experiencing substantial increases in whale activity. Data from Santiment has identified six altcoins with particularly notable whale transactions.
Stargate Finance (STG) saw a 3,600% spike in whale activity over the last 24 hours, positioning STG as one of the top altcoins to monitor. GMX recorded a 2,300% increase in whale transactions, signaling potential price action soon.
BIGTIME’s whale activity surged by 1,360%, reflecting heightened interest among large investors. Origin Protocol (OGN) has also gained significant attention with a 1,000% increase in whale transactions.
GALA’s whale transactions jumped by 800%, showing growing interest, while PIXEL rounds out the list with a 750% rise in whale transactions.
What’s Next for the Crypto Market?
Overall, cryptocurrencies are seeing upward momentum, driven by the U.S. Federal Reserve’s decision to cut interest rates for the first time since March 15, 2020. Accordingly, Bitcoin’s move back to $62.2K has confirmed the renewed market optimism.
Some analysts believe Bitcoin could reclaim $70K, while others are even more bullish, predicting Bitcoin to capture 20% of gold’s market cap with a price target of $180K. Such a massive growth for Bitcoin would likely boost the price action of other altcoins, potentially driving them to new all-time highs.
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