Crypto Whales are Driving Bitcoin Cash (BCH) Up Once Again
Crypto whales are once again driving the price of Bitcoin Cash (BCH) up the charts. On-chain data reveals that a group of whales holding 100,000 to 1 million BCH has been behind this rally. They have acquired 150,000 BCH between September 21 and October 3. These whales had also accurately timed the June 2023 rally by purchasing 420,000 BCH when the price skyrocketed by over 150%. It remains to be seen whether these whales will continue buying BCH or diversify into other altcoins as the bull market progresses.
Large Investors are Shifting Capital Inflows into Chainlink (LINK)
Chainlink (LINK) experienced a 30% increase in September and emerged as one of the top gainers. On-chain data shows that crypto whales have been paying close attention to LINK. The number of whale transactions rose from 30 to 218 between September 17 and October 2, with the latter being the highest since July 24, 2023. This increase in whale activity is typically bullish for an asset’s price as it boosts liquidity and encourages other retail investors to maintain a positive disposition. If this level of trading activity continues, LINK holders can expect similar gains in October.
Institutional Entities are Turning to Maker For Profits After Fed Rate Pause
The price of Maker (MKR) received a boost following the US Fed’s rate pause announcement on September 20. Large transactions on the Maker network increased significantly since then, reaching a six-month peak of 102 on October 2. This suggests that institutional entities are turning to Maker for its attractive 8% DAI savings rate. With the next Fed meeting scheduled for November 1, the bullish MKR whales could continue to drive the price higher in October.
Hot Take: Crypto Whales Positioning Themselves for Potential Gains in October 2023
Crypto whales are strategically accumulating Bitcoin Cash (BCH), Chainlink (LINK), and Maker (MKR) for potential gains in October. Historical data trends indicate that the recent whale demand could result in noticeable price upswings. However, if the bullish sentiment in the crypto market does not hold, the bears may regain control. As always, it is essential to closely monitor the actions of these crypto whales as they often influence market trends.
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