The crypto market saw massive drop in trading volumes in spot and derivatives crypto exchanges on macroeconomic jitters. Fed officials turned hawkish and warned that interest rates are likely to stay higher for longer. However, large whales have accumulated Bitcoin worth $941 million over the past 24 hours as BTC price fell.

Bitcoin Whales Buys $941 Million in BTC

As Bitcoin price remains range bound between $61K and $64K, big whales took a buy-the-dip opportunity to accumulate BTC over the last 24 hours, reported on-chain data platform Santiment.

Wallets with 1k-10k BTC have accumulated over 15,000 BTC worth almost $941 million, indicating confidence in whales despite price drop to $62,000. Whale accumulation is seen as a major factor in maintaining a bullish outlook for a crypto or whole crypto market.

The whales have rebounded to their highest holding level in 2 weeks, renewing speculation of a rise in Bitcoin price. However, BTC price continues to remain in post-halving consolidation amid lack of market direction due to uncertainty.

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Fed Collins Says Fed Interest Rates To Stay Longer

Boston Fed president Susan Collins on Wednesday said it will take longer “than previously thought” to bring inflation down. She believes a slower economic growth is needed to bring the inflation down as this will trigger a decline in demand.

Hawkish remarks from Fed official Neel Kashkari spook the crypto market regardless of dovish comments by Fed Chair Jerome Powell and positive economic factors last week.

CME FedWatch Tool data indicates the U.S. Fed is likely to cut interest rates starting September, with 25 bps rate cuts also expected in November and December.

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Bitcoin Price Reversal Ahead?

Bitcoin price tumbled below $62,000 in US hours as traders booked profits or liquidated long positions. BTC price has dropped over 5% this week, with over 1% fall today, May 8. Trading volume has dipped further in the last 24 hours.

Market researcher Kaiko reported that meme tokens are leading in leverage among top altcoins as it saw massive accumulation from whales and other investors. Investors continue to buy meme coins such as dogwifhat (WIF) and Pepe Coin (PEPE) in anticipation of recovery in prices in this bull market.

Analysts predict mixed forecasts as uncertainty mounts amid macroeconomic concerns. Bitcoin price continue to struggle near $62,269.

Also Read: Crypto Market Selloff: Why BTC, ETH, SOL, XRP, SHIB Fell, Crash Looms This Week? 

The post Giant Bitcoin Whales Accumulate $941M BTC As Fed Official Says Rates Cuts to Delay appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am