Cryptowhales Actively Accumulate Bitcoin Cash, Chainlink, and Maker in September
Date: 2023-10-04 Author: Dima Zakharov Categories: CRYPTO PAYMENTS
What Cryptowhales Were Buying in September: Active Accumulation of Bitcoin Cash (BCH), Chainlink (LINK), and Maker (MKR)
September became a period of active accumulation by crypto whales who, seizing the opportunity presented by favorable macroeconomic events and market growth, showed interest in several alternative cryptocurrencies. Among them, Bitcoin Cash (BCH), Chainlink (LINK), and Maker (MKR) stood out, attracting investor attention and potentially acting as catalysts for further price growth.
Active Accumulation of Bitcoin Cash (BCH):
The price of Bitcoin Cash (BCH) crossed the $250 mark this week, with a group of crypto whales owning between 100,000 to 1 million BCH coins driving this growth. Over the period from September 21st to October 3rd, they acquired 150,000 Bitcoin Cash worth approximately $36 million. Interestingly, this cohort of crypto whales had previously accurately predicted the start of BCH's growth in June 2023 when its price surged by over 150%, and they purchased 420,000 coins. However, it remains unclear whether they will continue to accumulate Bitcoin Cash or shift to alternative assets with lower market capitalization.
Increased Inflows into Chainlink (LINK):
Chainlink (LINK) also attracted investor attention due to its 30% growth in September. The successful general rehearsal of tokenization by SWIFT and increased interest in Real World Assets (RWA) played a significant role in this rally. It's worth noting that crypto whales were actively involved in this movement as well. The graph provided by IntoTheBlock shows that from September 17th to October 2nd, the number of transactions valued at $100,000 or more increased from 30 to 218. The growth in whale activity is typically considered a bullish signal, increasing market liquidity and providing retail investors with clearer signals for decision-making.
Institutional Investors Turned Their Attention to Maker (MKR):
Following the announcement of the Federal Reserve's pause in raising the key interest rate, the number of significant transactions involving Maker (MKR) began to rise. On September 19th, whales conducted only nine transactions, but by October 2nd, this figure reached a six-month peak of 102 transactions. This indicates that institutional entities are increasingly turning to MKR due to its attractive 8% interest rate in DAI. The next Federal Reserve meeting is scheduled for November 1st, providing whales with additional opportunities to push MKR's price even higher.
September marked a period of active intervention by crypto whales in the market, and their interest in specific altcoins could have a significant impact on the price dynamics of these assets in the future.
