Whale trading in popular stablecoins and large cryptocurrencies like Bitcoin has increased after the US Federal Reserve reduced interest rates. Analysts are now keeping an eye on other cryptocurrencies, including STG, GMX, BIGTIME, OGN, GALA, and PIXEL, as a result of these significant purchases.
Over 6,000 BTC Shifted in One Day
Two different wallets moved 2,372 BTC, valued at $143.6 million, and 2,000 BTC, worth approximately $120.6 million, respectively about 15 hours ago. Approximately concurrently, over $114 million worth of Bitcoin was transferred from Coinbase to a personal digital wallet.
Significant movement was also seen in Ethereum, with the majority of whale transactions involving the transfer of ETH to several exchanges, perhaps for sale.
Stablecoin Transactions Increased Too
In the same vein, notable whale transactions have also occurred with stablecoins. Less than six hours ago, the institutional arm of Coinbase moved $65 million USDC to an unidentified wallet. Tether coordinated several transfers totaling $60 million in USDT at the same time.
These changes suggest that liquidity may be shifting as investors brace for future trade opportunities following the Federal Reserve’s latest rate reduction. Today, riding the wave of the Fed’s 50 basis point rate cut, Bitcoin broke into the $62K range.
These Altcoins are Primed for a Rally
As large cryptocurrencies see an uptick in whale transactions, the focus is also shifting to altcoins that are seeing notable spikes in whale activity. A report from Santiment has shown six altcoins with especially noteworthy whale transactions.
Whale activity on Stargate Finance (STG) increased by 3,600% in the last day, making STG one of the best altcoins to keep an eye on. Whale trades increased by 2,300% on GMX, suggesting impending price action.
Whale activity on BIGTIME increased by 1,360%, indicating increased interest from major investors. OGN has also attracted a lot of attention due to a 1,000% surge in whale trades. Whale transactions for GALA increased by 800%, indicating a boost in interest. PIXEL completed the list with a 750% increase in whale transactions.
Conclusion
The surge in whale transactions following the Federal Reserve’s interest rate cut indicates a shift in liquidity and increased market activity, particularly in major cryptocurrencies like Bitcoin and Ethereum. With over 6,000 BTC moved in a single day and significant Ethereum transfers, large holders are positioning themselves for potential future market movements.
This heightened activity, coupled with substantial transfers of stablecoins like USDC and USDT, suggests that whales are preparing for opportunities in both traditional cryptocurrencies and stablecoins as the market adjusts to the new financial landscape post-rate cut.
Interestingly, attention is now also turning toward altcoins that have seen sharp increases in whale activity. Stargate Finance (STG), GMX, BIGTIME, OGN, GALA, and PIXEL are emerging as key players, with their significant upticks in whale transactions suggesting strong interest from major investors.
These altcoins are now seen as potentially ripe for a rally, with STG leading the pack with a 3,600% spike in whale trades. This shift in focus highlights the growing diversification of investment strategies as traders look beyond Bitcoin and Ethereum for high-yield opportunities in a volatile market.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.