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After September Fed Rate Cut, Altcoin Whales Prepare for Rally

By:H, Jessica
Last updated:08/01/2024
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After September Fed Rate Cut, Altcoin Whales Prepare for Rally

After the Fed meeting sparked a sell-the-new momentum, the ALTs have come under intense selling pressure, yet whales capitalize on every dip, viewing them as buying opportunities while eagerly anticipating the Fed’s rate cuts in September. Consequently, the ALT/BTC pair remains vulnerable to further declines during the consolidation period in August.August’s consolidation period may see further declines in the ALT/BTC pair, highlighting market uncertainty. Wednesday’s US Fed meeting triggered a significant sell-off in Bitcoin and the broader crypto landscape, with Jerome Powell maintaining the status quo on interest rates while hinting at a possible rate cut in September.

Altcoins: Whales Fuel Buying Frenzy

CryptoQuant CEO Ki Young Ju has confirmed that whales are strategically positioning themselves for the upcoming alt rally, indicating a strong bullish sentiment in the altcoin market. The formation of robust buy walls underscores the growing interest and potential for a significant surge in altcoin prices.

The sentiment is echoed by Spence Hakimian, Founder of Tolou Capital, who asserts that rate cuts and higher fiscal deficits are highly bullish for crypto, particularly for altcoins which tend to outperform Bitcoin in a risk-on environment. This dynamic presents a compelling rationale for the observed whale accumulation, as they anticipate a favorable market condition for altcoins.
Despite the recent outflows from Ether ETFs, Ethereum whales have remained undeterred, engaging in an aggressive accumulation spree. In the past 48 hours, these whales have accumulated nearly $450 million worth of ETH from the open market, further underscoring their confidence in the long-term potential of altcoins.

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August: A Month of Wealth Accumulation – Don’t Miss Out!

With the Federal Reserve considering a 25 basis point rate cut in September, cryptocurrency markets are set to move sideways over the next month. This period provides a perfect opportunity for savvy long-term investors to accumulate assets in preparation for the next cryptocurrency rally.
Leading cryptocurrency analyst Benjamin Cwen agreed, predicting that alternative coins will remain under pressure relative to Bitcoin until a new influx of liquidity ignites the market. The current market dynamics mirror those observed in 2019, hinting at underlying similarities and opportunities for those in a position to capitalise on the next uptrend.
As such, for forward-thinking investors, this August could be a key month for strategic accumulation.

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