Unveiling the Crypto Whales' October Playbook: BCH, LINK, and MKR in Focus
Crypto Whales are Driving Bitcoin Cash (BCH) Up Once Again
Bitcoin Cash (BCH) is once again basking in the limelight, echoing its earlier bullish rally that saw it reach a yearly peak of $329 back in June 2023. The crypto whales are orchestrating this resurgence, propelling BCH up the list of top gainers.
This week, BCH surged past the $250 mark, and on-chain data reveals a cohort of price-savvy whales, holding 100,000 to 1 million BCH, as the driving force behind this rally. In just a span of two weeks, between September 21 and October 3, these whales accumulated a whopping 150,000 BCH, worth approximately $36 million at the current price of $240.
Remarkably, these same whales displayed their astute timing during the June 2023 rally, acquiring a staggering 420,000 BCH between June 20 and July 6 when BCH's price skyrocketed by over 150%. The question now lingers: will these whales continue to bet on Bitcoin Cash in October, or will they diversify their portfolio as the bull market matures?
Large Investors are Shifting Capital Inflows into Chainlink (LINK)
Chainlink (LINK) emerged as a star performer in September, experiencing a 30% upswing, securing its position among the top gainers in the crypto rankings. The successful tokenization trial with SWIFT and the flourishing Real World Assets (RWA) sector have played pivotal roles in LINK's recent ascent, capturing the attention of crypto whales.
On-chain data indicates a significant surge in whale transactions, spiking from 30 transactions to 218 transactions between September 17 and October 2. Notably, the 218 whale transactions recorded on October 2 marked the highest since July 24, 2023.
Such persistent growth in whale activity typically bodes well for an asset's price, enhancing market liquidity and instilling positivity among retail investors. If Chainlink's whales continue their active trading, the recent retracement below $8 could be short-lived, promising LINK holders similar gains in October as seen last month.
Institutional Entities are Turning to Maker For Profits After Fed Rate Pause
Maker (MKR) also enjoyed a macro-event-driven boost in September when the US Fed announced a rate pause on September 20. Following this announcement, the number of Large Transactions on the Maker network began to soar.
Starting from a mere 9 confirmed whale transactions on September 19, this figure consistently rose, reaching a 6-month peak of 102 Large Transactions on October 2. This notable spike underscores the fact that institutional entities are increasingly turning to Maker to benefit from its attractive 8% DAI savings rate.
With the next Fed meeting slated for November 1, bullish MKR whales may have ample room to further drive the price upward in October.
Conclusion: Crypto Whales' October Odyssey
In summary, crypto whales are setting their sights on Bitcoin Cash (BCH), Chainlink (LINK), and Maker (MKR) for potential gains in October 2023. Historical trends suggest that this whale demand could translate into significant price upswings. However, as with any investment, the bears could regain control if the bullish sentiment in the crypto market falters. Stay tuned for an exciting month ahead as the crypto whales navigate the seas of opportunity.