Giant Bitcoin Whales Accumulate $941M BTC As Fed Official Says Rates Cuts to Delay

The crypto market saw a massive drop in trading volumes in spot and derivatives crypto exchanges amid macroeconomic jitters. Fed officials have 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 Buy $941 Million in BTC

As Bitcoin price remains range-bound between $61K and $64K, big whales seized 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 a price drop to $62,000. Whale accumulation is seen as a major factor in maintaining a bullish outlook for a crypto or the entire 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 a 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 said on Wednesday that it will take longer “than previously thought” to bring inflation down. She believes slower economic growth is needed to bring inflation down as this will trigger a decline in demand.