Crypto Whales Bet on Rate Decision with Altcoin Trades
The Federal Reserve's rate decision on July 29 is expected to have a significant impact on cryptocurrency markets, particularly for altcoins. According to BeInCrypto analysts, crypto whales are positioning themselves ahead of this event by buying and selling specific tokens.
Injective (INJ), a DeFi token that has lagged behind its peers like Aave, is attracting the attention of top 100 addresses, who have increased their balance by 6.23% over seven days to 97.52 million INJ. This is worth about $26 million at the current price.
The whale accumulation in INJ is notable given that its price action diverges from its sector, down about 13% over the past week and sliding a further 6.6% in 24 hours. However, this split makes it the strongest whale-buying case among altcoins for August, with mega holders betting attention rotates into the laggard rather than the leaders.
Ondo (ONDO), on the other hand, is showing signs of profit-taking, with its whales cutting exposure at a rapid pace. Supply held by whales, excluding exchanges, fell from 7.6 billion to 7.58 billion ONDO since July 27, worth about $7.8 million at the current price.
Aave (AAVE) is taking a more nuanced approach, with whale supply excluding exchanges swinging between peaks and troughs all month rather than trending one way. The latest move trimmed holdings from 10.41 million to 10.39 million AAVE right before the July 29 meeting, worth close to $1.9 million at the current price.