Crypto Whales Make Pre-Fed Moves: Buying Injective, Selling Ondo
Crypto whales are making moves ahead of the Federal Reserve's July 29 rate decision. A divided group is buying Injective (INJ), selling Ondo (ONDO), and trading Aave (AAVE) in both directions.
Injective has been lagging its DeFi peers, including Aave, which has gained about 6% over the past month. However, crypto whales are treating this weakness as an opportunity to buy INJ, lifting their balance by 6.23% over seven days to 97.52 million INJ, worth around $26 million at current prices.
On the other hand, Ondo's whales are cutting exposure at a rapid pace, with supply held by whales excluding exchanges dropping by about 20 million tokens since July 27, according to Santiment. This selling landed as the rally matured and just before the Fed meeting.
Aave is the most nuanced of these coins, with its whales trading both directions while the token has led DeFi through the month, up about 7% over 30 days. The latest selling is small and repeated, reading more like a de-risk into the event rather than a conviction exit.