Crypto whales move to scoop up some altcoins for potential gains in October passed. On-chain data sheds light on 3 mega-cap altcoin projects that whales bought. Will these 3 large-cap altcoins deliver the expected gains for crypto whales in October? crypto analyst Ibrahim Ajibade, looking for an answer to this question.
Crypto btheir alina BCH rises once again
Similar to the initial bullish price rally that saw it reach a one-year peak of $329 in June 2023, crypto whales are pushing Bitcoin Cash (BCH) back up the top gainers list. cryptokoin.comAs you follow from , the altcoin price rose above $250 this week. On-chain data shows that a historically price-savvy group of crypto whales holding 100,000 to 1 million BCH has emerged as one of the main drivers behind this rally. As you can see below, whales purchased 150,000 BCH between September 21st and October 3rd.
This cluster of crypto whales spent the last week of September hoarding BCH bags. At the current price of $240, the 150,000 BCH they just acquired are worth approximately $36 million. Notably, this group of whales predicted the June 2023 rally quite accurately. They purchased 420,000 BCH between June 20 and July 6, when BCH skyrocketed over 150%. However, it remains to be seen whether whales will continue to buy Bitcoin Cash in October or move towards lower-capitalization altcoins as the bull market matures.
Large investors are shifting their capital inflows to this altcoin project
Chainlink (LINK) witnessed a 30% rise in September. Thus, it emerged as one of the biggest gainers of September in the top 20 crypto rankings. A successful Tokenization dress rehearsal with SWIFT and the boom in the Real World Assets (RWA) sector appear to be at the center of LINK’s recent rise. On-chain data also reveals that crypto whales are paying close attention. Therefore, IntoTheBlock below highlights Whale Transactions. The chart shows an increase from 30 transactions to 218 transactions between September 17 and October 2. Notably, the 218 whale transactions on October 2 were the highest since July 24, 2023.
For a variety of reasons, such a persistent increase in whale activity typically means bullishness for the price of an asset. Because it increases the market liquidity of the relevant altcoin. Thus, it enables spot market participants to carry out their transactions efficiently. But more importantly, when whales buy, it also influences other strategic individual investors. If LINK whales continue their activity at this level, the recent pullback below $8 may soon fade. If this prediction holds, it is possible for LINK holders to make similar gains in October as they recorded last month.
Institutionallarkar IChina Maker’He’s collecting!
Maker (MKR) price is another major altcoin that received a macro event support in September. The US Federal Reserve left interest rates constant on September 20. It also signaled a pause. Shortly after this, the number of Large Transactions on the Maker network began to increase. The chart below shows that the Maker network recorded only 9 confirmed whale transactions on September 19. However, it has increased continuously since then. Thus, it reached a 6-month high with 102 Large Transactions on October 2.
The prominent Large Transaction increase in the chart above shows that MKR whales took action following the announcement of the Fed interest rate pause. This therefore suggests that institutional assets are increasingly turning to Maker for the attractive 8% DAI savings rate. Notably, the next Fed meeting will be on November 1. Therefore, bullish whales have ample room to push the price further in October.
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