A significant movement is underway in the cryptocurrency markets. A whale with Bitcoin (BTC) holdings exceeding $5 billion has reportedly accelerated its purchases of Ethereum (ETH).
The whale in question recently moved $1.1 billion worth of BTC to a new wallet and started buying ETH via Hyperunit/HL.
The whale, who reportedly purchased $2.5 billion worth of Ethereum last week, continues its purchases without a break.
Meanwhile, Bitcoin’s price is declining. BTC has lost 3.5% of its value in the last 24 hours, falling to $108,590. The world’s largest cryptocurrency had reached a new high above $124,000 earlier this month. This surge was fueled by optimism fueled by interest rate cut expectations.
However, markets have been closely watching US President Donald Trump’s pressure on the Fed to lower interest rates in recent days, as well as the lawsuit filed by Fed Governor Lisa Cook to block her dismissal. Analysts say strong expectations for rate cuts are not yet priced in. “Markets are hesitant to price in any dovish FOMC action beyond what can be inferred from the data,” said ING analyst Francesco Pesole.
*This is not investment advice.