Bitcoin dipped over the weekend, falling to $112,000 after a surge above $117,000 last Friday. The short-term rise on Friday follows the hint of a possible rate cut in September by the U.S. Federal Reserve Chair, Jerome Powell. Powell’s speech gave a positive sentiment that piqued investors’ interest in risky assets, and Bitcoin rose by 5% within hours.Â
The initial spike soon cooled off as the Fed’s dovish stance wasn’t enough to guarantee a certain rate in September. Hence, the crypto market slowed its pace, and the premier cryptocurrency, Bitcoin, lost most of its Friday gains by Sunday evening.
Whale action
Amid BTC’s reduced upside momentum, investors’ activities add another pullback. Data from Sani Timechainindex showed a whale with 24,000 BTC sold off their holdings after 5 years of no activity, further contributing to Bitcoin’s bearish sentiment.
This dormant whale offloaded $2.7 billion worth of Bitcoin in separate transactions. But it didn’t go out of crypto, Etherscan record trail shows a buck of the sale was used to purchase over 400,000 Ethereum.
Ethereum sees sustained interest
The whale’s recent purchase of 400,000 ETH is the latest major accumulation of the leading altcoin, especially as this whale staked over 275,000 ETH valued at $1.3 billion. Ethereum, which recently traded above $4,900, is seeing sustained interest across the board, and this momentum is expected to drive it above key resistance levels in September as the possibility of a rate cut is now higher.Â
Speaking on the growth of ETH this cycle, Arthur Hayes, crypto bull and Maelstrom’s chief investment officer, predicts a potential 5X boom for the premier altcoin
