Crypto whales have been capitalizing on the recent industry swings and positive macro events to scoop some altcoins for potential gains in October 2023. On-chain analysis beams the spotlight on 3 mega-cap cryptocurrencies that are whales buying.  

The crypto markets have reacted positively to vital macro events, including the recent Fed rate pause and Ethereum Futures ETF approval. Will these 3 large-cap altcoins deliver expected gains for crypto whales in October?

Crypto Whales are Driving Bitcoin Cash (BCH) Up Once Again

Similar to the initial bullish price rally that saw it claim a yearly peak of $329 in June 2023, crypto whales are driving Bitcoin Cash (BCH) up the top gainers’ charts again. 

BCH price broke above the $250 mark this week. On-chain data shows that a historically price-savvy cohort of crypto whales holding 100,000 to 1 million BCH has emerged as one of the main drivers behind this rally. 

As depicted below, the whales have acquired 150,000 BCH between September 21 and October 3.

This cluster of crypto whales spent the last week of September stacking up their BCH bags. At the current price of $240, the newly-acquired 150,000 BCH coins are worth approximately $36 million.  

Notably, this particular whale cohort had timed the June 2023 rally fairly accurately. They bought a whopping 420,000 BCH between June 20 and July 6, when the BCH price skyrocketed by over 150%. 

However, it remains to be seen if the whales will keep buying Go to Source to See Full Article
Author: Ibrahim Ajibade

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