In defiance of the prevailing sentiment in the cryptocurrency market, Bitcoin whales have gathered $941 million worth of BTC, while Federal Reserve official Collins, along with others, reiterates the postponement of rate cuts.

Amidst concerns over macroeconomic conditions, trading volumes on spot and derivatives exchanges in the crypto market experienced a significant decline. Federal Reserve officials adopted a hawkish stance, signaling a likelihood of prolonged higher interest rates. Despite this, significant whales have seized the opportunity to amass Bitcoin valued at $941 million during a period when BTC prices have dipped.

Bitcoin Whales' Acquisition of $941 Million in BTC

Within the range of $61,000 to $64,000, Bitcoin's price has remained relatively stable, prompting large whales to capitalize on a dip in prices and accumulate BTC over the past 24 hours, as revealed by on-chain data platform Santiment.

Wallets holding between 1,000 to 10,000 BTC have amassed over 15,000 BTC, equivalent to nearly $941 million, showcasing the confidence of these whales even amidst a price drop to $62,000. The accumulation by whales is considered a significant factor in maintaining an optimistic outlook for the cryptocurrency market as a whole.

The whales have now reached their highest holding level in two weeks, sparking speculation of a potential upsurge in Bitcoin's price. However, the price of BTC remains stagnant post-halving, with market direction being uncertain.

Fed's Collins Foresees Prolonged Interest Rates

Susan Collins, the President of the Boston Federal Reserve, stated on Wednesday that it will require more time than initially anticipated to curb inflation. She emphasized the necessity for slower economic growth to combat inflation, which would subsequently lead to a decrease in demand.

Despite dovish remarks from Federal Reserve Chair Jerome Powell and positive economic indicators from the previous week, hawkish comments from Fed official Neel Kashkari have unsettled the crypto market.

Data from the CME FedWatch Tool suggests that the U.S. Federal Reserve is likely to initiate interest rate cuts from September onwards, with 25 basis points rate reductions anticipated in November and December.

Potential Reversal in Bitcoin Price?

The price of Bitcoin plummeted below $62,000 during U.S. trading hours as traders opted to secure profits or liquidate long positions. BTC has experienced a decline of over 5% this week, with an additional 1% drop on May 8. Trading volume has also decreased over the past 24 hours.

Market analysis from Kaiko indicates that meme tokens are leading in leverage among top altcoins, witnessing substantial accumulation from whales and other investors. Investors are actively engaging with meme coins like dogwifhat (WIF) and Pepe Coin (PEPE) in anticipation of a price recovery in the ongoing bullish market.

Amidst growing macroeconomic uncertainties, analysts are offering varied forecasts, while Bitcoin's price continues to face challenges in surpassing the $62,269 mark.