Despite all the negativity over the past month, on-chain movements hint at a hidden optimism among crypto traders and investors.
The crypto market volatility has declined while traders look optimistic about the incoming US Federal Open Market Committee (FOMC) Minutes, a detailed record of the discussions and decisions made during the agency’s meetings.
Bitcoin (BTC) has been consolidating close to the $108,000 mark over the past 24 hours. Ethereum (ETH) has been moving sideways above $2,500. The global crypto market cap stood at $3.32 trillion with minimal movements.
According to data from Coinglass, 1,400 BTC and 35,607 ETH left centralized exchanges in the past 24 hours. The net outflows of the top two cryptocurrencies from CEXs are worth over $240 million combined at their current price points.
On the other hand, leading exchanges recorded a net inflow of 236 million USDT and 14 million USDC within the same timeframe.
BTC and ETH holders have been moving toward long-term accumulation, while stablecoin investors might be looking for Bitcoin and altcoin investments.
In simple terms, crypto investors are showing signs of optimism while waiting for a major catalyst to move the market upward.
The “Shadow Fed Chair” and Potential Rate Cuts
It’s been more than six months since the last Fed rate cut — interest rates were cut from 4.75% to 4.50% on Dec. 18, 2024.
Peter Schiff, a long-time crypto critic and American stockbroker, hinted at a potential rate cut until the end of this year.
However, he claims that US President Donald Trump might replace Federal Reserve Chairman Jerome Powell with a “shadow Fed chair” to cut interest rates sooner.
The upcoming FOMC Minutes is scheduled for Wednesday, July 9, at 18:00 UTC. These records will likely provide more information for the public on how the Fed will move forward with the interest rates. Last month’s FOMC meeting triggered a Bitcoin selloff due to the bearish expectations within the community and investors.
next