In late October 2025, the Federal Reserve System (Fed) executed a 25-basis-point interest-rate cut, a move that had been largely anticipated and, as a result, produced muted immediate effects in the broader crypto market. While major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) saw limited upside—market cap actually fell by about 1.6%—what caught analysts’ attention was the subtle but telling behavior of the large-scale holders, the so-called “whales.” Below, we explore their moves, what they may signal, and what to watch going forward.
Macro Context: Fed Cuts Rates — But Crypto Doesn’t Immediately Pop
With rates reduced, one might expect a strong risk-on move into assets like crypto. Instead, the market responded more cautiously—a clear sign that perhaps the rate cut was already priced in, or that other macro headwinds are still at play. The 1.6% decline in aggregate crypto market cap reinforces this.
In this backdrop, the behavior of whales becomes more meaningful: they may be positioning for what they believe comes after the immediate reaction rather than reacting in the moment.
What Whales Are Buying
Data shows that large holders have been quietly accumulating specific tokens—those with strong technical foundations, clear patterns of accumulation, and potentially favorable set-ups for upside. Three tokens stand out prominently:
1. Cardano (ADA)
Whales holding between 1 million to 10 million ADA increased their holdings from 5.57 billion to 5.59 billion ADA—about a 20 million ADA increase (≈ $12.8 million at $0.64/ADA).
Although ADA has slipped ~20% in the past month, the accumulation by these whales signals a belief in its recovery potential. On the 12-hour chart, ADA is forming a symmetrical triangle—a consolidation pattern—hovering above a support around $0.64. A breakout above $0.66 could target $0.68, with a further resistance at ~$0.73.
If support fails, downside risks include ~$0.62 or even ~$0.60.
2. Ethena (ENA)
Whales holding 100 million–1 billion ENA added around 110 million ENA (≈ $46.2 million) in a 24-hour span.
ENA had lost ~21% in value over the past month, but the recent buy-in suggests whales are betting on a turnaround. The technical structure: ENA is trading in a descending wedge—a pattern that often precedes breakout rallies. It recently bounced off a support near $0.41, and if it sustains that level, targets might be $0.45, $0.53, and potentially as high as $0.65.
Conversely, a break below $0.41 could lead to $0.34 or $0.28.
3. Aster (ASTER)
Whale holdings climbed 26.43% in 24 h, reaching 15.67 million ASTER (≈ $3.33 million).
ASTER has shed ~43.2% in the past month, yet whales are stepping in—marking it among the most accumulated tokens post-Fed cut. Technicals show a descending wedge pattern, with a key support around $0.93. If held, the next targets are ~$1.12 and ~$1.28; a decisive breakout above ~$1.79 would confirm a larger trend reversal.
If $0.93 gives way, risk opens toward new lows.
Interpretation & What It Might Imply
What can we infer from this whale behavior?
-
Whales are selective: rather than piling into broad market leadership tokens like BTC or ETH, they’re choosing altcoins with technical setups and lower overall profile—suggesting a tactical rather than speculative approach.
-
Timing may matter: the Fed cut is likely already priced in—whales may be positioning ahead of the next phase, perhaps expecting macro conditions to improve or for these specific tokens to lead in a recovery.
-
Risk vs Reward: Each of the tokens above has clear support levels and defined breakout targets, which is attractive for timing entry points—but similarly has defined risk levels (breaks of support) that should be watched.
-
Conditional recovery: The fact the overall market did not surge following the rate cut indicates that the broader rally isn’t yet underway; these accumulations might be early signals rather than confirmations.
What to Watch Going Forward
For market participants and observers:
-
Support and breakout levels: For ADA ~ $0.64 and ~$0.66; for ENA ~$0.41 and ~$0.49; for ASTER ~$0.93 and ~$1.79.
-
Volume and accumulation patterns: Are whales continuing accumulation, or is this a one-off? Sustained accumulation may increase conviction.
-
Macro backdrop: Even though rate cuts often support risk assets, other factors (geopolitics, regulation, liquidity conditions) may dampen or delay the typical effect.
-
Correlation with broader crypto market: Will these tokens lead a general recovery or diverge? If they rally while BTC/ETH languish, that’s notable.
-
Risk management: Breaking of key support levels could invalidate the set-up and expose downside.
Final Thoughts
While the Fed’s rate cut did not spark an immediate crypto market rebound, the quiet accumulation by whales in tokens like Cardano, Ethena and Aster speaks volumes. These informed investors seem to be positioning for a selective recovery—one that may unfold in the next phase rather than right now. For average investors, the lesson is two-fold: pay attention to what large holders are doing and remain disciplined about technical levels and risk.
Of course, this is not investment advice—cryptocurrencies remain highly volatile and speculative. But watching smart money moves can help frame potential opportunities (and pitfalls) as we navigate what may be a shifting macro-crypto landscape.
Ready to start your cryptocurrency journey?
If you’re interested in exploring the world of crypto trading, here are some trusted platforms where you can create an account:
- Binance – The world’s largest cryptocurrency exchange by volume.
- Bybit – A top choice for derivatives trading with an intuitive interface.
- OKX – A comprehensive platform featuring spot, futures, DeFi, and a powerful Web3 wallet.
- KuCoin – Known for its vast selection of altcoins and user-friendly mobile app.
These platforms offer innovative features and a secure environment for trading and learning about cryptocurrencies. Join today and start exploring the opportunities in this exciting space!
Want to stay updated with the latest insights and discussions on cryptocurrency?
Join our crypto community for news, discussions, and market updates: CryptoBCC on Telegram.
For collaborations and inquiries: CryptoBCC.com@gmail.com
Disclaimer: Always do your own research (DYOR) and ensure you understand the risks before making any financial decisions.
