The Fed's interest rate hike no longer affects BTC, and BTC seems increasingly unlikely to have major fluctuations in the short term. Most BTC whales have neither sold nor bought more assets.

BTC seems to be less likely to have major Fluctuation in the short term

When the Asian market opened, the trading price of Bitcoin (BTC) was slightly higher than $29,240, and it has dropped by 0.3% in the past 24 hours.

Since mid-June, the price of BTC has been fluctuating between $29,000 and $31,800, unaffected by interest rate hikes, inflation concerns, and other macro worries. Brent Xu, CEO and co-founder of Umee, a Web3 bond market platform, said the current situation may continue.

“After the recent rate hike by the Fed, BTC has hardly changed, indicating that the rate hike has been almost digested during this period. This undoubtedly demonstrates the resilience of BTC, and in fact, the resilience of the wider digital asset market. But I don't expect any meaningful breakthrough in the short term.”

Ethereum has also experienced little fluctuation, with a recent trading price of $1862, down 0.4% in the past 24 hours. Other major crypto assets are mostly in the decline zone.

Xu expects that BTC will not return to the "Bull Market state" before the BTCHalving in 2024. "That's also when the Fed might start cutting interest rates," he wrote. "I want to remind everyone that if there is any kind of disruption, such as credit tightening or a worsening banking crisis, the halving could come sooner."

Most BTC whales have neither sold nor bought