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Industry analyst David Duong stated that the market almost universally expects the Federal Reserve to maintain interest rates at this week's Federal Open Market Committee meeting, but investors should pay attention to any potential changes in the Fed's balance sheet reduction (i.e., quantitative tightening, QT) plan. He wrote in a report on Monday: "We believe that the Fed may pause or end its quantitative tightening program because bank reserve levels are close to 10-11% of US GDP, a level generally considered sufficient for financial stability." He said recent cryptocurrency sell-offs were mainly due to macroeconomic concerns and worsening liquidity conditions, but these factors could improve next quarter, providing support for asset prices. "Cryptocurrency prices may bottom out in the coming weeks and then rebound to new highs later this year," he concluded.

According to on-chain analyst @ai_9684xtpa, a PancakeSwap OG player is suspected of clearing out 1.475 million CAKE tokens 15 hours ago, valued at $3.79 million. This is the first time this smart money has deposited CAKE into an exchange. In addition, they have previously profited $19.69 million from buying low and selling high WBTC, with costs as low as $26,395.