The Federal Reserve announces its rate decision today. While no cut is anticipated, the tone struck by new Chair Kevin Warsh could shift market sentiment. That has crypto whales positioning themselves cautiously.
BeInCrypto analysts monitored on-chain activity across three tokens where major holders combined spot trades with perpetual futures hedges. They’re accumulating some, selling off one, and preparing for a potential squeeze ahead of the FOMC meeting.
Chainlink (LINK)
The leading oracle network sits at the center of the crypto whale debate. Spot accumulation and derivatives positioning are pointing in opposite directions ahead of the Fed decision.
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On-chain data reveals that whale spot holdings rose from 664.2 million LINK on June 12 to 668.18 million at present. That represents an addition of roughly 4 million tokens worth approximately $33 million, with fresh purchases on June 15 and June 17. The whale accumulation aligns with genuine adoption momentum.
FIFA’s prediction-market partner selected Chainlink as its sole oracle provider. The DTCC also leveraged its data standard for a collateral platform earlier this year. Wallets holding at least 1 LINK reached 535,650, the highest count since 2022, giving spot whales a much-needed confidence boost.
Derivatives paint a contrasting picture. Over the past two days, all three cohorts on Nansen shifted to net short positions, signaling a clear bearish lean from experienced traders. Smart money shorts are currently in profit, while the largest whale long position is down roughly $1.3 million.
This divergence defines the current setup. Spot buyers are treating the macro uncertainty as a buying opportunity, wagering on Chainlink’s growing real-world utility. Leveraged traders, however, are leaning short into the Fed meeting, bracing for near-term downside. Tonight’s FOMC decision is the catalyst that determines which side positioned correctly.
Uniswap (UNI)
Uniswap’s rally over the past 24 hours placed it among the week’s top performers, but it now faces a more cautious group of whales. Spot selling and net short perpetual futures suggest major holders are cashing out into the strength ahead of the Fed.
Whale spot balances declined from 780.50 million UNI on June 15 to 778.53 million currently. That’s a reduction of nearly 2 million tokens. The selling began as UNI surged on Standard Chartered’s $100 price target and its new tokenized equities initiative. The price is up roughly 23% today despite the distribution, yet whales trimming positions during a rally often signals that resistance lies ahead.
The perpetual futures side tells a similar story. Over the past seven days, whales and smart money tracked by Nansen moved to net short positions. The bearish bias intensified as the price climbed. Smart money holds approximately 95% of its exposure on the short side, a strong directional bet. One whale short opened near $8 is sitting on roughly $688,000 in profit, while a $1.4 million long entered at $6.37 is trapped well below the current price.
Like Chainlink, Uniswap whales are pairing their spot moves with perpetual futures shorts. The key difference lies in direction. Chainlink whales are hedging their accumulation, while Uniswap whales are selling spot and shorting the bounce. This pattern reads as profit-taking during a sharp rally rather than fresh conviction. Tonight’s FOMC decision will test whether the sell-off holds or the breakout continues.
Ondo Finance (ONDO)
The leading real-world asset token rounds out the trio with the most straightforward accumulation picture, yet the derivatives book hides a twist. Spot buyers are loading up while the perps crowd is leaning heavily the other way.
Whale spot holdings climbed from 7.82 billion ONDO on June 13 to 7.9 billion currently. That’s an addition of roughly 80 million tokens, and buying activity picked up again in recent hours. The accumulation rides the wave of the RWA narrative. Ondo leads tokenized treasuries with total value locked near $3.7 billion, and it recently brought on an ETF veteran to work on on-chain portfolios. Standard Chartered also forecast a $2.7 trillion DeFi market by 2030.
The twist lies on Hyperliquid, per Nansen data. Crypto whales, smart money, and public figures are collectively net short to the tune of roughly $2.56 million, with only one visible long position. Shorts are clustered between $0.38 and $0.54 according to positioning data, a clear bet that the price remains capped. Yet ONDO is up about 7% on the week. With spot buying building underneath, a move higher could force the crowded shorts to cover and ignite a squeeze.
Like Chainlink, Ondo whales are pairing spot accumulation with perps shorts, a classic hedging approach. Across all three tokens, the perps shorts reflect caution heading into the Fed decision. No rate cut is expected. But the tone Warsh sets could either validate those hedges or trigger the squeeze that catches them off guard.
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