Whales Are Hoarding These 3 Cryptocurrencies: Here’s What They’re Accumulating
Release: 2024/06/23 09:51 Reading: 798
Where Crypto Whales Are Investing: A Deep Dive
In anticipation of the crypto market's next significant move, industry heavyweights known as "whales" are eagerly accumulating certain cryptocurrencies. From Bitcoin to altcoins, let's delve into the assets these prominent investors are steadily acquiring:
Bitcoin: The Leading Choice
Bitcoin, the apex cryptocurrency, remains the top choice for whales. Recent data from Lookonchain suggests that whales have capitalized on the recent BTC price dip to bolster their holdings. Two notable wallets recently withdrew a combined 2,000 BTC (approximately $135 million) from Binance.
Bitcoin whale activity mirrors the period preceding the 2020 bull run. Notably, on June 11, whales acquired 20,600 BTC (worth $1.38 billion). CryptoQuant reports this as the largest buying spree since February 28, when Bitcoin was poised to reach a new all-time high. Furthermore, Santiment indicates that the Bitcoin supply on crypto exchanges has dwindled to its lowest since December 2021, with wallets holding 10 or more BTC at levels unseen for two years.
Ethereum: Top Altcoin on Whales' Radar
Ethereum, the second-largest cryptocurrency by market capitalization, is also experiencing significant accumulation from whales. They are actively increasing their ETH holdings. On-chain data reveals that whales have purchased over 700,000 ETH, valued at an impressive $2.45 billion!
Whales perceive Ethereum's recent price dip as an opportunity to re-enter the market. CryptoQuant notes that the latest buying spree is almost on par with the record set last September. Interest in ETH surged after SEC Chairman Gary Gensler hinted during a budget session that spot Ethereum ETFs may be approved by the end of summer.
TheBitJournal.com reports that this news led to a 20% increase in ETH's price within a day. The positive sentiment spread throughout the crypto market, adding over $200 billion in value. Beyond whale interest, Ethereum-based applications are performing exceptionally well, highlighting Ethereum's crucial role in the DeFi ecosystem.
Dogecoin: Meme Coin Drawing Whale Attention
Dogecoin, a meme coin initially created as a joke, has also garnered significant whale interest. Analyst Ali Martinez observes a rise in DOGE whale activity. On June 7 alone, there were over 150 DOGE transactions exceeding $1 million each. On May 31, these whales amassed roughly 700 million DOGE (worth approximately $1 billion).
In recent weeks, Dogecoin whales have moved 6.4 billion DOGE. The price of Dogecoin, as a meme coin, is susceptible to high volatility influenced by trader sentiment. When large investors enter the market, their buying sprees create bullish momentum, increasing demand, and potentially driving up prices as other traders follow suit. Therefore, Dogecoin is a cryptocurrency worth monitoring closely.
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