Crypto whales have capitalized on the bear market. They bought altcoins at 95% discounts and will probably sell at multiple X profits in a couple of months. That is how they make big money in every market cycle.
Interestingly, whales are still buying in this early bullrun. That means they know the next bullrun is going to be massive. What have they been accumulating in the last 2 weeks? Let’s find out.
1) Bitcoin (BTC)
Bitcoin shot to a 17-month high on Wednesday, trading above the $35k mark. Of course, the Grayscale and Bitcoin ETF approval have been the driving force to this surge. However, whales have taken the moment to pile up on BTC.
🥳 #Bitcoin scratched its way to a new 17-month high again today. Even better, #crypto market caps are growing as the #SP500 declines. This suggests that $BTC's & #altcoins' 2-year reliance on #equities is gone, a typical recipe for #bullmarket conditions. https://t.co/XXFph87pj6 pic.twitter.com/nVCqyt9t4Z
— Santiment (@santimentfeed) October 25, 2023
Bitcoin whales recently accumulated 117 Bitcoins worth around $3.2 million. Some say this buying spree is all FOMO. Who knows! All we can say is that there is massive attention on Bitcoin. And whales aren’t backing down. Earlier this month, Santiment reported that whales have accumulated around 20,000 Bitcoin worth around $550 million since the beginning of October.
Bitcoin also recorded 14,833 transactions in 1 day which was the most since June. Bitcoin’s value has more than doubled this year. And that’s because investors are excited about the possibility of buying bitcoin funds that trade on stock exchanges rather than dealing with crypto platforms.
More About Bitcoin
The excitement surrounding Bitcoin doubled this week after reports emerged that the BlackRock Bitcoin ETF appeared on a list controlled by the Depository Trust and Clearing Corp.
Several companies are turning to crypto. And Bitcoin is the first to welcome them. Honda and Ferrari recently announced plans to accept crypto. Crypto users believe BTC stands to gain the most from this.
🥳 #Bitcoin has climbed as high as $35.2K today, reaching the historic price level for the 1st time since May, 2022. Whale transactions, address activity, and dormant coin movement hinted at a continued rise, & teasing at what could be just the beginning. https://t.co/ipqjWBKup3 pic.twitter.com/WM0UIqrHkX
— Santiment (@santimentfeed) October 24, 2023
Fear is another reason why investors are turning to Bitcoin in their numbers. The global market is crazy right now. And people are diversifying their assets. Some believe Bitcoin is a safer bet. The “digital gold” is offering investors a way out of the regular stock market.
2) Ethereum (ETH)
Can Ethereum hit $2k? That is what everyone’s asking. And that’s because Ethereum has been on a massive growth spree. Several whales have shown huge interest in Ethereum over the last few days. And have accumulated large amounts of the token. Lookonchain reported that between October 20-23rd 6 whales accumulated about 42,391 $ETH($71M).
That’s not all. Four new whales purchased a substantial amount of ETH on Coinbase. In addition, the Whale Alert crypto tracker reported that a whale withdrew a large amount of ETH from Binance to an anonymous wallet.
😮🐳 #Ethereum has fared well during this market-wide #crypto surge. Prices crossed $1,850 for the first time since August 15th, and the now 8.41% of $ETH supply on exchanges is the lowest since #genesis in 2015. Whale transactions also hit a 6-month high. https://t.co/yApmiKc7Ib pic.twitter.com/QZRRmt1AET
— Santiment (@santimentfeed) October 24, 2023
The whale tracker also revealed that three new whales together bought 47,760 ETH within the last two days. Another new wallet bought and withdrew 8,310 ETH from Coinbase worth $15.09 million.
More About Ethereum
Interestingly, there has been a decrease in the supply of ETH available on exchanges. These sort of low figures were last seen in 2015. So, the big question is what is happening? Over the last 24 hours, Ethereum has recorded a huge 7.5% price growth. ETH moved from the $1,717 range to the $1,846 level.
We can say the Bitcoin hype sort of spilled into Ethereum. This makes sense because Ethereum is the next crypto after Bitcoin. So, the new price growth is moving from Bitcoin to Ethereum. And to the rest of the market.
2/ The smart whale has accumulated a total of 20,590 $ETH ($34.5M) in the past 3 days.
The whale spent 28M $USDC to buy 17,000 $ETH at $1,647 from DEX and withdrew 3,590 $ETH($6M) from #Binance.https://t.co/1q1Uw5zlef pic.twitter.com/RhLwykpL7t
— Lookonchain (@lookonchain) October 23, 2023
3) Chainlink (LINK)
Chainlink whales aren’t backing down anytime soon. They have continued accumulating LINK throughout October. LINK has surged more than 43% over the past month, demonstrating strength and resilience. Network activity has been high in recent days. Things peaked on October 21 when the LINK token saw 220 whale transactions surpassing $100,000 each.
🔗🥳 #Chainlink is on a tear this weekend, with the network seeing 3-month highs in whale transactions, unique interacting addresses, and trading volume. #Altcoins have been benefiting from $BTC redistribution, but $LINK has been a particular standout. https://t.co/lxlb8SmzKL pic.twitter.com/Yaw5qyV8jL
— Santiment (@santimentfeed) October 22, 2023
In addition, the count of unique addresses engaging with LINK moved to nearly 5,000. On the same day, Chainlink saw more than 800 million in trading volume. We believe that the highly anticipated Chainlink Staking v0.2 platform is a catalyst for this growth. The new upgrade introduces new features to the network such as:
- Unbonding Mechanism
- Liquid Rewards,
These features will provide stakers with more transparency and greater control.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
