Once crypto markets are weakening but there are some smart investors we call whales buying this dump.
What does that mean? It means the whales are considering this dump a buying opportunity for these 3 coins before the 2024 massive bullrun. Which are these 3 coins? Let’s find out.
1) Bitcoin
As you’d expect, Bitcoin is on the radar of the top players. And there are several reasons for that:
One is the SEC’s approval of spot Bitcoin ETFs earlier this month. There are massive expectations that the approval will affect Bitcoin’s price. Although we have not seen that yet, whales are going hard on Bitcoin. On-chain indicators show that whale transactions recently reached their highest levels in 18 months since June 2022. One whale reportedly purchased 1,750 BTC (about $76.9 million) from Binance.
In the past 24 hours, #Bitcoin experienced its largest spike in transactions over $100,000 in nearly two years.
The 16,900 large transactions serve as a proxy for $BTC whale activity, offering insights into how these major players might be positioned in the #crypto market. pic.twitter.com/CCnaoBOK0F
— Ali (@ali_charts) January 5, 2024
Bitcoin recently slumped below $41,000, presenting whales with a good entry point. Data from Arkham Intelligence revealed that a whale bought 700 Bitcoin (BTC) and withdrew it from Binance. These “smart whales” are bargain-hunting BTC on Bitfinex, a crypto exchange. As we know, Bitfinex whales are some of the most notable whales in the market.
Also, BlackRock has continued to strengthen its Bitcoin holding amidst the cryptocurrency’s slump. BlackRock has accumulated Bitcoin worth millions and currently holds 33,431 #BTC. These whale transactions are significant. These guys are filling up their Bitcoin tank as a long-term investment. It’s easier to buy BTC at $41k than at $100k or $70k. These whales know BTC will pick up the pace soon.
You need to ask yourself why these whales are buying at $40K to $42K only for the price of #Bitcoin to drop?
Well, this is a long term investment. Would they rather buy at $69K to $100K instead?
Here's what you need to do as a retailer: #HODL since many people believe these… https://t.co/uBKJ0CbzPL pic.twitter.com/9JYpnwjWSy
— CryptoBusy (@CryptoBusy) January 23, 2024
2) Ethereum
Crypto whales believe now is the best time to gather the right tokens. And Ethereum is one token they’ve shown significant interest in. Data from Lookonchain shows that one whale increased the value of his portfolio by over 3,600 ETH tokens. This was worth over $8.9 million at the time. As per Lookonchain’s data, whales have snapped up $ETH worth around 26,841 $ETH($64.5M) in the last two days.
Whales are accumulating $ETH!
Whale"0x9314" spent $48M to buy 21,192 $ETH at $2,265 from the DEX 10 hrs ago, and has bought 79,980 $ETH($143M) since Jan 1.#JustinSun withdrew 11,267 $ETH($25.3M) from #Binance 5 hours ago and 17,433 $ETH($39.2M) from #Binance since Dec 26.… pic.twitter.com/HQloK4pm9n
— Lookonchain (@lookonchain) January 5, 2024
One whale withdrew 7,779 $ETH ($18.7M) from Binance. And another, withdrew 8,077 $ETH ($19.4M) from Bitfinex. 6 fresh wallets withdrew 7,756 $ETH ($18.7M) from Binance and Kraken. These transactions show that whales are super bullish on ETH.
Crypto experts believe that 2024 may be a breakout year for Ethereum. And that’ll be good news for investors. Some even predict that ETH could push beyond $4,000 this year. What’s your take on that?
3) Cardano
Our final token today is Cardano. Cardano has seen massive development activities over the past few months. And whales have recognized this and are accumulating ADA. Crypto expert, Ali, recently revealed that Cardano whales bought over 14 million $ADA, (around $8.40 million at the time.)
Data from IntotheBlock confirms the bullish whale activity on Cardano. It notes that Cardano has seen around $13B in large transactions (>$100k) on average. This is a significant number if you compare it to Ethereum’s $5B 7-day average.
Cardano whales have been quite active for the past few months. $13B in large transactions (>$100k) is being settled on Cardano daily on average. A significant amount, if you compare it to Ethereum's $5B 7-day average. pic.twitter.com/8rjeQZaonU
— IntoTheBlock (@intotheblock) January 18, 2024
There are other tokens currently being accumulated aside from the ones on my list. For example, whales are buying up LINK (Chainlink) in large numbers. Data from Spot Onchain shows that a new wallet changed 4.96 million USDC to buy 336,529 LINK. The massive investments show faith in the LINK’s future.
In conclusion, most traders are panicking because of continued price declines. There’s pressure to sell. But whales are smart. They know how the market works. And their actions show that this is the best window to add good crypto to your portfolio.
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.
