There’s a lot of uncertainty in the market right now as Bitcoin’s price remains unstable. However, crypto whales have shown interest in certain coins lately and are accumulating them in large numbers.
These large purchases could have a huge impact on the market. So, you must find these coins and craft your buying or holding strategy. Let’s look at three coins that have seen the most crypto whales accumulation lately.
1) Ethereum
There’s a lot of activity taking place on Ethereum, and whales are behind most of it. Ethereum whales have stayed busy accumulating ETH ahead of what they anticipate to be a bullish season for the network. Data from Lookonchain shows that a whale spent 20M $USDC to buy 4,242 ETH ($10 million) at $2,358.
A whale spent 20M $USDC to buy 4,242 $ETH($10M) at $2,358 and 231 $WBTC($10M) at $43,375 11 hours ago.
The whale has bought a total of 13,843 $ETH($33M) at an average price of $2,388 and 461 $WBTC($19.88M) at an average price of $43,168 since Dec 21, 2023.… pic.twitter.com/k05r6uB3Du
— Lookonchain (@lookonchain) February 7, 2024
Another whale withdrew 12,600 ETH ($29 million) from Binance on Sunday. The whales have allegedly withdrawn a total of 19,980 ETH ($46 million) in the past week. A dormant Ethereum whale recently made his first transfer after 8 years. The whale, with pre-mined ETH, transferred around 100 ETH valued at $230,159.
Another dormant Ethereum address was recently activated following a period of silence since its genesis event. The address holds about 492 ETH valued at $1.14 million.
A whale withdrew 12,600 $ETH($29M) from #Binance 2 hours ago and has withdrawn a total of 19,980 $ETH($46M) in the past week.https://t.co/ysT99jPmVj pic.twitter.com/xvFh0zm5TD
— Lookonchain (@lookonchain) February 4, 2024
The entry of these large players could have a serious impact on Ethereum. Let’s watch and see how that unfolds.
2) LINK
Chainlink has seen an impressive price surge in recent days. And large accumulations from whales are one of the likely drivers of this price increase.
A mysterious whale/institution is accumulating $LINK!
We noticed that a total of 47 fresh wallets withdrew 2,237,504 $LINK ($42.38M) from #Binance in the past 2 days!
Address list: https://t.co/cYgH52rHzxhttps://t.co/SgFeI8cRKV pic.twitter.com/g7Mh66k9l0
— Lookonchain (@lookonchain) February 6, 2024
Data from Lookonchain claims that large whales or institutions are accumulating LINK. About 47 fresh wallets withdrew 2,237,504 $LINK ($42.38M) from Binance over the weekend.
Chainlink recently saw a boost in its market cap, adding $3.5 billion in just one week. This has sparked renewed enthusiasm among ChainLink users. On-chain data shows that the supply in the top 1% of LINK addresses has increased since late January. The supply moved from 924.3 million to around 925 million.
It seems that a whale/institution is accumulating $LINK!
We noticed 4 fresh wallets withdrew a total of 119,583 $LINK($2.15M) from #Binance in the past 1 hour.https://t.co/G09rO9rlwNhttps://t.co/Bby3SaN7cmhttps://t.co/0NowecVP2ahttps://t.co/dVX9K2CNeK pic.twitter.com/KJsY0w7F5W
— Lookonchain (@lookonchain) February 5, 2024
The large accumulation of LINK could lead to a decrease in the amount of LINK in circulation. This could support Chainlink’s recovery. Chainlink surged by almost 4% on Monday, February 5th.
3) Bitcoin
Bitcoin hasn’t had the best of times lately and is still recovering from its brief dip below the $40,000 mark on January 23. Considering market factors, some investors believe Bitcoin is at a standstill. But despite the poor price movement, on-chain data shows that interest in accumulating this coin hasn’t waned.
🚨 A fascinating data for #Bitcoin bulls.
Bitcoin balance on exchanges is at the lowest point (yellow) despite #BTC trading above 42K.
Why ⁉️
Whales storing their BTC in cold wallets and expecting hire price in future with #ETFs on hand.
I personally don't think #BTC will get… pic.twitter.com/7QMtkeWcH9
— Zia ul Haque (@ImZiaulHaque) February 6, 2024
Large BTC holders have been adding to their portfolios in recent days, raising the overall number of wallets to the highest it has been in 15 months. Additionally, the holding pattern suggests that lesser whales have been strengthening their holdings to become part of the next group of holders.
Data from Santiment, an on-chain analytics platform, notes there was a 2.5% increase (47 more wallets) in the number of Bitcoin addresses holding around 1,000 and 10,000 BTC in less than a week. As of February 1st, the total number of addresses in this tier hit 1,958, which was the most since November 2022.
🐳 #Bitcoin is ranging between $41K and $44K, but whale wallets are moving big this week:
🔴 Number of 1K-10K $BTC Wallets: 1,958 on Feb. 1st (Most since November, 2022)
🟡 Number of 100-1K $BTC Wallets: 13,735 on Feb. 1st (Least since November, 2022)https://t.co/MTOnjURnfV pic.twitter.com/QrxW8CH5c2— Santiment (@santimentfeed) February 3, 2024
The accumulation of Bitcoin by a significant number of large holders suggests that investors are still confident in Bitcoin despite recent price declines. Another reason for the growth in the number of large BTC whales is the approval of spot Bitcoin ETF products in January. A portion of the funds acquired when mainstream investors subscribe to one of the ETF issuers’ offerings is used to buy more Bitcoin, increasing the total number of whales.
There’s a high possibility we could see a further increase in the number of Bitcoin whales in the coming months.
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.
