Hey there, The crypto market is up and running with Bitcoin leading the charge to new all-time highs.
Crypto whales are seizing this moment to pile up on some coins with crazy potential to bring in gains in this bull cycle. What are these coins? That’s what we’d find out in this article.
1) Bitcoin (BTC)
The first on our list is Bitcoin. Bitcoin is on fire! Bitcoin holders are having the best time of their lives. Recently, Bitcoin hit an all-time high and the excitement is palpable! What’s driving Bitcoin? Well, it’s partly thanks to those new spot Bitcoin exchange-traded funds (ETFs) making waves in the United States.
According to data from Dune, since these ETFs launched, they’ve snagged a hefty 4.06% of the current Bitcoin supply. That’s over $56.9 billion worth of Bitcoin. And get this, they’re projected to gobble up a whopping 8.65% of the BTC supply every year at this rate. Talk about hunger for crypto!
But wait, there’s more! Bitcoin whales like BlackRock and MicroStrategy are increasing their Bitcoin holdings. BlackRock, in particular, has been racking up Bitcoin like it’s going out of style and recently even outpaced MicroStrategy in accumulation.
MicroStrategy bought another 12K $BTC($821.72M) at $68,477 from Feb 26 to Mar 10!#MicroStrategy currently holds 205K $BTC($9.9B), and the average buying price is $33,706.
At current prices, the profit is ~$7.9B!https://t.co/Wa2y09pv6F pic.twitter.com/12ZjBsZOvn
— Lookonchain (@lookonchain) March 12, 2024
Although prices are high, not many whales are thinking about selling. Bitcoin whales are holding onto their treasures tightly. The number of unique addresses holding at least 1,000 BTC has hit 2,107 as of March 9th. It’s impressive, sure, but still shy of the record-breaking 2,489 addresses we saw back in February 2021 when Bitcoin was just above $46,000.
Why are Bitcoin whales holding their assets? And what does it mean? For a start, it shows that these whales expect Bitcoin to soar even higher. Other indexes support this claim. Data from Glassnode shows that transfers from exchanges to whales reached new record highs this month.
This whale withdrew 2,050 $BTC($147.67M) from #Kraken again 10 hours ago.
And he has withdrawn 10,340 $BTC ($742.98M) from #Kraken since Mar 1.https://t.co/Sg0jd05x3q pic.twitter.com/XHk0X6wl6f
— Lookonchain (@lookonchain) March 12, 2024
Interestingly, the transfer volume from whales to exchanges has seen a slight surge compared to other bull runs. Online data also suggest an increase in Bitcoin investors. And these guys aren’t ready for profit yet.
2) Ethereum (ETH)
Ethereum is following in Bitcoin’s steps and recently surged past $4k for the second time in its history. There are two major factors behind Ethereum’s recent drive:
- There’s increased positivity about the forthcoming Dencun upgrade. Dencun is a crucial milestone that might greatly enhance Ethereum’s scalability and performance. It could open the door for a wider acceptance of Ethereum Layer 2s by resolving some of the most important issues facing Ethereum, such as scalability and transaction costs.
- Secondly, there is anticipation that the US Securities and Exchange Commission (SEC) will approve a spot Ethereum ETF.
Ethereum whales are banking on this new excitement to accumulate the token. One whale bought an alarming 97,276 ETH tokens that sent shockwaves throughout the market.
The whale was later identified as the controversial project PulseChain and PulseX. Online data shows that the purchase was made using a total of 363.66 million DAI at an average price of $3,738.
Another 15,003 $ETH was bought on-chain at ~$3,932 using 59M $DAI by wallets linked to PulseChain/X in the past hour!
Total amount purchased in the past 4 days: 163,295 $ETH (cost: 620.7M $DAI, avg price: $3,801)!
Est. unrealized profit: $24.3M. https://t.co/YAgSMo1b1X pic.twitter.com/mgDpJI44qC
— Spot On Chain (@spotonchain) March 8, 2024
Ethereum whales are currently in high spirits ahead of major events in the ecosystem
3) Chainlink (LINK)
Our final coin is LINK. Yeah. Whales are also going bullish on it according to data from Lookonchain. About 8 fresh wallets withdrew 831,160 $LINK($16.72M) from Binance in the last two days.
This might come as a surprise seeing that Chainlik’s momentum from February has seen a drop. But whales know that the game is long-term. So, downtimes are the best times to add to your portfolio.
It seems that whales are buying $LINK!
We noticed that 8 fresh wallets withdrew 831,160 $LINK($16.72M) from #Binance in the past 2 days.
Address:https://t.co/bkikjTpUtyhttps://t.co/DaBt99fo8Ohttps://t.co/h8fjMdXiU4https://t.co/vcBkwRMUJMhttps://t.co/sD9YDQd4Sj… pic.twitter.com/77Y9RqF3t6
— Lookonchain (@lookonchain) March 9, 2024
The current price of LINK is $19.19 as of this writing. A bullish scenario would see LINK surpass $21.4, and possibly hit $28 if it picks up.
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.
