Have you noticed how the crypto market’s been kinda sluggish lately? We recently saw a 4% drop in the global crypto market cap. There’s also been reduced activity from projects.
But guess what? While most folks are feeling the dip, some big players, the ‘crypto whales,’ are making moves. The crypto whales are buying up some assets, betting on a big comeback soon. In this video, we are going to find out what these guys are accumulating and why they think a rally is just around the corner!”
1) Ripple (XRP)
Ripple’s XRP has been up 15% in the last 30 days. That’s more growth than Bitcoin and Ethereum combined within the last month. Alongside XRP’s price growth, we’ve also seen increased interest from XRP whales.
Source: X
Data from Santiment shows that XRP whales bought over 300M XRP tokens between July 12-15. In the past five weeks, the number of wallets holding at least 10,000 XRP has shot up, hitting a six-month high with 279.4k of these shark and whale addresses. There’s been a clear link between these wallets and XRP’s market value in 2024.
Source: X
The guys at Santiment believe FOMO (fear of missing out) is one of the driving factors behind XRP’s rise. FOMO often drives high buying pressure which can cause a token to rise.
Part of XRP’s rise is because people think Ripple might finally win its legal battle against the US SEC. Ripple’s quarterly report showed this optimism. It highlighted the growing global acceptance of crypto and the increasing clarity in regulatory landscapes as big growth drivers. There’s even speculation about a potential settlement between Ripple and the SEC.
Market data from CoinGecko shows that XRP’s demand is especially strong in South Korea. That’s another factor behind its recent surge.
2) Ethereum (ETH)
Next up on our list is ETH. Ethereum took a huge hit, losing as much as 20% in just 24 hours over the weekend. But guess what? Ethereum whales have seized this chance to add to their stock. Crypto analyst Ali Charts says that these guys have bought up over 126,000 ETH, worth about $440 million.
Source: X
Our friends at Lookonchain spotted a particular Ethereum who has been on a real shopping spree. This whale recently bought 2,424 ETH, worth $7.22 million at the time. This whale has purchased 19,436 ETH worth almost $70 million since May.
This whale’s purchase might seem reckless considering Ethereum’s ongoing dip. But, this smart whale has a good track record. On-chain data shows this whale has a 100% flawless record since November 2022.
Source: X
The Ethereum whale has been buying Ethereum at low points and selling at higher prices. He made more than $38 million in profit between Nov 21, 2022, and May 23, 2024. So, his large ETH accumulation suggests confidence in Ethereum.
Despite Ethereum’s price slump, most holders are still hopeful of a bounce back. Their bullish picture is based on the performance of the much-anticipated Ethereum ETFs. However, on-chain data shows that Ethereum’s 20% loss was made worse by the net outflows of ETH spot ETFs.
Data from TheBlock shows that the newly launched Ethereum ETFs had net outflows of $115 million between July 29 and August 1. These Ethereum ETFs have struggled in their second week of trading. But the big fear is that Ethereum’s battles with staking and regulations could make ETH ETFs less appealing to investors compared to Bitcoin ETFs.
1) Bitcoin (BTC)
Let’s wrap this up with the big one: Bitcoin. Bitcoin whales have stayed super active and are buying the dip. Check this out: data from Glassnode suggests that the volume of Bitcoin moved by whales from exchanges has reached a 9-year high.
Source: X
In July alone, these big players added 84,000 BTC to their holdings, even with the market being all over the place. This is the fastest pace of Bitcoin movement from exchanges since 2015, similar to when BTC prices bottomed out around $220.
Institutional investors aren’t left out of the Bitcoin buying spree. MicroStrategy purchased 169 BTC worth $11.4 million in July. The company now holds a total of 226,500 BTC, currently valued at around $14.6 billion.
Source: X
Despite Bitcoin’s decline, the actions of these whales mirror their conviction of a possible reversal. We could likely see Bitcoin pick up the pace and bounce back.
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 risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to 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.
