WHY Crypto Whales Are Buying These 3 Altcoins

Hey there! I’m going to start by sending out love to all our followers in Israel. It’s been a tough couple of days, and we’re here for you guys. Now back to crypto. A lot of important macroeconomic events took place in September, including the Fed rate pause.

And the approval of the Ethereum Futures ETF. Crypto whales capitalized on these events and have scooped up some altcoins for potential profits in October. Let’s look at some altcoins that whales have kept on their radar.

1) Chainlink (LINK)

Chainlink, with a 30% increase, was one of the top gainers in September in the top 20 crypto rankings. The key factors in LINK’s recent surge include a successful tokenization rehearsal with SWIFT and an uptick in the Real World Assets (RWA) sector. On-chain data shows that whales have remained interested in LINK over the past few weeks.

Data from the Into the Block illustrates how, between September 17 and October 2, whale transactions increased from 30 to 218. A whale recently made a significant buy, purchasing 424,443 LINK tokens for $7.67, for a grand total of $3.25 million. Chainlink’s price immediately increased as a result of this sizable buy order.

This recent purchase comes days after large purchases by the same entity. In the previous purchase, the whale bought 788,877 LINK, representing an investment of $6 million at the price of $7.62. 

To make this transaction, the whale swapped 3,074 stETH, worth $5.87 million, as well as an additional 71 ETH, worth $136,000, for the LINK tokens. This large order also led to a price surge.

More About Chainlink

Such a consistent rise in whale activity is often positive for the price of an asset for a number of reasons. It increases market liquidity, making it possible for users in the spot market to carry out trades effectively.

Whale activities also inspire other strategic retail investors to keep an optimistic outlook on cryptocurrencies.

The ongoing attention reflects Chainlink’s value proposition in the decentralized finance (DeFi) market. Chainlink serves as a crucial link between smart contracts and real-world data. It ensures the smooth operation of DeFi platforms.

Chainlink is a decentralized Oracle network. Whales’ continued interest in Chainlink demonstrates their belief in its potential.

2) Maker (MKR)

Maker is another significant cryptocurrency whose price benefited from a September macro event. Maker saw an influx of large transactions on September 20th. This was shortly after the US Fed announced a rate halt.

The chart showing on your screen demonstrates that on September 19th, the Maker network only registered 9 confirmed whale transactions. However, that number has increased, reaching a 6-month high of 102 large transactions on October 2nd. It appears that whales turned to Maker for the appealing 8% DAI savings rate.

MKR recently saw a price slump. But whales took this time to increase their accumulation. Data from Lookonchain shows that a whale made large MKR transactions last week. The whale purchased about 1,750 MKR, worth $2.5 million, at an average price of $1,429.

The next Fed meeting will take place on November 1st. So, the bullish MKR whales have enough time to push the price even higher in October.

3) Wrapped Bitcoin (WBTC)

Santiment claims that whales have turned their attention to Wrapped Bitcoin (WBTC). Data shows that there have been more large WBTC transactions than ever since March.

Santiment revealed that WBTC whale transfers above $1 million are increasing at their fastest rate since March. In addition to that, WBTC experienced its strongest network expansion since July and a rise in new wallets holding 1–1,000 WBTC.

Which of these altcoins seem likely to be in 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.

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