Whales Set Sights on Three Altcoins as Crypto Market Plunges
The current sentiment in the cryptocurrency market is not particularly favorable. However, according to Altcoin Buzz, it is always an opportune moment, especially now, to observe counterintuitive movements. An analyst has provided a list of coins that whales are buying during this market downturn.
Coin 1: Bitcoin
Recent data from LookIntoChain reveals that Bitcoin whales are taking advantage of lower prices to increase their holdings. Two wallets recently withdrew 2,000 BTC, equivalent to approximately $135 million, from Binance. This reflects levels seen before significant price increases. On June 11th, Bitcoin whales purchased 20,600 BTC, valued at $1.38 billion, which is the highest amount since February 28th. During that time, Bitcoin was almost setting new price records, and Bitcoin ETFs were gaining traction.
Santiment, a blockchain analytics firm, reports that there are fewer Bitcoins available on exchanges, the lowest since December 2021. Additionally, there are more addresses holding 10 BTC or more compared to the past two years. Whales may be interested in Bitcoin now because they perceive it as undervalued and are preparing for higher prices. This increased demand could lead to more people wanting Bitcoin and subsequently boosting its value. However, there are risks involved. If whales start selling instead of buying, it could result in significant price drops, highlighting their influence in the market.
Coin 2: Ethereum
The analyst also pointed out that Ethereum (ETH) is currently attracting a lot of attention from big investors. Ethereum whales have purchased over 700,000 ETH, worth more than $2.45 billion. This buying spree was triggered by Ethereum’s recent price drop, which was seen as a good opportunity to enter the market again. The news about potential Ethereum ETFs also contributed to a 20% price increase in a single day, adding over $200 billion to the overall crypto market value. However, prices have since fallen.
Apart from whale interest, Ethereum’s applications in decentralized finance (DeFi) are performing well, underscoring its significance. Ethereum is also preparing for major updates to enhance its technology and potentially increase adoption.
Coin 3: Dogecoin
Even Dogecoin (DOGE) has garnered attention from large investors recently. Dogecoin whales have been actively making significant transactions that have driven up prices. This increased activity might attract more traders to Dogecoin, making it worth watching in the crypto market.
For instance, on June 7th alone, there were over 150 transactions of Dogecoin, each exceeding $1 million. Earlier, on May 31st, whales accumulated approximately 700 million Doge, totaling around $112 million. Overall, Dogecoin whales have been active, moving more than 6.4 billion Doge recently.
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