According to a new on-chain report from cryptocurrency analyst Cheekycrypto, Cardano and 3 coins have been witnessing an increasing amount of whale accumulation over the past month. This demand is accompanied by double-digit growth for TVL.
Crypto whales have been hunting these coins lately
According to the data, there is crazy whale activity, especially on the ADA. Whale addresses holding ADA between 100 million and 1 billion have increased their balances by 3.19% in the last 30 days.
Rising demand shows whales are optimistic about Cardano’s long-term prospects. Large investors also prefer days when the ADA price is underperforming.
Data from Cheekycrypto provided more details on whale accumulation. Cardano whales in other echelons are also showing signs of accumulation. For example, addresses with around 10,000 and 100,000 ADA added 50 million ADA last month. This indicates a general consensus that the price of ADA is cheap and likely to increase in the future.
Why do whales prefer Cardano?
Cardano’s TVL has been one of the highlights in crypto this year. ADA grew 148% in terms of TVL. This momentum was more than Ethereum or any other ecosystem. Cardano’s TVL increased from 265 million ADA in January 2023 to 657 million ADA in June 2023.
This figure shows an increase in DeFi activity in Cardano. There has also been an increase in the institutional adoption of Cardano. There are several investment vehicles where ADA has a good market share. These investment products include:
- GDLC and GSCPxE by Grayscale
- Cardano ETP by Wisdom Tree
- Cardano ETP from 21Shares.
Bitcoin (BTC)
Data from IntotheBlock shows that 78.51% of Bitcoin investors are currently in profit. This is quite special because we last saw these snow levels in March 2022. BTC price was around $47,000 at the time.
On the other hand, altcoins are being crushed by this superior performance of BTC. Things are going pretty well for BTC. There are many positive indicators for BTC. Bitcoin network fees have reached a peak not seen since May 2021. This was last seen when BTC broke the $60,000 mark.
Whales are buying BTC
The number of BTC investors is increasing. Santiment’s data also supports this claim. Bitcoin whales have accumulated another 71,000 BTC in the past three weeks. This indicates high confidence. Reports indicate that these 71,000 BTC were added by addresses holding 10 to 10,000 BTC, which equates to $2.15 billion.
Medium investors are accumulating BTC
Recent data from Glassnode provided deeper insights. For example, wallets holding less than 1 BTC have been accumulating Bitcoin recently. This class of investors owns 1.33 million Bitcoins, equivalent to $40,707,975,000.
In summary, both whales and smaller shrimp are accumulating BTC. All in all a positive sign for Bitcoin. Bitcoin’s recovery this year has been impressive. But as the bull market approaches, whale activity shows that BTC could be one of the best holdings.
XRP
Did you know that whales have earned nearly 1 billion XRP since February? This is worth about $570 million. XRP whales have been active this year. They took advantage of times of downturn or consolidation to increase their holdings.
The price of XRP fell 12% at the end of June. This was when the whales bought 360 million XRP for a total of $170 million. XRP whales like to buy at times of low prices. Increasing whale accumulation is a good sign for any altcoin. Indicates that a price increase may be on the way.
Besides, the daily price action of XRP also points to interesting moves. XRP is consolidating between its daily moving averages. It forms a formation similar to the cup and handle formation. Many technical analysts believe that this formation is a bullish pattern.
It shows the trend of a cup-shaped asset followed by a bearish price pattern. Interestingly, addresses holding less XRP also piled up over months. Santiment data shows that addresses holding 10,000 to 1 million XRP have accumulated 750 million XRP since mid-January.
Pepe (PEPE)
cryptocoin.com According to a new report from Lookonchain, which we quoted as, an Ethereum (ETH) whale has accumulated more than $1 million in PEPE last month. Lookonchain states that this whale, nicknamed OSF, spent $261,000 worth 141 ETH earlier this week to purchase 173 billion PEPE.
Since June 14, the whale has spent a total of 536 ETH worth about $1.04 million to purchase 613 billion PEPE. PEPE is currently trading at $0.000001498. It has lost 3.5% in value compared to the last 24 hours.
Curve (CRV)
Lookonchain also estimates that it is possible for several institutions to purchase Curve (CRV). The blockchain tracker states that the four new wallets have withdrawn 10.2 million CRVs, worth a total of $8.12 million, from top crypto exchange Binance in the past seven days. These four wallets currently only hold CRVs.
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