Spot Bitcoin ETF approval did not go as planned. But cryptocurrency whales are taking advantage of ongoing price declines to add to their portfolios. What does it mean? This means whales see this decline as a buying opportunity for these 4 coins before the big bull run in 2024. Which are these 4 coins? Crypto expert Lawrence Mike Woriji from the Altcoinbuzz team takes a look at these.
In first place is the leading cryptocurrency Bitcoin (BTC)
As you might expect, Bitcoin is on the radar of top players. There are several reasons for this. One of them is the SEC’s approval of spot Bitcoin ETFs earlier this month. There are great expectations that this confirmation will affect the price of Bitcoin. While we haven’t seen it yet, whales are attacking Bitcoin hard. On-chain indicators show whale transactions have reached 18-month highs since June 2022. For example, a whale bought 1,750 BTC (approximately $76.9 million) from Binance.
Bitcoin recently dropped below $41,000, giving whales a good entry opportunity. Arkham Intelligence data revealed that a whale purchased 700 Bitcoin (BTC). These “smart whales” hunt for BTC by bargaining on Bitfinex, a crypto exchange. As we know, Bitfinex whales are some of the most eye-catching whales on the market.
Additionally, BlackRock continued to strengthen its Bitcoin holding amid the cryptocurrency’s decline. BlackRock has accumulated millions worth of Bitcoin and currently owns 33,431 BTC. These cryptocurrency whale transactions are important. These guys fill Bitcoin tanks as a long-term investment. It is easier to buy BTC at $41 thousand than at $100 thousand or $70 thousand. These whales know that BTC will accelerate soon.
The leading altcoin Ethereum (ETH) comes in second place.
Cryptocurrency whales believe that now is the best time to collect the right tokens. Ethereum is also a token that these whales show great interest in. Lookonchain data shows that one whale increased the value of his portfolio by 3,600 ETH tokens. That value was over $8.9 million at the time. According to data from Lookonchain, whales received approximately 26,841 ETH ($64.5 million) worth of ETH in the last two days.
Another whale withdrew 7,779 ETH ($18.7 million) from Binance. Another withdrew 8,077 ETH ($19.4 million) from Bitfinex. 6 new wallets withdrew 7,756 ETH ($18.7 million) from Binance and Kraken. These transactions show that whales are super bullish on ETH. Crypto experts predict that 2024 will be a breakout year for Ethereum. This will be good news for investors. Some even predict that ETH will rise above $4,000 this year.
Whales also show special interest in Cardano (ADA)
cryptokoin.comAs you’ve been following from , Cardano has seen major development activity over the past few months. Whales have also realized this and are accumulating ADA. Crypto analyst Ali Martinez recently revealed that Cardano whales purchased over 14 million ADA (approximately $8.40 million at the time). IntotheBlock data confirms the whale rally on Cardano. He notes that on average Cardano sees around $13 billion in large transactions (>$100k). This is a significant number compared to Ethereum’s 7-day average of $5 billion.
Cryptocurrency whales love LINK too!
Currently, in addition to these 3 cryptocurrencies, there are other tokens that whales have accumulated. For example, whales are buying Chainlink (LINK) in large numbers. Spot Onchain data shows that a new wallet exchanged 4.96 million USDC to purchase 336,529 LINK. These major investments show faith in LINK’s future. Meanwhile, Justin Sun, a prominent crypto whale, is also among those who bought LINK in decline. LINK is among the 7 tokens withdrawn from Binance by the Tron inventor.
As a result, most traders panic due to ongoing price declines. There is selling pressure. But whales are smart. They know how the market works. And its actions show that this is the best window to add good crypto to your portfolio.
The opinions and predictions in the article belong to the expert and are definitely not investment advice. We strongly recommend that you do your own research before investing.
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For the rest of the article, Cryptocurrency Whale Tactics: They Accumulate These 4 Coins During Drops!