On-chain researchers studying whale wallets provide insights into altcoins that have been on the radar of major investors lately. According to the data, 1INCH, ETH and BLUR are among the prominent projects of the day.
Huge altcoin whale transferred 7.01 million 1INCH
A whale caught on BitcoinEmber’s radar transferred 7.01 million 1INCH to Binance, worth about $3.42 million. The huge investor had purchased a total of 15 million 1INCH at a price of $0.01 and $0.067. It then sold all 11.25 million unlocked tokens.
Among them: 2 million were sold at an average selling price of $1.34. Then 750,000 were transferred to FTX at $3.47 and 8.5 million to Binance at an average price of $0.62.
Another big investor buys ETH and BLUR
Another report from Ember revealed that today a giant whale address has purchased ETH for an average of $1905 to $3 million. Whale bought 760,000 BLUR and 1.01 million 1INCH in another transaction. BLUR and 1INCH investments were worth $520,000 and $500,000, respectively.
Ember comments on the transactions: “This giant whale address is a short-term ETH player. It buys around 3,000 ETH per trading round. Then it sells out in a few days.”
The number of major Ethereum investors is increasing compared to last year
Santiment’s data shows that Ethereum whale addresses grew 5.7% last year. According to the data, there are about 380 more sharks and whales on the market now than there were 12 months ago.
Here is a chart showing the trend in Ethereum Supply Distribution for such investors over the past few years:
These investors can be quite influential in the market as they have such large sums in their wallets. As the chart above shows, the Supply Distribution for the 1,000+ ETH range was 6,712 a year ago. Since then, the indicator has experienced an overall uptrend. Its value rose to 7,092 today.
This metric shows that 380 new addresses for sharks and whales appeared on the net last year. Thus, the number of large ETH investors increased by approximately 5.7%. Ethereum has been down for most of the past year as the bear market has firmly gripped ETH. Overall, it’s still down 35%, suggesting that whales prefer bottom prices.
Altcoin whales did not back down despite falling ETH price
Despite the 35% drop last year, Ethereum whales are not giving up on additional purchases. Moreover, this action showed that even in the midst of short-term price fluctuations, this class of investors has a long-term bullish outlook.
However, the Market Value to Realized Value Ratio (MVRV) shows a completely different scenario. At the time of writing, Ethereum’s 365-day MVRV rate was 22.79%. This means that sharks that buy themselves ETH made more profits last year.
cryptocoin.comAs you follow, Ethereum is preparing to close the month of April under $ 2,000. Similarly, BTC price will enter May below $30,000.
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