According to data from Coinglass, this week was one of the times when Bitcoin whales were on the move again. However, addresses holding between 100-10,000 BTC in the last 30 days have increased by 103. Now as the weekend progresses, we see Ethereum whales accumulating in altcoin projects like Audius and Synthetix.
Audius and Synthetix hit whales this weekend
Data provided by WhaleStats shows Ethereum whales buying DAI, USDC and SNX this weekend. Interestingly, Audius, which lived on the Solana base, has become a favorite of whales today. Whales topped the AUDIO token with a transaction of around $1,400. However, Ethereum (ETH), the market’s largest altcoin, completes the list at 5th place. SPDR and BOBA are altcoin projects that managed to be included in the list with small transactions.
Here is the list of altcoin projects that whales are buying the most today:
- DAI (DAI)
- USD Coin (USDC)
- Synthetix (SNX)
- Audius (AUDIO)
- Ethereum (ETH)
- SpiderDAO Token (SPDR)
- Boba Token (BOBA)
Most traded small-volume altcoins
In the second part, let’s look at the small-volume altcoin projects that whales trade the most. These cryptocurrencies have a market capitalization of between $5 and $15 million. MATH, a cryptocurrency wallet, is at the top of the list. In second place is Wrapped Bitcoin (WBTC), a token wrapped in the Ethereum network. SpiderDAO is a hardware-enabled DAO that combines multiple layers of hardware and software tools on top of Polkadot. The network’s native cryptocurrency SPDR currently finishes at #3 on the list.
When we look at the general view of the list, the following table emerges.
- MATH Token (MATH)
- Wrapped Bitcoin (WBTC)
- SpiderDAO Token (SPDR)
- Aave interest bearing USDT (aUST)
- Aave interest bearing STETH (aSTETH)
- Aave interest bearing WETH (aWETH)
- Voucher Ethereum (vETH)
With the Ethereum merge at the door, what awaits the altcoin market?
Currently, ETH is struggling with strong downsides in the market. According to Coin Market Cap, ETH was put up for sale at $1,564 after a recent sale. However, despite slight losses since Sept. 2, it showed resistance, gaining 4.27% last week. Also, the community hopes that a successful merge can eventually raise the price trajectory for Ethereum. We’ll see what the merge brings to the table as we continue to sway below the bear market.
cryptocoin.comAs you follow, Binance also claimed that it will pause ETH and ERC-20 deposits and withdrawals during the upgrade.
Merge, everything goes well, will be implemented on September 15th. But that’s not a guarantee, and considering how long it took for the merger to get to this point, it wouldn’t be a big surprise if the Ethereum team delays it even further.
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