On-chain analytics firm Lookonchain shed some light on recent moves from professional traders this morning. According to the report, whales are preparing to buy large amounts of altcoins from exchanges.
Smart money started sending stablecoins to exchanges, possibly to raise altcoins
According to Lookonchain’s report, a smart money wallet deposited more than 12 million USDT on Binance after altcoin prices fell. This behavior may indicate that they are preparing to accumulate some altcoins at the current market bottom. Back in March, the same address had withdrawn 4 million USDC and more than 10,000 Ethereum (ETH) from FTX before FTX decided to suspend withdrawals.
In addition, earlier this year, USDT made a profit of about $200,000 while USDC lost price stability. The giant investor’s recent deposit in Binance is supported by the recent announcement that Robinhood will delist Cardano (ADA), Polygon (MATIC), and Solana (SOL).
Is Ethereum in the ideal region to buy?
While transferring funds to exchanges in preparation for smart money purchases, smaller investors look for new opportunities in the market. The week’s SEC lawsuits have plunged Ethereum into obscurity as well as SOL and MATIC.
Analysts at the consulting firm Motley Fool suggest that at this point, Ethereum could benefit existing investors. Analysts back up the confidence in the leading altcoin with several metrics.
Factors that build trust in Ethereum
Ethereum continues to hold its leading blockchain position when it comes to dApps. According to a report by Electric Capital, a venture investment firm, recently half of all DeFi developers were working on Ethereum alone.
Also, the Ethereum network has the largest community of active developers compared to any other crypto projects. It records almost three times as much developer activity as the second-closest Polkadot. This means that there are many computer scientists working to continuously improve Ethereum. As a result, it provides extra assurance that Ethereum will continue to lead.
Also, the latest upgrade, known as Merge, migrated Ethereum to a PoS consensus model. This step makes Ethereum much more energy efficient than before. In the next few years, many more upgrades are planned for Ethereum, which should keep its network at the cutting edge.
Vitalik Buterin proposes 3 key innovations for the leading altcoin
ETH price lost the critical support level at $1,800 after the week’s SEC lawsuits. Founder Vitalik Buterin proposes three important transition keys that will indirectly affect the evolution of ETH. cryptocoin.com As we reported, these innovations focused on improving the uses of ETH. Buterin specifically mentions that if his recommendations are not implemented, Ethereum may lose momentum in the long run.
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