This week, a massive Bitcoin whale that has been dormant since 2013 has become active again. On the altcoin side, deep-pocketed investors dispersed across different networks are chasing innovative DeFi coins like AVAX and FTM.
Here are the altcoins the biggest whales have bought over time
BNB Chain, an ecosystem powered by Binance, is facing extreme fear following the week’s SEC lawsuit. According to the data, the index of fear and greed on BNB Chain has reached levels of 5. This was a sign of extreme fear among investors.
Overall, BNB Chain remains the network of choice for major investors. Whales have recently accumulated a large amount of Wrapped ETH (WETH) on the BNB Chain, possibly for DeFi transactions. On the other hand, the global impact of the SEC news is causing a massive outflow of funds from BNB Chain. Volume data shows that at $405k, exits remain significantly larger than purchases.
Ethereum (ETH)
As for Ethereum, the Ethereum network is currently experiencing fear and greed at 33 levels. As always, the most traded token on the ETH network at times was again the Shiba Inu (UNI). Uniswap (UNI) is another altcoin that whales are buying. In the overall picture, the Ethereum network saw $184 million in purchases, while outflows stood at $214 million.
Polygon (MATIC)
Polygon, another network that has experienced SEC-induced sales, is plagued by fear and uncertainty. The fear and greed index at 25 indicates that investors are hesitant towards Polygon. Meanwhile, cryptocurrencies continue to buy Polygon-based altcoin Polylastic (POLX). Volume data shows that USDT is the most traded coin after POLX.
Phantom (FTM)
On the innovative DeFi platforms, Phantom is in fear and uncertainty at the 27 level. Whales traded the most on BTC and USDC on the Fantom network throughout the week. Loss of funds caused by fear reached $30,000. On the other hand, entries were limited to just $8,000.
Avalanche (AVAX)
AVAX, one of the curious names of the list, faces an extreme fear at level 5. Still, the whales didn’t stop buying new AVAX projects during the week. The data shows that Step App (FITFI) and USDT carry the largest trading volume.
Meanwhile, AVAX is one of the cryptocurrencies that is exempt from Binance and Coinbase lawsuits. The SEC did not exclude AVAX among the coins it considered securities under stock market lawsuits. cryptocoin.comAs you follow, Binance.US has reduced the number of trading pairs it originally planned to delist from 250 to 10.
Despite everything, AVAX continues to lose funds in the network. During the day, 264 thousand dollars of sales were made on the AVAX network. The positive news is that purchases are at $427k, which is about twice that.
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