Yesterday, Bitcoin and altcoins suffered a deep collapse as Russia began to invade Ukraine. With the WhaleStats data, we can see that the downturn in the market over the past day has pushed investors to stablecoins, which are altcoin projects pegged to the US dollar. cryptocoin.com as, we transfer the coins that whales buy the most…
Whales turn to stablecoins as Bitcoin plummets
Today, the markets are starting to turn green, but the losses experienced over the past day have pushed whales, the biggest cryptocurrency investors, into stablecoins. The past day, the cryptocurrency markets witnessed massive liquidations. In fact, looking at the liquidation data, it can be seen that $675.8 million was liquidated over the past 24 hours. In the midst of Russia’s military operation against Ukraine, the crypto market has lost almost $200 billion in value.
After yesterday’s brief recovery attempts, Bitcoin has once again slumped and dropped to just over $34,000 after the escalation of the conflict between Russia and Ukraine. Most altcoins have suffered even more with significant double-digit losses from the majority. The situation has changed a bit over the past day. Bitcoin posted gains of up to 7 percent and altcoin markets were also up overall. Still, whales seem to have preferred to invest in stablecoins.
Here are the coins most bought by whales
Data from whale watching platform WhaleStats shows that the world’s 1,000 richest Ethereum (ETH) wallets have been loaded into stablecoins amid market sell-offs. According to the platform, during the last day, the dollar-pegged stablecoin USD Coin (USDC) was the first most purchased token among Ethereum whales, with an average purchase amount of $314,423. In second place is Tether (USDT), another stablecoin, with an average purchase amount of $248,018. In third place is Ethereum (ETH), while in fourth place is the BUSD stablecoin of Binance, the largest cryptocurrency exchange by trading volume. The exact order of coins that whales have bought in the last 24 hours is as follows:
- USD Coin (USDC)
- Tether (USDT)
- Ethereum (ETH)
- Binance USD (BUSD)
- Chainlink (LINK)
- Polygon (MATIC)
- Phantom (FTM)
- Shiba Inu (SHIB)
- Dai (DAI)
- Uniswap (UNI)
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