The Bitcoin and altcoin market continues to fluctuate lately with active trading moves by whales (large investors). While sudden increases are observed in the projects that attract the attention of whales, there are decreases in the projects where they sell. This also shows how important whales are, having the power to direct the market.
Ethereum (ETH): Does the whales’ favorite present a historic buying opportunity?
A cryptocurrency whale has been quite consistent in purchasing Ethereum (ETH) lately. This whale, who thinks that ETH offers a historical buying opportunity, regardless of war threats and other negative news, continues to accumulate large amounts of ETH. According to information provided by data provider Spot On-Chain, the whale purchased 10,119 ETH worth $ 31.83 million from Binance 9 hours ago.
Whale has accumulated 127,387 ETH worth a total of $407 million in the last 2 weeks. This shows that the whale plans to continue these purchases. If whales continue to support the leading altcoin, ETH, it may enable the altcoin market to recover, led by Ethereum. This may create a significant opportunity for investors who want to invest in ETH.
Artificial intelligence altcoin project AI: New target attracting whales’ attention
Another project that attracts the attention of whales in the cryptocurrency market is the artificial intelligence altcoin AI. According to analysis by Spot On-Chain, a whale purchased 5.63 million AIs worth $5.17 million from Binance in the last 30 hours. Specifically, the 0x78d wallet received 11.25 million AIs from this project’s wallet in March and April 2024 and currently holds 16.87 million AIs worth a total of $15.9 million. AI, which has recently experienced a sharp decline due to the Israel-Iran conflict, dropped from 2.4 dollars to 0.73 dollars. At the time of writing our AI news, it is trading at $1.02.
MKR whale pulls back profits
According to Ember’s tracking, an hour ago a whale sold 1,575 MKR for 4.85 million USDT and transferred it to Binance at a price of $3,083. It is estimated that Whale purchased these MKRs in March at an average price of $2,871, making a profit of $330,000.
The influence of whales in the cryptocurrency market is increasing day by day. While there are sudden increases in the projects that attract the attention of whales, there are decreases in the projects in which they sell. This shows how important whales are and that investors should follow whale movements. However, it should not be forgotten that whales do not always make the right decisions. Therefore, it is very important for investors to do their own research and manage their risks.
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