The cryptocurrency market has been going through tough times for more than two months. Bitcoin and Ethereum are struggling to keep the market alive, but the drop isn’t just about crypto. Tech stocks on the Nasdaq entering the “correction zone” point to macro indicators and several rate hikes are expected in 2022. Price moves aside, in this article, let’s take a look at which altcoin projects whales are buying at bottom prices.
Whales bought 40,000 Bitcoins before the drop
A recent post by Santiment highlighted that perceptions of various macro-capital assets are ubiquitous, as volatility is plentiful. Bitcoin traders are of the opinion that the ‘Buy from the bottom’ opportunity is imminent and the demand for Ethereum is remarkable. Meanwhile, Cardano and Binance Coin (BNB) investors are showing signs of FUD.
Whales diversify their altcoin portfolios
With ETH price stretching below $3,000, ETH whales seem to have emerged from shallow waters by diversifying their portfolios. Notably, data from on-chain analytics provider WhaleStats shows that the second largest cryptocurrency Ethereum whales are accumulating the following altcoin projects.
- Chainlink (LINK)
- Polygon (MATIC)
- FTX Token (FTT)
cryptocoin.com WhaleStats, of which we share the data, shared the following data on the whale transactions of the last days.
- The 1,000 largest ETH whales currently hold $25 million worth of LINK.
- In addition, in the early trading hours of January 20, an ETH whale purchased 99,999 LINK worth $2,178,000.
- Similarly, on January 19, an ETH whale bought 65,430 FTX tokens worth $2,998,664 and another ETH whale bought 1.4 million MATICs worth $2.9 million.
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