The leading cryptocurrency, Bitcoin (BTC), has experienced sharp fluctuations in the last 24 hours that left investors breathless. BTC, which reached the long-awaited level of $ 69,000 yesterday, fell to $ 59,000 due to sales pressure. This sudden drop created a “bloodbath” in Bitcoin and altcoins, resulting in the liquidation of 296,029 investors and the liquidation of $ 1 billion in leveraged positions. Meanwhile, Nansen data shows that cryptocurrencies such as ENS coin are also in the focus of whales. Here are the details…
Favorite of whales: stETH, ENS coin and WETH
Despite market fluctuations, whales’ investment choices are remarkable. According to data from on-chain data tracking platform Nansen, whales have taken action in the last 24 hours. In particular, he turned to Ethereum (ETH)-based altcoins instead of Bitcoin.
According to Nansen’s data, stETH, Ethereum Name Service (ENS) and WETH were among the altcoins most purchased by whales. stETH recorded an inflow of $34.8 million in 24 hours. Meanwhile, ENS saw an inflow of $6.3 million and WETH saw an inflow of $3.6 million. Whales have also been observed purchasing significant amounts of LINK. LINK received an inflow of $660 thousand in 24 hours.
What is stETH?
stETH is the representative token of ETH staked by the Lido protocol. This token allows investors to stake their ETH and earn staking rewards. Whales’ interest in stETH may indicate their confidence in ETH’s upcoming Dencun update and their desire to benefit from staking rewards.
Why has interest in ENS and WETH increased?
cryptokoin.com As we reported, Ethereum Name Service (ENS) is a system that allows registering and managing domain names on the Ethereum Blockchain. Interest in ENS has the potential to be linked to the increased use of Ethereum and the popularization of NFTs. WETH is a token of ETH and is widely used in decentralized finance (DeFi) applications. Whales’ interest in WETH shows their confidence in DeFi and their plans to increase their investments in this area.
Market movements over the last 24 hours show that Bitcoin still has high volatility. It also shows that it carries risks for investors. However, whales’ interest in Ethereum-based altcoins attracts attention. Because it shows that there is a strong belief and investment appetite in the future of ETH. Especially stETH, ENS and WETH are among the altcoins that stand out on the whales’ radar.
The cryptocurrency market is a very risky investment environment. Therefore, investors should conduct detailed research and consider their risk profiles before investing. Whales’ investment preferences are monitored. However, investment decisions should not be made blindly based on these preferences. Each investor should make investment decisions based on his own research and risk perception capacity.
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