The 2017 lows continue to haunt Bitcoin as Bitcoin price action moves into the ominous “September” month. While the bears took control in the second week of September, BTC is still trying to consolidate $20,000 as support.
Bitcoin price again accounts for $20,000
Bitcoin is emerging from a sideways weekend with a weekly close at almost exactly $20,000. But this important psychological level already continues to witness the bull and bear fight. Forecasts were bearish this month as historical data showed how bearish September was. So far, there is little evidence that this year will be any different from most.
cryptocoin.comAs you follow, BTC price started September 2022 with a 1.5% drop. While losses are modest, there are many potential catalysts on the horizon. Macroeconomic turmoil remains the name of the game in much of the world. As the energy crisis unfolds and the euro hits two-year lows against the US dollar, the emphasis is increasingly shifting to Europe.
Stocks are also still struggling against a strong dollar. At the same time, it leaves little room for an upside break for cryptocurrencies. However, distrust among investors has only fueled sales. With the BTC price heading towards 2017 lows, whales are meeting their safe-haven search with stablecoins like USDC and USDT. Interestingly, exchange tokens like 1INCH and FTT have become other coins that fill whale wallets.
Whales collect these altcoins as Bitcoin drops
In the current bear market, altcoins have outperformed Bitcoin. This small comparison shows that whales took positions in a number of altcoins during bear periods. Data provided by WhaleStats. On August 5, it showed that the largest of these altcoins is USDC. Meanwhile, Etehreum and USDT rounded out the top 3.
Interestingly, BOND, a cross-chain platform for tokenization risk, is in fourth place. Whales have processed $35,000 in BOND tokens in just the last 24 hours. Meanwhile, popular exchange tokens 1INCH and FTT are coming up next. The general view of the list is as follows.
- USD Coin (USDC)
- Ethereum (ETH)
- Tether (USDT)
- BarnBridge Governance Token (BOND)
- 1INCH Token (1INCH)
- FTX Token (FTT)
- Curve DAO Token (CRV)
- Enjin Coin (ENJ)
- Basic Attention Token (BAT)
Top-bought small-volume altcoins
In part two, let’s take a look at the small-volume altcoin projects populating whale wallets. This list mainly consists of altcoins with a market value of between 5 and 15 million dollars. The wrapped token-heavy list also hosts stablecoins like SPDR.
Finally, when we look at the overall view of the list, we see that whales are doing a lot of trading on wrapped tokens.
- SpiderDAO Token (SPDR)
- Aave interest bearing USDC (aUSDC)
- Aave interest bearing USDT (aUSDT)
- Aave interest bearing STETH (aSTETH)
- ShitCoin (SHIT)
- Voucher Ethereum (vETH)
- Aave interest bearing WETH (aWETH)
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