Have you ever wondered what big whales invest their money in during this period? Cryptocurrency whales are filling their wallets with some coins while waiting for the market to move. From Bitcoin to altcoins, we take a look at what these whales are betting on.
The leading cryptocurrency Bitcoin ranks first!
First on our list is Bitcoin. Latest data from Lookonchain shows that Bitcoin whales are taking advantage of BTC’s recent decline to add to their own holdings. Two separate wallets recently withdrew a total of 2,000 BTC from Binance, worth approximately $135 million.
Bitcoin whales are accumulating Bitcoin at the same pace they did before the 2020 bull run. Now, this is something to note. Bitcoin whales accumulated a total of 20,600 BTC worth $1.38 billion on June 11. CryptoQuant claims that this is the biggest buying spree from Bitcoin whales since February 28, when Bitcoin was heading for a new high. Meanwhile, Santiment reported that the Bitcoin supply on crypto exchanges has reached its lowest figure since December 2021. Santiment noted that wallets holding 10 or more BTC have recently reached levels not seen in two years.
Leading altcoin Ethereum is also on the radar of whales
This month’s whale accumulation belongs to the heavyweights. Ethereum whales do not sleep. They are also using the time to accumulate ETH assets. On-chain data shows that these crypto whales purchased over 700,000 ETH worth $2.45 billion!
These big players see Ethereum’s recent price drop as a chance to get back in the game. CryptoQuant noted that ETH’s latest buying spree almost matches the record set last September. The interest in ETH comes on the heels of SEC Chairman Gary Gensler hinting at approving spot Ethereum ETFs by the end of the summer during a budget hearing.
cryptokoin.comAs you follow from , the market responded with enthusiasm, increasing ETH by 20% in a single day. The news also boosted the entire crypto market. Additionally, it added over $200 billion to its total value. Interest from Crypto Whales isn’t the only thing happening with Ethereum. A lot has been happening in Ethereum lately. Ethereum-based applications perform quite well. These applications are becoming major players in the crypto market and show how important Ethereum is for DeFi.
In last place is the popular meme coin Dogecoin
Whales are also showing interest in Dogecoin, the biggest meme coin. According to analyst Ali Martinez, DOGE whale activity is on the rise. On June 7 alone, there were more than 150 DOGE transactions worth more than $1 million each. On May 31, these whales accumulated nearly 700 million DOGE, reaching a total of $112 million!
In recent weeks, Dogecoin whales have been busy moving over 6.4 billion DOGE. As a meme coin, Dogecoin’s price can fluctuate depending on trader sentiment, especially when these big players get involved. Buying sprees create bullish vibrations, increasing demand and driving up prices as other traders jump on board. So Dogecoin is a cryptocurrency that should be on the radar.
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