Crypto whales are able to trade large enough to affect the overall direction of the market. These trading activities of crypto whales can lead to sudden changes in market prices. In addition, the trading movements of crypto whales can provide clues about what a trend may be in the market. Therefore, monitoring the activity of crypto whales aids efforts to understand market volatility.
We, as KoinFinans, frequently inform you about whale purchases and sales. Among other purchases, three altcoin whales were prominent in their purchases this week.
Optimism (OP)
OP is the native token of smart contract network Optimism. Data shows whale investors are accumulating OPs this week. As the chart below shows, whales holding between 100,000 and 1 million OP coins have increased their holdings considerably. Between July 14 and July 15, they purchased 13.9 million OP tokens. This investment is currently worth approximately $21 million.
Arbitrum (ARB)
Recently, the Arbitrum network has come to the fore with hack attacks, but it seems that investors were not affected by this situation. Santiment’s on-chain data shows crypto whales are starting to get ARBs again.
As seen below, between July 13 and July 19, whales holding between 1 and 10 million coins bought 31 million ARBs.
Synthetix (SNX)
After a slow start to July, Synthetix (SNX) hit a double-digit winning streak this week. However, the data shows that crypto whales buying SNX play a crucial role in driving the ongoing rally.
As an indicator, between July 15 and July 19, crypto whales holding 100,000 to 1 million SXN bought another 1.8 million tokens.
In summary, Optimism (OP), Arbitrum (ARB), and Synthetix (SNX) stood out alongside other crypto assets whales bought this week. These altcoins could reach new highs in the coming weeks if other strategic retail investors follow the whales’ latest trades.
You can follow the current price action here.