Ever wondered what the big guys (whales) are splashing their cash on this period? That’s what I’ll show you in today’s video.
Crypto whales are stuffing their wallets with some coins as they await things to pick up in the market. From Bitcoin to altcoins, we’ll show you what these guys are betting on and how they can shape your investments.
1) Bitcoin
The first on our list is Bitcoin. Recent data from Lookonchain suggest that Bitcoin whales are seizing Bitcoin’s recent dip to add to their holdings. Two separate wallets recently withdrew a total of 2,000 bitcoins worth around $135 million from Binance.
Source: X
Bitcoin whales are accumulating Bitcoin at a pace they did before the 2020 bull run. Now, that’s something to note. Bitcoin whales accumulated a combined 20,600 BTC worth $1.38 billion on June 11. CryptoQuant claims this was the biggest buying spree from Bitcoin whales since February 28th when Bitcoin was pushing toward a new all-high. And Bitcoin ETFs were just getting their feet wet.
Bitcoin supply on crypto exchanges also hits its lowest number since December 2021 according to our friends at Santiment. They claim that wallets holding 10 or more bitcoins recently hit levels not seen in two whole years. Why the renewed interest in Bitcoin? These big-time whales are showing renewed interest in BTC, suggesting they still think Bitcoin is undervalued.
Source: X
They are possibly loading up their bags in anticipation of future gains. If this buying spree keeps up, it could lead to more demand for Bitcoin. And cause prices to go up. But, keep in mind that if these whales all decide to sell, then we’d be in for trouble. It will cause a heavy drop in the price.
2) Ethereum
This month whale accumulation belongs to the heavy hitters. Ethereum whales aren’t sleeping. They are also seizing the moment to stack up their ETH holdings. On-chain data shows that these crypto whales have bought over 700,000 ETH, worth a whopping $2.45 billion!
Source: X
These big players see Ethereum’s recent price drop as a chance to get back in the game. CryptoQuant noted that ETH’s recent buying spree nearly matched last September’s record. The interest in ETH came right after SEC Chairman Gary Gensler hinted at approving spot Ethereum ETFs by summer’s end during a budget hearing.
The market responded with excitement, pushing ETH up by 20% in a single day. The news also boosted the entire crypto market, adding over $200 billion to its total value. Crypto Whales interest isn’t the only thing happening on Ethereum. There’s been a lot going on Ethereum lately. Ethereum-based apps are performing pretty well. These apps are becoming key players within the crypto market, and showcase how important Ethereum is to DeFi.
There’s also been a lot of developer calls, as Ethereum braces up for some major updates. These updates focus on three main areas:
- Electra upgrades for better consensus among validators.
- PeerDAS tweaks to handle more user data.
- SSZ improvements for data encoding.
These updates will improve Ethereum and lead to more adoption.
3) Dogecoin
Whales are also showing interest in the biggest memecoin, Dogecoin. According to Ali Charts, Dogecoin whale activity is on the rise. On June 7th alone, there were over 150 transactions of $DOGE worth more than $1 million each. On May 31st, these whales accumulated around 700 million $DOGE, totaling a hefty $112 million!
Source: X
In recent weeks, Dogecoin whales have been busy moving around over 6.4 billion $DOGE. As a meme coin, Dogecoin’s price can swing based on trader sentiment, especially when these big players get involved. Their buying sprees create bullish vibes, boosting demand and driving up prices as other traders jump on board. So Dogecoin is one crypto to have on your radar.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
