Bitcoin and altcoins continue to set 2022 lows, while big whales seem to be buying stablecoins and a few selected altcoins.
Ethereum whales stockpile these altcoin projects as Bitcoin crashes
Given that sales now outpace buying, whale transactions are likely to determine which cryptocurrencies are better, even with minimal impact on pricing. It can help determine when you’re ready for a quick recovery. Some major cryptos seem to be stabilizing after recent losses and are trading slightly above intraday lows. Meanwhile, the overall market capitalization fell to February 2021 levels.
According to Whalestats, Ethereum (ETH) whales have bought the most ETH, USDC and USDT today. Stablecoins are also in high demand due to the volatility that pushes whales to seek safe havens. Additionally, both stablecoins managed to stay stable throughout the market crash. According to the data, the average amount of ETH purchased by whales in a single transaction was $2 million. While ETH has dropped 17% since last week, this buy shows that whales believe the currency will bottom soon. Confidence in Ethereum adoption has been bolstered by the announcement that it will soon switch to PoS.
⟠ Latest Week in Ethereum News!
🐼 @parithosh_j mainnet shadow fork 3 almost perfect
📛 @ensdomains one million names created
🔨 @gakonst Foundry Anvil local testnet nodehttps://t.co/6GRBRdAOqxThanks to @StarbloomVent for making this issue possible 🙏
— Week in Ethereum News (@WeekInEthNews) May 7, 2022
Whales have accumulated in these 6 altcoin projects In addition to
Shiba Inu (SHIB), Chainlink (LINK), and Decentraland (MANA), whales have also purchased several stablecoins. SHIB and MANA both have significant metaverse projects associated with them, which helps attract whales. Since Ethereum smart contracts are a core part of LINK’s business model, the oracle token has a practical application. Meanwhile, Terra’s stablecoin UST has reached the top 10 most-bought stablecoins for the first time since its launch.
Despite occasional whale purchases, overnight data reveal that the market is mostly driven by a negative stance. The average amount of ETH sold in each transaction is $5.5 million, well above the average amount of ETH bought by whales. Even as the crypto market appears to be stabilizing, analysts are having a hard time predicting where the market will go in the near future, as we have covered in the analysis of Kriptokoin.com .
