As we move through the first weeks of September, let’s note that this month has been historically unproductive. However, crypto whales use these times as savings opportunities. In this article, we compiled details about XRP and other altcoins that whales are secretly buying.
As prices fall, whales are secretly buying XRP and them
We all know that Bitcoin’s price has been going nowhere lately. But some whales are accumulating wBTC. As you can see here one whale has accumulated over 3100 wBTC. This is worth almost 80 million dollars. If you want to follow this or other whale wallets, you can check out the wallet on DeBank.
A whale is long $WBTC on #Compound and #Aave.
This whale has withdrawn a total of 3,107 $WBTC ($92.2M) from #Binance and #Bitfinex since July 6, the average withdrawal price is $29,672.
And borrowed $36M of stablecoins.https://t.co/qnfhtGn2XJ pic.twitter.com/HOpdpXtuc6
— Lookonchain (@lookonchain) August 30, 2023
If you’re not familiar with DeBank, you should check it out. DeBank is the team behind Metamask-beating Rabbiy Wallet. It also provides on-chain tools. We know that the biggest differences between WBTC are:
- It is not the original BTC, but a wrapped version for EVM chains. We rely on exchanges and custodians like BitGo to make sure there is Bitcoin to cover Wrapped Bitcoin.
- EVM compatible. Unlike normal Bitcoin, we can use it to trade on EVM platforms or earn interest while HODLing.
Why are whales buying wBTC?
So what does it mean if whales are taking wBTC and removing it from exchanges? This means they are comfortable buying at these levels and holding for the longer term. While they wait, they put their money to work in DeFi. This is definitely a positive situation for Bitcoin. But the fact that they are buying more wBTC than regular BTC is a bit different from the norm. So we will watch this.
USDT
Stablecoins are on the agenda again. Most investors have reduced their holdings in the top six stablecoins over the past 18 months. As a result, its market value dropped by 25%. This shows that investors are selling their positions.
But the data shows that something remarkable is happening. Since August 22, 2023, the capitalization of stablecoins has increased by $660 million. In other words, investors bought more stablecoins throughout the crisis. USDT became the most preferred altcoin.
🐳 Whales are being particularly indecisive on #stablecoin accumulation. A tried and true method for predicting where #crypto heads next is analyzing big wallets to see the ratio of stablecoins they hold. A rise in their buying power would signal a bounce. https://t.co/oeRHFW9b9h pic.twitter.com/itvDgsK6a4
— Santiment (@santimentfeed) September 2, 2023
Altcoin investors often use stablecoins as stores of value. On news like the XRP victory, they instantly return to the market. Therefore, during bearish markets whales often accumulate stablecoins. This is because they offer protection for their assets. However, the market is currently unstable as a result of the SEC’s decision to postpone Bitcoin spot ETFs.
As a result, some whales are delaying their stablecoin purchases. This is because they are unsure of the market’s recovery potential. We are talking in the very, very short term. Some people were more cautious and only accumulated small amounts of USDT.
🧐 The market caps of the top 6 #stablecoins in #crypto have collectively declined by 25.9% in the past 18 months. Butfor the first time since the #FTX collapse last November, we see growth. Since Aug. 22nd, the combined market caps have grown by $663.2M. https://t.co/vA5uquc7OU pic.twitter.com/T0Y5UXGMDJ
— Santiment (@santimentfeed) September 3, 2023
The purchasing power of whales often indicates that the market will recover. We see this in the increase in stablecoin assets. Buying a large number of stablecoins is a sign that whales are planning to return to the market at an advantageous time. This may increase prices. While we wait for more clarity and guidance, it’s best to stay on the safe side. Therefore, buy as many stablecoins as your risk appetite can handle.
XRP, the surprise name of the list
A significant number of large-scale transactions have occurred in the XRP market recently. This attracted a lot of attention from the broader crypto community. On September 1, XRP whales processed over one billion XRP.
Whale Alert tweeted that four significant whale transactions were seen in the XRP market. The largest of these transfers involved 424,354,912 XRP worth a total of $214,293,666. The incident took place between two unidentified wallets. Anonymous wallets, in this sense, refer to addresses that are not affiliated with any exchange.
🧑💻 #XRP is seeing major utility spikes to start the month. In addition to today's milestone highs in #onchain transaction volume (4.8B $XRP) and circulation (2.03B $XRP), the development activity for the 5th largest cap asset in #crypto is up big as well. https://t.co/AdWcrUun9n pic.twitter.com/QHQ6U8Q0J5
— Santiment (@santimentfeed) September 1, 2023
Additionally, 19,920,318 XRP worth $10,167,904 were transferred to Binance from an unidentified wallet. Additionally, a whale sent 66,666,659 XRP worth $33,065,809 to Binance from an unidentified wallet. However, Ripple’s transaction attracted the most attention. Ripple is the company behind XRP.
Thus, Ripple transferred 75,000,000 XRP or $37,058,145 from the Binance wallet to an unidentified address. It is known that the crypto payment company will release 1,000,000,000 XRP at the beginning of each month. It then locks around 80% of the new tokens. Therefore, this should not cause alarm. More than ever there is no reason.
Watch out for these coins
WBTC, USDT and XRP were the whales’ favorites this week. cryptokoin.comWe have included the projects that received the most purchases last week in this article.
