The current sentiment in the crypto market isn’t particularly favorable. To be honest, it’s not an ideal time, but paradoxically according to Altcoin Buzz, it’s always an opportune moment, especially now, to observe counterintuitive movements. The analyst gave a list of coins whales are buying in this dump.
Coin 1: Bitcoin
Recent data from LookIntoChain shows Bitcoin whales taking advantage of lower prices to increase their holdings. Two wallets recently withdrew 2,000 BTC, worth about $135 million, from Binance. This reflects levels seen before big price increases. On June 11th, Bitcoin whales bought 20,600 BTC, valued at $1.38 billion, the most since February 28th, when Bitcoin was almost setting new price records and Bitcoin ETFs were gaining traction.
Santiment, a blockchain analytics firm, reports fewer Bitcoins available on exchanges, the lowest since December 2021. There are more addresses holding 10 BTC or more than in the past two years. Why are whales interested in Bitcoin now? They may think it’s undervalued and are preparing for higher prices, which could lead to more people wanting Bitcoin and boosting its value.
But he also said that there are risks. If whales start selling instead of buying, it could lead to big price drops, showing their influence in the market.
Coin 2: Ethereum
The analyst pointed out that Ethereum (ETH) is currently seeing a lot of big investors buying in. Ethereum whales have purchased over 700,000 ETH worth more than $2.45 billion. This buying spree was sparked by Ethereum’s recent price drop, seen as a good opportunity to get back into the market. The news about potential Ethereum ETFs also boosted Ethereum’s price by 20% in a day and added over $200 billion to the overall crypto market value, although prices have since fallen.
Besides whale interest, Ethereum’s applications in decentralized finance (DeFi) are doing well, highlighting its importance. Ethereum is also gearing up for major updates to improve its technology and possibly increase adoption.
Coin 3: Dogecoin
Even Dogecoin (DOGE) has caught the attention of large investors lately. Dogecoin whales have been active, making significant transactions that have driven up prices. This increased activity might attract more traders to Dogecoin, suggesting it’s worth watching in the crypto market.
For instance, on June 7th alone, there were over 150 transactions of Dogecoin each exceeding $1 million. Earlier, on May 31st, whales accumulated approximately 700 million Doge, totaling around $112 million. Overall, Dogecoin whales have been active, moving more than 6.4 billion Doge recently.
Also Read: Could Ethereum Restaking Create a New Crypto Bond Market? Here’s What S&P Says!
