After devouring nearly $900 million in SHIB and MATIC, whale addresses are now eyeing two other altcoins that run on the Ethereum blockchain.
Blockchain tracking service WhaleStats has revealed that the 1,000 largest Ethereum whales have amassed over $671 million in SHIB and $210 million in MATIC.
source: whale statistics
According to WhaleStats, SHIB remains the top altcoin held by investors, excluding ETH and stablecoins USDT and USDC. Next is MATIC.
After MATIC, the 1,000 largest Ethereum whales are accumulating Lido Staked Ether (stETH). stETH is a derivative liquid mortgage token on Lido Finance, which can be exchanged for ETH at 1:1. WhaleStats shows that Ethereum whales hold an average of $174,821 in stETH.
The Chainlink decentralized oracle network follows stETH, with the 1,000 largest Ethereum whales owning an average of $158,393 in LINK.
WhaleStats also Report LINK whale accumulation increases within a day.
“LINK is now the top 10 most purchased token by the 1,000 largest ETH whales in the past 24 hours.”
At the time of writing, LINK is trading at $8.2, up more than 2% over the past day.
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WhaleStats data also shows that Ethereum whales currently hold more than $1.76 billion in stablecoins USDT and USDC, accounting for more than 30% of their encrypted asset portfolio. Heavy allocations to stablecoins mean ethereum whales are cautious after this year’s market rally.
Massive Awakening of Ancient Bitcoin Whales: What Happened?
Bitcoin has been making headlines recently with its impressive price performance, surging to local highs above $25,000. At the same time, with the sudden increase in the number of bitcoin wallets that have been inactive for 5 to 7 years, this development has attracted the attention of the crypto community.
According to blockchain analytics firm Glassnode, more than 1.6 million bitcoins have not been moved to inactive addresses in at least five years. By contrast, sudden spikes in activity in older wallets often lead some to speculate that long-term holders are taking profits as the price of bitcoin continues to rise.
source: glass node
Bitcoin’s recent price performance has been impressive, with its value up more than 40% since the start of the year. However, the market is also not lacking in the volatility of last year’s slump in prices.
Despite these setbacks, Bitcoin has managed to recover and resume its upward trajectory. Additionally, a secular decrease in real estate purse activity could indicate that the market is entering a new phase where long-term holders are accumulating more assets.
It remains to be seen whether reduced activity from traditional Bitcoin wallets will have a significant impact on price performance in the coming weeks and months, however, the nature of the signal is generally considered positive for the asset.
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According to Kyptos