Curious about where the major crypto whales are investing their money? As the crypto market braces for its next big move, these whales are busy accumulating specific cryptocurrencies. From Bitcoin to altcoins, let’s explore what these heavyweights are stacking up.
Bitcoin Takes the Lead!
Leading the pack is Bitcoin. According to recent data from Lookonchain, Bitcoin whales have been taking advantage of the recent dip in BTC prices to bolster their holdings. Two notable wallets recently withdrew a combined total of 2,000 BTC, valued at approximately $135 million, from Binance.
Bitcoin whales are accumulating at a rate reminiscent of the period before the 2020 bull run. Notably, on June 11, Bitcoin whales accumulated a total of 20,600 BTC worth $1.38 billion. CryptoQuant reports this as the largest buying spree by Bitcoin whales since February 28, when Bitcoin was on its way to a new all-time high. Additionally, Santiment indicates that the Bitcoin supply on crypto exchanges has reached its lowest point since December 2021, with wallets holding 10 or more BTC hitting levels not seen in two years.
Ethereum: The Top Altcoin on Whales’ Radar
Ethereum is also seeing significant accumulation from major players this month. Ethereum whales are actively increasing their ETH holdings. On-chain data reveals that these whales have purchased over 700,000 ETH, worth $2.45 billion!
These whales see Ethereum’s recent price dip as an opportunity to re-enter the market. CryptoQuant noted that this latest buying spree is nearly on par with the record set last September. Interest in ETH surged after SEC Chairman Gary Gensler hinted during a budget session that spot Ethereum ETFs might be approved by the end of summer.
As reported by TheBitJournal.com, this news led to a 20% increase in ETH’s price within a single day. The entire crypto market responded positively, adding over $200 billion in value. Beyond whale interest, Ethereum-based applications are performing exceptionally well, underscoring Ethereum’s vital role in the DeFi ecosystem.
Dogecoin: The Meme Coin Drawing Whale Attention
Dogecoin is also attracting significant interest from whales. Analyst Ali Martinez notes that DOGE whale activity is on the rise. On June 7 alone, there were over 150 DOGE transactions, each valued at more than $1 million. On May 31, these whales accumulated approximately 700 million DOGE, worth $1
In recent weeks, Dogecoin whales have been moving over 6.4 billion DOGE. As a meme coin, Dogecoin’s price can be highly volatile, influenced by trader sentiment, especially when big players enter the market. Their buying sprees create bullish momentum, increasing demand, and driving up prices as other traders join in. Therefore, Dogecoin is a cryptocurrency worth keeping an eye on.
Disclaimer
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
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