Bitcoin (BTC) hit lows of $38,590 on Mar. 4 after the largest cryptocurrency by market capitalization had been steadily declining since Mar. 2, presumably due to fears that the Federal Reserve might tighten monetary conditions quickly in the face of rapidly growing inflation.
Amid the market selloff, Large investors have grabbed the opportunity to add tokens such as ETH, SHIB, ADA, and others to their portfolios. IntoTheBlock analytics reports that Cardano accumulation continues despite the price plunge. It notes that ”The balance held by addresses with 1m-10m ADA has grown exponentially in 2022, from 8.09 billion to 12.19 billion ADA.” On Mar. 1, the balance held by these millionaire whales reached a new all-time high of 12.47 billion.
According to data shared by WhaleStats earlier in the week, an investor has recently acquired a staggering 442.6 billion SHIB, becoming a new Shiba Inu whale. WhaleStats tweeted that a new SHIB whale now holds a total of 442,637,867,858 Shiba Inu tokens worth approximately $11,969,061. This amount was transferred to its wallet in a single transaction.
In another Shiba Inu large transaction, ETH whale “Gimli” acquired 442,637,867,858 SHIB or $11,561,701 worth, the large holder now owns a whopping 2 trillion tokens
As the market selloff intensifies, contrarian investors are taking advantage of the ongoing volatility to amass tokens at a discount.
According to WhaleStats, the largest BNB whale has just bought 60,898 ETH or $163,935,589 worth. These large holders or whales have also grabbed a substantial amount of OMG, Sushiswap, MKR, Woo, The sandbox as the market dipped.
IntotheBlock analytics reports that Bitcoin’s retail accumulation is likely at its peak as the aggregate balance held by addresses with 0.1 to 1 $BTC reached all-time highs of over 780,000 Bitcoin. It notes that the group holding between $4,000 to $40,000 roughly worth of Bitcoin was the fastest grower in February.
Bitcoin trades at $38,992 at press time.
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