Large investors appear to be scooping up tokens at a discount amid the present market volatility concerning the short-term price action for cryptocurrencies. It should be noted that in every market cycle comes the accumulation phase, whereby prices flatten and contrarian investors see the opportunity to jump in and scoop up discounts.
On-chain analytics, Santiment notes massive Bitcoin accumulation since Feb. 24 when Bitcoin marked lows at $34,322.
”As Bitcoin prices bottomed out at $34.7k with Thursday’s war news, whales have made some MASSIVE transactions. This has been the largest amount of both $100k+ and $1m+ $BTC transactions since Jan. 24th, when prices jumped +15% the week following”.
Data from WhaleStats tracking the top 1000 ETH wallets indicate that large investors have been loading up tokens such as Shiba Inu (SHIB), MANA, Basic Attention over the last 24 hours. In two large transactions, Ethereum whales have purchased over 100 billion Shiba Inu.
First an Ethereum whale ranked 12 on WhaleStats acquired 55,802,919,158 SHIB or $1,373,867 worth. The largest Ethereum whale “Light” also grabbed 49,998,916,299 SHIB or $1,211,473 worth.
Decentraland (MANA) and Basic Attention Token (BAT) were also grabbed by top whales with purchases of 399,999 MANA ($1,088,000) and 1,999,900 BAT ($1,384,570) reported by whales tracking service, WhaleStats.
Bitcoin continued its climb on Feb. 26 from lows of $34,322 reached on Feb. 24. The lead cryptocurrency rose to $40,300 where it presently tackles a barrier. At the time of publication, BTC was holding above $39k and traded at $39,409. With Bitcoin cooling, some late gains were still playing out, including for XRP, which earlier spiked more than 10%.
Ethereum (ETH), the largest altcoin by market cap, traded near $2,814 on the back of near 5% 24-hour gains, having sought to tackle the $2,900 barrier earlier.
Altcoins provided a mixed but still overall strong outlook during the weekend. Terra (LUNA) led the weekly gainers, up nearly 55% in the last 24 hours.
Crypto analyst, Michael Van de Poppe earlier stated ”Honest view; panic is over for a few days/maybe weeks. Markets reacting in a sense that Gold is going to correct, risk-on assets like equities and Bitcoin are going up. Potentially runs of 20-45% on altcoins to happen”.
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
