Whales Actively Accumulating Cryptocurrencies
The cryptocurrency market has experienced a significant resurgence in recent weeks, with on-chain data revealing that whales have been actively accumulating digital assets. According to Lookonchain data, larger investors have been acquiring lower-cap altcoins rather than established cryptocurrencies like BTC and XRP.
In a recent post, the on-chain monitoring resource revealed that a new wallet spent $15 million to accumulate various assets. While the wallet purchased well-known tokens like MKR, ETH, 1INCH, and UNI, its biggest withdrawal from Binance was for Illuvium (ILV), which is currently positioned outside of the top 100 largest digital assets with a market cap of $333M. However, ILV has seen a 50% increase in value over the past seven days and is expected to be listed on Epic Games later this month. This could explain the whale’s significant purchase of ILV and suggest that they intend to hold the asset for the long term.
The whale also withdrew ENS ($546K) and LQTY ($71K) from Binance, both of which are currently outside of the top 100 cryptocurrencies by market cap.
ETH’s Price Surge
Among the tokens withdrawn by the anonymous whale, ETH stands out as the most well-known. The whale withdrew over $3 million worth of ETH, coinciding with a strong surge in the token’s price due to speculations about BlackRock potentially filing for a spot ethereum ETF. While ETH has lost some traction since then, it still trades above $2,000 and has gained over 11% in value over the past week.
### News source: cryptopotato.com