Crypto Market Downtrend Resumes, Here’s What Ethereum Whales Are Buying

June 7, 2022 0 Comments

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The crypto market had been able to pause its downtrend, causing digital assets like Bitcoin and Ethereum to recover once more. However, the recovery will only be short-lived as the price of Ethereum crashed in the middle of Monday. What this had done was set the stage for what will be a bearish week. However, while the market had panicked, Ethereum whales have been quite busy when it comes to their trading activities.

What Ethereum Whales Are Buying

The past day has seen a lot of crypto investors evaluate their positions once more. Mostly, Ethereum whales have continued with their normal activities but there have been some new coins making their way onto the radar of these large investors. These altcoins point to how these whales are picturing the market and what their long-term plans may be.

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Over the last 24 hours, the usual culprits have topped the list of the top ten most purchased tokens. These have been ETH tokens, and a good chunk of stablecoins such as USDT and USDC. Besides these, Ethereum whales have been buying a lot of Enjoin (ENJ) tokens. The average purchase amount sits at $9,487 worth of ENJ tokens, putting it in 4th place on the list of most purchased tokens by these whales.

Metaverse token, SAND, has long been a favorite for Ethereum investors and as such, continues to feature heavily on their purchases. The average purchase amount over the past day has been $6,339 or 5,000 SAND tokens.

These two tokens also feature heavily in the trading activities of the whales. SAND has seen an average of $31,999 worth of tokens being traded while ENJ has come out to $18,598 worth of tokens being traded.

Ethereum price chart from TradingView.com

ETH price declines to $1,700 | Source: ETHUSD on TradingView.com

Top Whale Holdings

The top 5,000 Ethereum whale holdings are an interesting bunch. Data from WhaleStats shows that these whale investors continue to hold on to their favorite token investments. These include a large volume of stablecoins such as USDC and USDT, presumably to provide cover for when the market continues to decline. Others, however, show that these whales are still very much in the betting game.

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FTX Token now makes up 10% of the top 5,000 Ethereum whale wallets presently. The dollar value of their holdings currently sitting at $940,330,107, making it the most widely held token by dollar value, ahead of rival Shiba Inu (SHIB).

This does not mean that the meme coin is completely out of the running though. The whales may have reduced their holdings over the last couple of months but they still hold more than half a billion dollars worth of SHIB. It makes up 7% of their total holdings at $646,219,449. 

The rest of the list includes wrapped BTC and BEST making up 4% and 3% respectively of their entire holdings. LINK, sETH, CHSB, and DAI make up the rest of the list at 2% each.

Featured image from Top Trend Coins, chart from TradingView.com

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