Whales’ ability to acquire and sell massive sums of cryptocurrency has caused price volatility in the crypto market for years. They immediately affect market growth. In an unexpected move, whales have been buying Ethereum, Lido, Uniswap, and Aave, suggesting positive developments. Bitcoin also had whale activity recently.
Wherein, whales bought millions of BTC throughout the bearish and rally period, causing market ripples. The cryptocurrency behavior analytics company Santiment found 156,660 wallets holding 10 to 10,000 BTC. These holders have accumulated $308.6 million in Bitcoin since August 17, accumulating 11,629 BTC in 6 days.
Whales are Betting At?
In a recent example of whale activity, a significant sum of around 5 million USDT was used to purchase Ethereum, Lido, Uniswap, and Aave. As per the latest data, the whale acquired 557 ETH at $1,676, 593,139 LDO at $1.69, 413,727 UNI at $4.83, and 17,203 AAVE at $58. What’s driving this surge is the substantial investment by a single entity that could signal potential bullish movements in the crypto space.
Here’s the Top Asset on the Whale Chart
Ethereum’s whale activity has been at its highest level for the past 16 weeks. The whale’s purchase aligns closely with the current market price of $1,667.44. There has been significant whale activity, with transactions at their highest levels since May 4, 2023. As per on-Chain data Ethereum wallets holding 10-10,000 ETH have grown to over 355,000, with 1,788 added since June.
Whereas Looking at Lido’s purchase price of $1.69 it matches with the current market price, suggesting an agreement between the whale and the market’s valuation.
On the move, Uniswap is trading slightly below the whale’s purchase price at $4.75. This could present an opportunity for retail investors to enter at a slightly better price.
However, The whale acquired 17,203 AAVE tokens at $58. While the current market price of AAVE might differ, the investment signifies positive sentiment toward the token.
Will Crypto Rebound with Whale Activity?
The presence of whale activity often indicates a potential market rally. A strong indicator of bullish trends for these assets. They typically possess extensive market insights, which makes their moves closely watched by retail investors.
Additionally, the current bear market conditions may signal a potential rebound, as higher FUD increases the probability of a bullish rally. Whales’ mixed diversion to leading platforms suggests a big event in the last quarter, potentially attracting more investors and boosting trading volumes, contributing to a bullish market trend.