The current climate in the cryptocurrency market is not very favorable. To be honest, right now is not an ideal time, but paradoxically, according to Altcoin Buzz, this is always a good time to observe counterintuitive movements, especially now. Analysts have compiled a list of coins that whales are buying in this dump.
Coin 1: Bitcoin
Recent data from LookIntoChain shows that Bitcoin whales are taking advantage of the price dip to increase their holdings. Recently, two wallets withdrew 2,000 BTC from Binance, worth around $135 million. This reflects levels prior to significant price increases. With Bitcoin nearing new price records and Bitcoin ETFs gaining momentum, Bitcoin whales purchased 20,600 BTC worth $1.38 billion on June 11, the most since February 28.
Blockchain analytics firm Santiment reported that the amount of bitcoin available on exchanges has fallen to its lowest level since December 2021. There are more addresses holding 10 BTC or more than there have been in the past two years. Why are whales interested in Bitcoin now? They believe Bitcoin is undervalued and may be preparing for a price rise, which could result in more people wanting Bitcoin and making it more valuable.
But there are risks, he said. If whales start selling instead of buying, it could trigger a big drop in prices, demonstrating their influence on the market.
Coin 2: Ethereum
The analyst noted that many large investors are currently investing in Ethereum (ETH). Ethereum whales purchased over 700,000 ETH, worth more than $2.45 billion. The buying spree was sparked by the recent drop in Ethereum prices, which were seen as a good opportunity to re-enter the market. News of a possible Ethereum ETF caused the price of Ethereum to rise 20% in a day, increasing the crypto market’s total value by more than $200 billion, before the price subsequently fell.
In addition to whale interest, Ethereum's application in decentralized finance (DeFi) has also thrived, highlighting its importance. Additionally, Ethereum is preparing for a major update that could improve the technology and broaden its adoption.
Coin 3: Dogecoin
Even Dogecoin (DOGE) has been garnering attention from big investors recently. Dogecoin whales have been very active, making large trades that are pushing the price up. This increased activity could attract more traders to Dogecoin, suggesting the cryptocurrency market is one to watch.
For example, on June 7 alone, there were over 150 Dogecoin transactions worth over $1 million each. Previously, the whale had accumulated around 700 million doge as of May 31, bringing its total holdings to around $112 million. Overall, Dogecoin whales have been very active, recently moving over 6.4 billion Dogecoin.
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