Bitcoin Outflows From Coinbase Suggest Institutions Are Buying the Dip
Crypto Whales Are Quietly Accumulating These Six Crypto Assets Amid Bitcoin Breakout
High net worth crypto investors are quietly pouring money into six crypto assets amid Bitcoin’s recent price surge.
All six assets are built on Ethereum, and the amount of each held by the top non-exchange whale addresses have hit one-year highs in the past week, according to the analytics firm Santiment.
“With most eyes on Bitcoin’s market price between this $12,700 and $13,300 range, whales of many respective ETH-based altcoins have added to their non-exchange bags. ETH, LINK, REN, ELF, KNC, and ZRX are among those recently hitting one-year highs.”
Ethereum is trading at $389.81 at time of writing, according to CoinMarketCap. That’s down from a 2020 high of $487.21, which ETH reached in August right as decentralized finance (DeFi) projects were exploding.
Santiment says the second-biggest crypto is currently displaying bullish and bearish metrics simultaneously.
“There is good news and bad news for Ethereum’s quest to again surpass the $420 price barrier.
The good news is that miners aren’t selling, and there is a big increase in new ETH addresses being created, and pre-existing addresses have shown an increase in activity. The bad news is that social sentiment is bordering on euphoric territory, and daily active deposits have jumped in a big way.”
The other five popular altcoins amongst whales have also failed to reach new highs in the past week and have seen varied price action over the past seven days.
LINK is up 7% on the week, REN is down 14%, ELF is down 0.4%, Kyber is down 7.4% and ZRX is down 9.4%.