Bitcoinย (BTC) has recently been facing some selling pressure and trading in a tight range betwixt $26,500-$27,500 forย aย time. The volumeย ofย trading and liquidity for Bitcoinย (BTC) have dried up with exchange inflows hitting new lows.
Amid theย present subdued performance of Bitcoin, sharks and whales have started accumulating cryptoย altcoins and cryptoย stablecoins. On-chain data provider Santiment reports:
As sharks & whales remainsย stable on their #Bitcoinย holdings, we are seeing that # cryptoย stablecoins have been accumulated by these large holders, increasing their future implied buying power.ย
The most broadly accumulated cryptoย stablecoins include USD Coin, Binanceย Cryptoย exchange USD, and the DAI Cryptoย Stablecoin. The $100k-$10m whale addresses hold 37 percent USDC, 6 percent BUSD, and 39 percent DAI.
Whales Accumulating Altcoins
On the other hand, some lesser-known cryptoย altcoins have likewise been on the radar of the whales. During theseย 30ย days of May, whales and sharks have accumulated severalย lesser-known cryptoย altcoins such as Porspoer $PRO, Banqi $QI, and Maker $MKR. As per on-chain data provider Santiment, $100k-$1m tier of wallets have accumulated these assets.
Another cryptoย altcoin which has delivered a solid rally in theย pastย few times is Render Cryptoย Token (RNDR). Just over the last fortnight, RNDR has gained 63 percent and has jumped to becoming the 45th largest digitalย currency by marketย capitalization.
On Tuesday, May 23, the RNDR price surged all the way to $2.785 after which it entered into some sort of profit booking. On-chain data provider Santiment informed that investors must stay cautious seeingย as that the whale transactions surged to the third highest inย theย previous 30ย days. Santiment explained:
The key shark & whale RNDR addresses are continuing to boost in terms of their number of addresses. The tan line, representing wallets holding 1m to 10m RNDR, are particularly increasing rapidly. 90 such addresses is the most in the history of the investment. And if whales were profit taking, these numbers of addresses likely wouldnโt be continuing to rise.
