As Ethereum trades around $2237, fresh crypto whales are accumulating both ETH and using funds to purchase altcoins.
According to on-chain analytics platform SpotOnChain, Ethereum wallet 0x523 just withdrew 2,580 ETH ($5.71M) from Binance at $2,213. This marked the first time that this whale has accumulated Ethereum.
The whale also withdrew 1.045M USDT from Binance. It seems some of these funds have been put to work in the altcoin markets, potentially fueling rallies for smaller market cap assets.
In particular, SpotOnChain reported that whale wallet 0x0c0 recently spent around $2 million to buy 186,133 SAVM tokens at an average price of $11.014 over a 45 minute period. Prior to this purchase, the whale did not hold any SAVM tokens, marking the first major accumulation.
After news spread of the whale SAVM buy, the SAVM price surged nearly 20% higher from $9.917 up to $11.644. With the purchase, wallet 0x0c0 now ranks as the 6th largest individual holder of SAVM when excluding centralized exchanges.
So in summary, newly active crypto whales are not only building Ethereum positions with millions in capital, but also putting funds to work hunting for profits in altcoins like SAVM. The influx of whale money can often kickstart major price run-ups as other investors and traders take notice and pile in.
It will be interesting to see if other altcoins also benefit from fresh whale demand stemming from recent ETH and stablecoin withdrawals from exchanges like Binance. The crypto markets remain incontournably tied to the actions and behaviors of whales, so following their on-chain activity can provide an edge.
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