In the crypto space, there are several names that refer to large players with massive wealth and capital at their command, that they can use to change the tides in trends and make major waves across financial markets. The community refers to these large players as “smart money,” “market makers,” or most commonly, “whales.”
Whales often buy up massive bags of assets long before the retail crowd begins to notice the price of these assets rising. Then out of nowhere when demand begins to pick up, whales have sucked up so much of the supply, prices then skyrocket. It is at that time do whales make their splash, and dump their enormous bags on all of the little fish still in a FOMO-driven feeding frenzy.
The lesson here is that knowing in advance what whales are buying can potentially lead to the most possible profits. In addition, it is critical to have the tools necessary at your disposal and exposure to the assets whales are accumulating en masse. The latest PrimeXBT research provides an inside look at what assets whales are holding – vital and valuable information that investors and traders can use to get into position for the bull trend ahead.
Big Players Are Buying The Dip In Bitcoin
Many retail investors and traders are convinced that Bitcoin and other cryptocurrencies are in a bear market. But there is one major difference between the typical crypto bear market and the environment we are seeing now: whales are buying, not selling their coins.
Looking at Bitcoin alone, the amount of BTC on exchanges continues to plummet. Whale wallets containing 1,000 BTC or more (valued at more than $41 million at current Bitcoin prices) have absolutely exploded while Bitcoin was grinding along recent lows. This suggests that whales have no problem accumulating BTC at these prices.
Much like how there are several different species of whales in the ocean, whales at these sizes could range from Wall Street hedge funds to early crypto evangelists who still hold tons of BTC. Even corporations like MicroStrategy and Square Inc. fall under this category of whale wallets. As Bitcoin matures, even countries might begin entering the whale-filled waters of the crypto market.
Eating Up The Remaining Ethereum Supply
As the second largest cryptocurrency by market cap, the next asset whales are accumulating behind Bitcoin is Ethereum. Addresses holding more than 32 ETH – the necessary amount to activate a validator – have also surged similar to the trend of whales with large wallets accumulating BTC.
Because Bitcoin tends to have the widest acceptance and first mover advantage, whales keep the bulk of their capital in cryptocurrencies like BTC. But there is no denying that Ethereum has outpaced Bitcoin over the last several years, making Ethereum a must-hold for the majority of whales.
Ethereum in the last year processed more transactional value than VISA, proving that the blockchain is among the most promising in the industry. Even though there is an abundance of Ethereum killers on the market, and ETH gas fees are high, it remains the most active community for decentralized application development, NFTs, and more.
The Altcoins Whales Are Accumulating
Ethereum is also the platform where many other high-value tokens are built. Because of the transparency that blockchain data provides, on-chain analysis can tell us exactly what assets whales are holding, even how much value their holdings might be worth.
Using WhaleStats and looking at the top 100 ETH whales, it is clear to see which assets they are holding. The most commonly held token amongst all Ethereum whales, is Shiba Inu (SHIB). FTX token is in second,, with the ERC-20 version of Tether (USDT) and USD Coin (USDC) following right behind them. Wrapped BTC is also high on the list.
Other top coins held by whales according to the on-chain analysis, show massive whale holdings of Decentraland (MANA), Chainlink (LINK), The Sandbox (SAND), Axie Infinity (AXS), and many others. Whales appear to have a large appetite for ERC-20 tokens with a lot of promise and popularity within the crypto community. Each coin also represents an important trending sector of the space, such as Metaverse, GameFi, DeFi, and meme coins.
Conclusion: Think Like A Whale, Try PrimeXBT
For whales and even smaller fish hoping to become the whales of the future, there is PrimeXBT. The award-winning margin trading platform is where both pros and novices go to get the best possible tools and access the whale-worthy list of assets mentioned above. PrimeXBT recently added more than 20 new altcoins to the already expansive list. Cryptocurrencies join a wide range of traditional assets such as gold, oil, forex, and stock indices, all of which can be traded on the go with a free mobile app for Android and iOS.
Long and short positions give whales and other traders the most control over their portfolios and capital, carefully considering risk and all potential profit opportunities. A combination of the PrimeXBT Trading Academy educational website, built-in technical analysis tools, and a risk-free Contests section to practice strategies, anyone can learn the skills necessary to grow their capital to whale sizes.
The Covesting copy trading module is in essence like an aquarium for whales. Unskilled investors or those needing a break from market volatility can use the Covesting leaderboards to carefully observe which strategy managers (our whales in this scenario) make the biggest waves of profit. With a whale chosen, followers can copy their trades and make money from their massive size and ability to move the market.
The next time you want to make a big splash in financial markets, think like a whale and get the most of your trading experience with PrimeXBT.