Ethereum Whale Movements Show Likelihood of Bear Market
An article was released recently indicating that Ethereum whales are accumulating Layer-2 ETH solution Polygon (MATIC), FTX Token (FTT), Chainlink (LINK), Aave (AAVE), and Enjin Coin (ENJ).
According to WhaleStats, at the time of writing the top 10 biggest holding are:
- ETH ($126,761,417)
- FTX ($1,477,052) (14.83%)
- SHIB ($1,386,443) (13.95%)
- USDC ($719,382) (7.26%)
- USDT ($650,609) (6.51%)
- OKB ($463,720) (4.64%)
- BEST ($424,344) (4.24%)
- GALA ($345,364) (3.45%)
- CRO ($339,694) (3.41%)
- LINK ($334,125) (3.34%)
Additionally, the tokens that were purchased the most in the past 24 hours were:
- ETH
- USDC
- USDT
- LINK
- MATIC
- BADGER
- MANA
- DAI
- SAND
- GUSD
The top 10 purchases indicate that stable coins, facilitating protocol tokens- such as Polygon, Chainlink, Badger, and DAI-, and metaverse tokens are the most sought-after tokens of the past 24hours.
The top 2 biggest ETH wallet addresses (Itachi and Naruto) have over 95% of their portfolio in ETH, followed by SYNC and KFC as their respective second biggest holding. The other 3 biggest ETH wallet addresses in the top 5, have the following composition of tokens:
Wallet nr 3: FTT, ETH, USDT
Wallet nr 4 (Light): SHIB, ETH, USDC
Wallet nr 5 (Tsunade): USDOGE, Twitter, USDT
Do these whale purchases and movements indicate that they could be gearing up for a bear market? Possibly. Stable coins are getting quite a big of exposure and metaverse tokens offer players with the ability to generate an income by playing-to-earn. These two trends alone could potentially indicate that whales are loading up on these narratives in order to prepare for a downturn.
However, it could also be that these tokens (obviously excluding the stable coins) are going to lead the rally into a new uptrend.
Either way, it seems like you should also be looking into these coins as they might become / continue to be relevant.
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