Whales Are Hoarding These 3 Cryptocurrencies: Here’s What They’re Accumulating

Major Crypto Whales: Where Are They Investing?

As the crypto market anticipates its next significant move, prominent "whales" are strategically accumulating cryptocurrencies.

Bitcoin Takes the Lead

Bitcoin remains a top choice for whales. Lookonchain reports increased BTC accumulation by these heavyweights despite recent price downturns. Two sizeable wallets acquired 2,000 BTC ($135 million) from Binance.

Whale accumulation mirrors pre-2020 bull run patterns. On June 11th, whales amassed 20,600 BTC ($1.38 billion), the highest surge since February 28th. Notably, Santiment indicates the lowest Bitcoin exchange supply since December 2021, with holdings over 10 BTC reaching unparalleled levels.

Ethereum: Altcoin of Whale Choice

Ethereum is also seeing heavy accumulation, with whales adding over 700,000 ETH ($2.45 billion). CryptoQuant ranks this buying spree close to September's record.

SEC Chairman Gary Gensler's hint at potential spot Ethereum ETFs spurred interest, resulting in a 20% ETH price jump and overall market value growth of $200 billion. Ethereum's promising DeFi applications further enhance its appeal.

Dogecoin: Meme Coin Captivating Whales

Analyst Ali Martinez highlights increased Dogecoin whale activity, with over 150 transactions exceeding $1 million on June 7th. Whales acquired approximately 700 million DOGE ($1 ) on May 31st.

Dogecoin's price volatility is influenced by trader sentiment, particularly when whales enter the market. Their buying sprees can create momentum, driving up prices and attracting additional traders.