FTX tokens have become the largest token holdings among the top 100 Ethereum whales, after ETH holdings. These whales have always been bullish on cryptocurrencies, but have mainly increased their holdings over the past few months. The pattern of accumulation suggests that these whales have moved from favorites such as the Shiba Inu to FTX tokens. This seems to be the case, considering how much these whales hold.
FTX tokens make up 20%
Due to recent increases in holdings, FTX tokens are now the largest token position in the dollar value of the top Ethereum whales. It is important to note that these whales tend to follow the same buying pattern, so their holdings tend to match. The FTX tokens on the list were wrestling on the spot with the Memecoin Shiba Inu. However, new developments have defeated the USDC holdings of these whales.
Related reading | Ethereum whale Shiba Inu Holdings decreased by almost 50%
Previously, after ETH, Stablecoin was the largest holding of these whales. However, the Terra UST crash has caused a lot of skepticism among investors, and it seems that whales have not been ruled out. FTX Tokens Tokens currently account for 20.03% of ETH whale holdings. This brings the value of the dollar close to $ 1 billion. The USDC is currently $ 843.6 million, accounting for only 17.66% of total holdings.
FTX price resting above $30 | Source: FTXUSD on TradingView.com
The Shiba Inu, which previously held the largest position in dollar value, is located behind the FTX token and USDC. Meme coins currently account for 11.73%. Its dollar value is $ 560.59 million, almost 50% lower than its value at the beginning of the month.
What are Ethereum Whales Buying?
It looks like the value of Stablecoin has dropped, but that doesn’t mean that these whales have given up on these tokens. This is evidenced by the top 10 purchases in the last 24 hours, when USDC Stablecoin topped.
Whales have bought an average of $ 161,969 USDC in the last 24 hours, making them the most purchased tokens of the period. As a result, Stablecoin will take precedence over ETH, which has averaged $ 130,405 in purchases over the past day. BUSD was marked third on the list with an average of $ 106,937, and USDT was fourth with an average of $ 70,539.
Related reading | UST Crash followed by another Stablecoin bow
This shows that ETH whales are likely looking for a safe haven at a very uncertain time. Stablecoin provides this safe haven due to the fact that it does not fluctuate and retains the value of its purchase. Therefore, as long as you keep the pegs, you will be compensated for the loss.
Other tokens purchased by ETH Whales include the Metaverse Token SAND and BAYC’s APE. These tokens, along with favorites such as the FTX token tokens currently trading at $ 30.69 at the time of this writing, will have a significant impact on the trading activity of these top ETH wallets.
Featured image from Arover, chart from TradingView.com
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