As the weekend kicks off, new on-chain data shows some of the world’s largest Ethereum (ETH) whales are pulling out of volatile cryptocurrency markets. Giant wallets prefer 5 altcoins to protect themselves from fluctuating price movements.
Whales move away from Ethereum (ETH)
According to data provided by WhaleStats, the top 100 Ethereum whales have sold massive amounts of Ethereum (ETH) in the last 24 hours. Selling whales are opting for dollar-pegged stablecoins to avoid the slightly bearish altcoin market at the time of writing. The same whales recently bought $1,963,431 worth of USD Coin (USDC), $283,588 worth Binance USD (BUSD) and $122,135 Tether (USDT) to hedge ETH’s downturn.
Whales’ willingness to sell follows a trend that has emerged in the previous weeks, with a number of large active whales appearing to be concerned about weak volume and the possibility of a decline towards the weekend. A limited number of Ethereum (ETH)-based cryptocurrencies have seen significant increases in value over the past 24 hours, while others have been bearish.
Most purchased altcoin during this period: ApeCoin (APE)
While other altcoin projects were divested by whale wallets, Apecoin (APE) saw a total inflow of $110,145 during this time. YFI (Yearn.Finance) is another cryptocurrency that has seen a significant increase in entries compared to the previous day and received a total entry of $34,280. On the other hand, Bitcoin and Ethereum whales have been making huge gains in recent days, according to on-chain analytics company Santiment. On April 29, BTC and ETH investors were noted by Santiment analysts to be in profit:
Bitcoin’s P/P ratio is growing as a result of the gradual recovery that has occurred over the previous few days. During this time, Ethereum has seen some significant capitulations explaining its small price advantage over Bitcoin.
ETH 2.0 deposit agreement balance exceeds 12 million ETH
Whale sales aside, the momentum around ETH, the largest altcoin, has increased significantly or has been bullish recently thanks to the much anticipated ‘Merge’. According to data from Nansen, the current ETH consensus tier (ETH 2.0) deposit contract balance has exceeded 12 million ETH. This accounts for over 10% of the current ETH circulation.
Beacon Chain is a parallel version of Proof-of-Stake on Ethereum Blockchain. As we covered in the cryptokoin.com news, Ethereum mainnet is scheduled to merge with Beacon Chain in June, as stated by Ethereum Improvement Proposal 4345.