- Wallets that recently entered the whale category are buying ENS, UNI, AAVE, LDO and LINK tokens on Friday.
- Data from on-chain crypto intelligence trackers notes the activity of large wallet investors in Ethereum-based altcoins.
- Crypto analysts say the Ethereum ETF approval is bullish for altcoins.
Wallets that recently turned into large investors, also identified as “fresh whale wallets” by on-chain tracker Lookonchain are accumulating Ethereum-based altcoins. The crypto tracker observed whale wallets created in the past week withdrew several altcoins from the centralized exchange Binance.
Whales are buying these five altcoins
Lookonchain noted fresh whale activity and identified that whale wallets created in the past week have withdrawn Ethereum Name Service (ENS), Uniswap (UNI), AAVE, Lido (LDO), and Chainlink (LINK).
The whale wallets created between 4 days and hours ago have withdrawn 82,040 ENS tokens worth $1.98 million, 214,465 UNI tokens worth $1.97 million, 39,762 AAVE tokens worth $3.97 million, 23,89,987 LDO tokens worth $5.54 million and 65,541 LINK tokens worth $1.13 million.
What altcoins on #Ethereum are fresh whale wallets buying?$LDO $AAVE $UNI $LINK $ENS
— Lookonchain (@lookonchain) May 24, 2024
0x43cA was created 4 days ago and withdrew 82,040 $ENS($1.98M) from #Binance 2 hours ago.https://t.co/A1BIRbZUbq
0xBbDC was created 4 days ago and withdrew 214,465 $UNI($1.97M) from #Binance… pic.twitter.com/KPUkEcWzpz
Crypto analyst Dan Gamberdello commented on the Ethereum ETF approval and noted that the approval is bullish for altcoins. Gamberdello interprets the Securities and Exchange Commission’s approval of the Ether ETF as Ethereum being considered a “commodity.”
Do you realize how bullish the Ethereum ETF is for altcoins?
— Dan Gambardello (@cryptorecruitr) May 24, 2024
SEC has basically just said ETH is a commodity.
This is huge for the SEC vs. Coinbase case.
ADA not a security
AVAX not a security
SOL not a security
Whales are likely approving these altcoins in response to the optimism from Ethereum ETF approval.
Analyst behind the X handle @CryptoYoddha notes that altcoins are getting ready to “show great pumps,” in the coming weeks. Yoddha believes Ethereum looks stronger and Bitcoin is losing its dominance, this setup is likely conducive for altcoin gains.
#Altcoins are getting ready to show us some great pumps in the coming weeks
— Yoddha (@CryptoYoddha) May 24, 2024
ETH looks stronger and BTC is losing the dominance pic.twitter.com/uVoInm6hc6
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin active addresses hit lowest level in five years, BTC ranges below $67,000
Bitcoin (BTC), the largest asset by market capitalization, has noted a decline in its active address count per data from Glassnode. A decline in active addresses is typical at a time during a surge in Bitcoin transaction fees.
SEC vs. Ripple lawsuit update: Regulator responds to letter regarding Terraform Labs judgment
Securities and Exchange Commission (SEC) responded to Ripple’s letter that quotes the reasons for the settlement amount being unreasonable. The payment firm had proposed a fine of $10 million, as opposed to the SEC’s $2 billion.
Gemini Earn creditors could recover their funds in coin as New York Attorney General recovers $50 million
Gemini exchange had terminated its Earn program after Genesis Global Capital did not return over $900 million in assets that it owed to the platform. New York Attorney General Letitia James’ office has recovered a total of $2.05 billion from the platform.
Here’s what you need to know about LayerZero ZRO token airdrop
LayerZero Labs CEO Bryan Pellegrino released details of the upcoming ZRO token airdrop in a recent tweet. ZRO total supply is 1 billion of which 23.8% will be directly allocated to the community and builders. LayerZero announced June 20 as a key date, it remains unclear whether this is the airdrop or entitlement date.
Bitcoin: Has BTC found a local price bottom?
Bitcoin (BTC) price looks set for a mild fall this week, weighed by slight outflows in the US spot ETFs and the US Federal Reserve (Fed) keeping a hawkish interest-rate outlook despite easing inflation. Technical indicators suggest that BTC could face a further 5% correction in the short term before resuming the uptrend.