In the aftermath of the recent Securities and Exchange Commission (SEC) approval for Bitcoin Spot ETFs, the cryptocurrency market is witnessing significant activity, particularly in the altcoin sector. LookOnChain, a platform specializing in monitoring substantial on-chain crypto transactions, has reported noteworthy movements, especially involving Ethereum (ETH) and Shiba Inu (SHIB) tokens.
Altcoin Whales’ Strategic Moves Unveiled by LookOnChain
LookOnChain’s recent observations unveiled a considerable accumulation of Shiba Inu (SHIB) tokens by a fresh whale wallet. This wallet acquired an impressive 136.86 billion SHIB tokens (equivalent to 1.38 million). Despite Bitcoin (BTC) registering a 9.78% increase and Ethereum (ETH) showing a 16.09% surge in the past month, SHIB experienced a more moderate increase of 4.86%.
Over the last month, four whales collectively amassed 2.39 trillion SHIB tokens, equivalent to $24.15 million, from various exchanges. Notable transactions included 0x03A6 acquiring 136.86 billion SHIB from Binance, 0xF633 accumulating 1.44 trillion SHIB from Binance and Gateio over the past three days, 0xa656 amassing 237.87 billion SHIB from Binance 19 days ago. Moreover, Tron’s Justin Sun gathered 577 billion SHIB from Binance 22 days ago. Detailed transaction histories can be explored on Etherscan.
Simultaneously, the Ethereum market witnessed substantial movements, with major accumulations reported. Notable transactions include 0xAA15 withdrawing 5,762 ETH ($15.06 million) from Binance and purchasing 50,733 ETH ($99.2 million) at $1,955 since September 19, 2023. Additionally, 0x9314 spent 7.29 million USDT to acquire 2,800 ETH, accumulating a total of 82,780 ETH ($150.3 million) at $1,816 since January 1, 2023.
The approval of Bitcoin Spot ETFs has triggered a surge in Ethereum prices. A smart whale recently deposited 3,600 ETH ($9.28 million) into Binance. This particular whale had withdrawn 42,800 ETH ($78.9 million) from Binance between May 8 and Aug 24 at $1,843. Since Nov 9, they have deposited 8,700 ETH ($20.56 million) at $2,364. The whale currently holds 34,100 ETH ($87.8 million), resulting in a total profit of approximately $29 million.
Whales’ Strategic Moves Anticipate Altcoin Rally
As the crypto market anticipates a potential altcoin rally in the wake of the SEC’s approval of Bitcoin Spot ETFs, the strategic movements of these whales provide valuable insights into the evolving dynamics of the market. Investors and enthusiasts are closely monitoring these developments as the altcoin market gears up for potential upward movements.
Source: https://blockchainreporter.net/crypto-whales-shift-into-altcoin-territory-as-bitcoins-post-etf-rally-falls-short-of-expectations/