The crypto market is trembling; however, whales are least bothered by that fact. If anything, they have begun accumulating three major tokens in their portfolios. These include Bitcoin’s BTC, Ethereum’s ETH, and Chainlink’s LINK. They are heavily betting on the future with a long-term plan and leveraging the current downflow of prices to get tokens at the best price. For reference, these tokens have been down by 5.51%, 7.54%, and 11.16% in the last 24 hours.
BTC had recently hit a high of ~$70,000. It has now retraced to $64,374.22 at the time of writing this article. Players like BlackRock and MicroStrategy are racing to make the most of this opportunity. What’s driving Bitcoin is the constant inflow since the approval of Spot Bitcoin ETF applications. Reportedly, the BTC ETF has captured nearly 4.06% of the current supply, roughly translating to $56.9 billion in valuation. It is likely to climb up to 8.65% in the years to come.
Bitcoin Halving has projected a higher estimate. While a precise number is unavailable, the community speculates that the event will be followed by a historical context of price rises sooner or later. BTC price predictions estimate that BTC could reach a path to surpass the psychological support level of $100k by the time 2024 ends,according to analysts.
Meanwhile, BlackRock and MicroStrategy are determined to accumulate more BTC to their names.
Advertisement
ETH is driven by the anticipation that the US Securities and Exchange Commission (SEC) will approve Ether ETF applications by the middle of 2024. The agency released no confirmed statement, but the community believes that it is only obvious for other crypto ETFs to follow since the Bitcoin ETF has received a green signal.
Down significantly, ETH is listed at $3,344.44 at the time of articulating this piece. It was once closer to surpassing the $4k milestone but has now retraced to ~$3,300. Dencun Upgrade has been identified as another factor that could fuel up the prices of ETH. It aims to bring scalability and efficiency to the performance of Ethereum.
One account has come to light for buying 97,276 ETH tokens using 363.66 million DAI tokens. The whale has been recognized as PulseChain and PulseX.
Chainlink’s LINK is a surprise entry on the list for many analysts. What is believed to be happening is that whales are betting on the future price rise. It is currently exchanging hands at $17.12, with a slip of 11.91% in the last 24 hours. Affecting its price could be a sudden withdrawal of 8 wallets from Binance. A total of 831,160 LINK tokens have been withdrawn, roughly translating to $16.72 million worth in valuation at the time of withdrawal.
Advertisement
The crypto market is downplaying the bullish sentiments. Whales are making the best of it by accumulating BTC, ETH, and LINK to serve their strategies of taking profits home.
