Everyone’s talking about Bitcoin’s recovery. However, few realize it’s just the surface of a much deeper shift. Something big is happening beneath the surface. While everyone’s distracted by the charts, crypto whales are making their move. Crypto whales are silently scoping up specific altcoins at a pace we haven’t seen in months. 

These wallets have a history. They predicted the last major breakout before anyone else saw it coming. So, what do they know now… that we, the retail investors, don’t? So today, I’m going to show you the on-chain signals that suggest altseason might have just rebooted. And which altcoins that crypto whales are buying can lead the next explosive run.

Bitcoin ($BTC)

What would today’s list of altcoins be without the OG itself? Yeah, that’s right, Bitcoin. Not really an altcoin, but nonetheless, whales are going crazy over $BTC.  It’s showing bullish signs again, after the October 10th crash. Today, at the time of recording, it went up $3.3k in only 6 hours. That’s 4.2% up on the day. It went from $108k to $111.3k.

You would think that after October 10th, leverage trading cooled off. Well, think again. Currently, there are $20 billion shorts waiting to get liquidated. That happens if $BTC hits $125k to $130k again. On the other hand, if $BTC goes to around $94k, there’s only $100M of longs in the liquidation carousel. So, which way do you think $BTC will go in the short term?

Another impressive chart is crypto whales, who started buying $BTC after October 10th. They saw opportunity where the rest of the market panicked. Crypto whales started to accumulate $BTC since mid-September. 

A wallet, known as Trump insider, changed his short position to a $230 million long position. Apparently, this wallet has a 100%-win rate. Joao Wedson, a Bitcoin OG, predicts a Bitcoin top between $143.7K and $146.3K. Bitcoin whales will have to step their game.

Ethereum ($ETH)

Ethereum ($ETH) is the first altcoin on today’s list of altcoins. Second in market cap of all altcoins, only Bitcoin is bigger. The $ETH price dropped to $3,700 on October 17th. However, it also claimed the $4 price tag again today.

Today, the $ETH price is $4,048, that’s 4.1% up on the day. Now, a big influence is most likely Bitmine. That’s Tommy Lee’s company. He, or rather Bitmine, is buying $ETH as if there’s no tomorrow. Bitmine is already the biggest $ETH holder. Now, last week, Bitmine closed another $1.5 billion $ETH deal. 

So, Bitmine already held over 3 million $ETH before the recent shopping spree started. Institutions also seem to like Ethereum. It shows confidence in Ethereum. As you can see in a whale buying for $10 million, around 2.511 $ETH today. See the picture below. He bought those $ETH at an average price of $3,982. This same whale also bought 4,085 $ETH on September 26th. This was at an average price of $3928.66. So, we’re looking at another $16 million purchase. 

Source: Cow Explorer

The consensus for the Ethereum price at the end of the year is positive. Prediction ranges between $5,000 and $10,000. What price do you expect for $ETH by the end of the year? Let me know in the comments.

Cardano ($ADA)

With Cardano ($ADA) I’m covering one of our most discussed altcoins. For whale activity, there’s good and some bad news. So, let’s start with the good news. 

Two different whale cohorts bought combined a quarter billion $ADA. Ok, that’s 250 million $ADA. One cohort that holds over a billion $ADA bought an additional 90 million $ADA. The cohort that holds between 100 million to 1 billion $ADA got an extra 160 million $ADA. That’s a good $150 million.

Crypto whales Cardano

Source: Mitrade

However, here’s the bad news. According to Ali Martinez on X, between 8th and 14th October, other whales sold around 350 million $ADA. This led to a 15% price crash. It dropped from 81 cents to 61 cents. The current $ADA price is 67 cents, which is 7.4% up on the day. 

There’s also the Cardano’s Chaikin Money Flow (CMF) indicator. This is a technical analysis tool. Marc Chaikin created it.  It uses volume to measure buying and selling pressure over a specific period. This is typically 21 days. Well, this indicator saw a sharp rise. This indicates that retail is also buying $ADA. Ali Martinez sees the $ADA price go to $1.88, providing it breaks the 90 cents resistance.

Crypto Whales Cardano CMF

Source: CoinCentral

Chainlink ($LINK)

Chainlink ($LINK) is another one of the altcoins that received a hard blow. On October 10th, it dipped from $22.59 to $16.65. That’s a 26% dip. And it got worse, on October 17th, the $LINK price dropped to $15.87. However, today, the price is back up to $18.82 or 13.2% up on the day. 

Ali Martinez sees a rally to $50. He quotes a buy zone around $14. Well, currently, $LINK is moving away from that buy zone. The first stop now could be back at $20.

Lookonchain on X shows that 30 new wallets have withdrawn 6,256,893 $LINK since the crash. That’s worth around $116.7 million. And this is only from Binance. This also suggests accumulation.  Chainlink is a strong token. The whole crypto sector is using either its oracles or other infrastructure features. Nonetheless, it may have less appeal to the average trader, since it’s all at B2B level. 

So, how do you interpret this whale accumulation? Does it give you confidence that the market is recovering again? Let me know where do you think that market is going, up or down? Do join our X and Discord channels and take part in the discussions there.

Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.

We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.

Copyright Altcoin Buzz Pte Ltd.

The post What Have Crypto Whales Been Buying In the Last 48 Hours? appeared first on Altcoin Buzz.

banner

Newsletter

Leave a Comment