This week, crypto whales decided to buy some altcoins despite the lack of performance from last week. However, the clear accumulation shows confidence in the short-term potential of cryptocurrencies.
The reason is that these whales, who can influence the price, are not simply accumulating as they usually do, but are buying in large quantities at current price levels. The top three for the 4th week of July 2024 are Arbitrum (ARB), Ripple (XRP), and Ondo (ONDO).
Crypto Whales Buy Arbitrum Despite YTD Downturn
It may come as a shock to see Arbitrum included in the list of cryptocurrencies being bought by whales. This is probably due to the performance of the native token of the Ethereum Layer 2 scaling solution.
At the time of writing, ARB is trading at $0.73. While this is a fleeting increase over the last 24 hours, it is nothing compared to the 57.82% year-to-date (YTD) decline.
Regardless of the token’s price performance, crypto whales have been buying altcoins at levels we haven’t seen in a long time. According to IntoTheBlock, net flow from large holders has surged by a whopping 870.62% over the past seven days.
Read more: Who will own the most Bitcoin in 2024?
This net flow is the difference between the inflows and outflows of large holders. If the difference is positive, it means that whales are accumulating more than they are distributing. However, if it is negative, it means that these large investors are selling more tokens.
It is still unclear why crypto whales have invested so much money in Arbitrum, but one thing we can point to is the approval of the Ethereum ETF, which market participants believe will lead to a brief surge in the price of blockchain-related tokens.
But the approval hasn’t yet affected the price, and only time will tell if it’s worth buying so many ARBs.
XRP Rise Again to $0.60 as Whales Confidence Increases
Next on the list of altcoins is XRP, which has been gaining favor in the market recently. According to Santiment, the number of addresses holding tokens has increased by 110 million since July 23.
During that period, the supply of this cohort was 37.99%. However, as of this writing, it has increased sharply to 40%, indicating increased whale confidence in the token. Such movements usually help the price to surge.
Read more: How to Buy XRP and Everything You Need to Know
Moreover, the 9.67% gain allowed XRP to recover to $0.60 as previously predicted. If whales continue to buy like they have been doing recently, the token’s value could increase even further in the coming days.
Significant whale activity brightens ONDO bullish forecast
The price of Temperature may have fallen 33.20% from its all-time high, but crypto whales seem to think the current price is offering a discount. The altcoin has seen high levels of institutional interaction and adoption over the past few months.
But data from IntoTheBlock suggests that the interest from big corporations and wealthy individuals may not stop anytime soon.
According to blockchain analytics data provider Netflow, a large ONDO holder, has surged by 1468.89% over the past seven days.
This means that holders who own between 0.1% and 1% of the total circulating supply have added more tokens to their balances. ONDO is trading at $0.98 after a slight price increase over the last 24 hours.
However, if whales maintain this trend, the token price could rise to $1.20, the level on July 1, 2024.
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