The Crypto market has experienced a significant surge in trading activity this week following the US Fed’s decision to stabilize interest rates. In the wider assembly, on-chain data revealed the accumulation of whales in several important altcoins.
Here are the top altcoins purchased by Crypto Whales in the second week of May:
Ethereum (eth)
The major Altcoin ETH has emerged as one of the assets Crypto whales have paid attention this week. Altcoin recovered $2,000 two days ago following the successful implementation of the Federal Reserve Dovish Stance and Pectra upgrades.
These catalysts help restore bullish momentum, and ETH whales are making use of it. According to IntotheBlock, Coin’s large-scale holder Netflow has skyrocketed 374% over the past seven days.
A large-scale holder refers to a wallet address that controls more than 0.1% of the distribution supply of assets. Those Netflow measures the balance between the coins coming and going to these wallets.
Increased Netflow indicates an increase in whale accumulation. This is a bullish signal that can encourage retail investors to follow suits.
In the case of ETH, the recent surge in large holder Netflow suggests increased confidence among key investors.
apecoin (ape)
The APE is another altcoin that the whales added to their bags this week. At press time, Altcoin traded for $0.61, up 13% over the past seven days.
Whale addresses carrying 10,000-100,000 tokens acquired 640,000 apes during that period.
The group’s APE investors group currently holds the highest level of 3,94 million tokens recorded since November 2022.
Polygon (Pol)
Previously known as the Matic, Pol is another token on the whale radar this week. According to sant, the wallet address that holds 1 million to 10 million tokens in the past seven days has purchased 3.24 million polys.
This cohort of Pol investors currently holds 308.34 million tokens. If whale accumulation continues, Pol can extend the ongoing gathering in the short term.
Disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although Beincrypto is committed to accurate and unbiased reporting, market conditions are subject to change without notice. Always carry out your research and consult with an expert before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
