Whales accumulate Ethereum and DeFi tokens worth millions
According to Lookonchain, a platform that tracks on-chain activity, large investors, or "whales," have been actively accumulating Ethereum (CRYPTO:ETH) and various decentralised finance (DeFi) tokens, potentially influencing market trends.
Recent data shows significant withdrawals from exchanges, indicating increased whale interest in these digital assets.
Lookonchain reported that an unknown whale wallet withdrew 299,133 UNI, the native token of the Uniswap DeFi platform, from the Gate crypto exchange over the weekend.
The transaction, valued at approximately $2.39 million, signals notable accumulation.
Uniswap’s market capitalisation currently stands around $4.71 billion, with the token seeing double-digit growth over the last week.
Besides UNI, this whale has been acquiring other DeFi tokens, including Aave (CRYPTO:AAVE) and Maker (CRYPTO:MKR).
Between August 13 and September 12, they withdrew 19,373 AAVE ($2.95 million) and 596 MKR ($805,000) from Binance, illustrating a consistent buying strategy.
The accumulation is not limited to DeFi tokens alone.
Lookonchain highlighted activity from a whale wallet linked to investment firm Longling Capital, which recently purchased 5,000 ETH, equivalent to $12.34 million, over the weekend.
This wallet holds a total of 68,064 ETH, valued at over $168 million.
Such substantial holdings indicate Longling Capital's ongoing confidence in Ethereum’s prospects.
Additionally, a third whale was observed buying 31,173 AAVE tokens, worth $4.8 million, and using them as collateral on the Aave platform.
This individual borrowed 2.7 million GHO and exchanged it for USDC, which was deposited into Coinbase to buy more AAVE, showing strategic use of decentralised finance protocols for leveraging investments.
Aave, trading around $162.43, has gained 6% over the past 24 hours, ranking 44th by market value.
Such whale activity is essential to monitor, as it can significantly impact market liquidity and cause price fluctuations.
At the time of writing, the Ethereum (ETH) price was $2,621.30.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Dogecoin's market cap crosses $63 billion after 51% price surge
Dogecoin gained 51% in the last 24 hours to trade at $0.43, with a market capitalization of $63.5 billion.Analysts say Dogecoin proponent Elon Musk’s involvement in the upcoming Trump administration is adding fuel to the memecoin’s surge.
Bitcoin futures basis yields at multi-month highs may signal potential leverage unwind risk: analysts
Bitcoin futures basis yields have surged to 7-month highs, raising concerns over market leverage, QCP Capital analysts say.However, the analysts noted strong demand for high-strike call options, signaling investors’ anticipation of further breakout potential.
The German government missed out on $1.6 billion by selling its bitcoin early
The German government sold 50,000 bitcoin just four months ago — right before a major rally in the asset’s price.This pales in comparison to the amount of value the U.S. government has missed out on from its 11 bitcoin auctions.
Coinbase launches COIN50 index, tradable as a perpetual future with up to 20x leverage
Coinbase has launched a new index representing the top 50 digital assets listed on its exchange that meet the index’s fundamental criteria for inclusion.The COIN50 index is also available to trade as a perpetual future with up to 20x leverage.
Trending news
MoreCrypto prices
More
