After a huge fall, the cryptocurrency market is looking recovering and the world’s biggest digital asset Bitcoin (BTC) is moving near to its crucial $60,000 level. Amid this potential recovery, a whale withdrew more altcoins from the Kraken, as per the data shared by an on-chain analytic firm lookonchain.
Whales add $4 million of AAVE and UNI
On July 10, 2024, this whale deposited a notable 4 million USDC to Kraken and later withdrew 35,983 Aave (AAVE) worth $3 million and 123,183 UniSwap (UNI) tokens worth $1 million from the exchange. The potential reason behind this massive accumulation is the market recovery and the recent spot Ethereum Exchange Traded Fund (ETF) update by the asset manager Bitwise.
A whale/institution bought $AAVE and $UNI again today.He deposited 4M $USDC to #Kraken, then withdrew 35,983 $AAVE($3M) and 123,183 $UNI($1M) from #Kraken.He currently holds 142,296 $AAVE($12.1M) and 1.43M $UNI($11.6M).https://t.co/I5GL4GXr1L pic.twitter.com/7Qj0h3lP0F
— Lookonchain (@lookonchain) July 10, 2024
Yesterday, asset managers filed the amendment of Form S-1 and today Bitwise chief compliance officer Katherin Dowling made a statement that spot Ethereum ETF is close to the finish line. These updates in the last 2 days gained massive attention from investors and institutions.
Whereas, AAVE and UNI are the top Ethereum-based altcoins and there is a high potential that they will surge significantly as ETF gets the green light. According to Lookonchain, the whale with the recent withdrawal holds a notable 142,296 AAVE worth $12.1 million and 1.43 million UNI tokens worth $11.6 million.
The potential reason behind the accumulation
This continuous accumulation of Ether-based altcoins signals that spot Ether ETF is potentially set to get the green light from the Securities and Exchange Commission (SEC) in the United States.
Following this recent token withdrawal, AAVE experienced a price surge of over 6%, whereas UNI remained unchanged.
As of writing, AAVE is trading near $87 and it experienced over 6% price surge in the last 24 hours. If we look at the performance of AAVE over a longer period, it has lost 3.5% of its value in the last 7 days. Whereas, in the last 30 days, AAVE is down by 5%.
Apart from AAVE, as of writing UNI is trading near $8.01 and it experienced a 0.34% price surge in the last 24 hours. Whereas, the trading volume in the last 24 hours has declined by 24% which signals lower investors’ and traders’ interest in the current market sentiment. If we look at the performance of UNI over a longer period, in the last 7 days it has lost 9% of its value. Whereas, in the last 30 days, UNI has experienced a 17% price fall.
