⚠️ Crypto Whales Bought These Altcoins in the Third Week of August 2024

The broader cryptocurrency market has shown a solid recovery this week, reflected by a 4% increase in capitalization.

This rebound has led crypto whales to accumulate various altcoins, signaling their intent to capitalize on potential gains as market conditions improve.

🔸 Polygon (#MATIC )

MATIC has captured significant whale attention this week as token holders gear up for the upcoming migration from MATIC to POL, set for September 4. This anticipation has driven a 33% surge in MATIC’s value, making it the best-performing asset among the top 100 cryptocurrencies this week.

The double-digit rally has attracted large investors, with the number of whale addresses holding between 1,000,000 and 100,000,000 MATIC tokens climbing to a one-month high of 316.

🔸 Litecoin (#LTC )

During the week in review, Litecoin (LTC) experienced a notable increase in whale accumulation. Data from IntoTheBlock reveals that the coin’s large holders’ netflow surged by 141% over the past seven days.

Large holders are defined as addresses holding over 0.1% of an asset’s circulating supply. The large holders’ netflow tracks the buying and selling activities of these wallets.

When this metric rises, it signals that whales are accumulating more coins, which is a bullish indicator that often drives retail investors to follow suit. A positive spike in large holders’ netflow suggests growing optimism among major investors, indicating the potential for an upcoming rally.

🔸 Ethereum (#ETH )

Despite the strong resistance at the $2,700 price level, Ethereum (ETH) whales continue to increase their holdings.

As of now, ETH trades at $2,674, with its price moving within a tight range since August 9, encountering resistance at $2,715 and finding support at $2,538.

These sideways movements haven’t deterred ETH whales from accumulating more.