As we see the momentum in the cryptocurrency market turn bullish, whales have been buying Arbitrum, XRP, and Ondo. The buying volume is significant and if sustained, could put these cryptocurrencies ahead in the expected altcoin season.
Whales choose Arbitrum despite the downturn
It is surprising to see Arbitrum in the list of whales’ favorite coins. This could be the influence of the Ethereum ETF, Arbitrum is Ethereum’s layer 2 blockchain.
As of writing, ARB is priced at $0.7204 with a 24-hour gain of 3.18%. However, this was short-lived as ARB’s performance is down nearly 58% year to date.
The collective prediction for the ARB coin is not indicative of a good run, but whales have shown great interest in this altcoin, with data from IntoTheBlock showing an 870% increase in net flows from large holders over the past seven days.
The metric shows a range indicating the difference between inflows and outflows from large holders. Results in the positive range indicate that inflows are higher than outflows. This also means that investors did not sell assets and accumulation increased.
