The cryptocurrency market seems to be in a downward trend again. While leading crypto Bitcoin and leading altcoin Ethereum are declining on their daily charts, other cryptocurrencies also remain under pressure. While the uncertainty in the market continues, whales are also active. Whales collect 7 altcoins while selling ETHFI and BLUR Coin.
Two whales accumulate LINK Coin and 6 altcoins. According to Kriptokoin.com, the market is having difficulty finding direction. According to data from on-chain watchdog Lookonchain, aavebank.eth has created a position worth $6.77 million in the Ethereum ecosystem altcoin portfolio. This whale recently withdrew a significant amount of AAVE, UNI, ETH, LINK and ENS from Binance. Another whale, '0x345f', collected PENDLE and LDO. Lookonchain explained this situation as follows:
Whales and institutions accumulate Ethereum ecosystem tokens. Aavebank.eth 3 hours ago received 21,027 AAVE ($1.98 million), 205,493 UNI ($1.62 million), 446 ETH ($1.37 million), 102,313 LINK ($1.28 million) and It attracted 20,797 ENS ($534 thousand).
Whale “0x345f” received 508,001 PENDLE ($1.89 million) and 1.08 million LDO ($1.77 million) from Binance 11 hours ago. However, on the other side, some whales sold. A wallet associated with the Ether.fi team recently deposited 880 thousand ETHFI ($1.87 million) to Binance, Lookonchain reported. This wallet received 10 million ETHFI ($65.2 million) from the Ether.fi team wallet 3 months ago. The famous whale Machi Big Brother sold at a loss; He deposited 18 million BLUR Coins ($3.1 million) to Binance at $0.17 in the last 2 days. This whale purchased 12.44 million BLUR Coins between November 23, 2023 and June 18, 2024, at an average price of $0.51.
On-chain data from Santiment shows that LINK whales have been active in recent weeks. The number of LINK whales holding between 10,000 and 1,000,000 tokens has increased continuously since June 20. At the time of writing, this number of addresses reached 3,474, an increase of 3.3%. This group of LINK holders has accumulated more than 6 million LINK tokens worth more than $75 million at current market prices in the past week alone. These whales hold 21% of the token's total circulating supply.
LINK's market cap to realized value (MVRV) ratio shows that the altcoin is currently trading undervalued, thus presenting a buying opportunity. At the time of writing, LINK's MVRV ratios exhibit negative values when evaluated over various moving averages. Historically, negative MVRV rates have been considered to present a buying opportunity when the asset is trading below its cost basis. Therefore, by buying at lower prices, investors can hope to sell at higher prices.
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