FTX Token is now the second-largest token holding among the top 100 Ethereum whales, trailing only ETH holdings. These whales have always been bullish on cryptocurrency, but have recently increased their holdings. The accumulation pattern suggests that these whales are moving out of favourites like Shiba Inu and into FTX Token. Given how much these whales can hold, this appears to be the case.
FTX Token accounts for 20% of the total.
With the recent increase in their holdings, FTX Token is now the largest token position for the top Ethereum whales in terms of dollar value. It is important to note that these whales tend to buy in the same patterns, and thus their holdings tend to match. FTX Token, which is on the list, has been competing with meme coin Shiba Inu for the top spot. However, with recent developments, it has surpassed the USDC’s holdings of these whales.
Previously, stablecoins were the largest holdings of these whales after ETH. However, the Terra UST crash sparked widespread scepticism among investors, and it appears that the whales were not spared. FTX Token tokens now account for 20.03 % of ETH whales’ holdings. This amounts to nearly $1 billion(R15.9BN) in monetary terms.
While USDC now accounts for only 17.66% of their total holdings ($843.6 million)(R13BN), Shiba Inu, which previously held the top spot in terms of dollar value, is now trailing FTX Token and USDC. The meme coin now accounts for 11.73 %. Its monetary value is $560.59 million(R8.9BN), nearly 50% less than it was at the beginning of the month.
This suggests that ETH whales are looking for a safe haven during a period of extreme uncertainty. Stablecoins provide this safe haven because their value does not fluctuate and remains constant. As a result, as long as they keep their peg, they provide insurance against losses.
Other tokens purchased by ETH whales include the metaverse token SAND and BAYC’s APE. These tokens are heavily represented in the trading activities of these top ETH wallets, alongside favourites like the FTX Token token, which is currently trading at $30.69(R485) at the time of writing.
What Are Ethereum Whales Buying?
Even though the value of stablecoins appears to have fallen, this does not mean that these whales have abandoned these tokens. This is demonstrated by the USDC stablecoin being the top purchase in the last 24 hours.
In the last 24 hours, whales purchased an average of $161,969(R2.6M) USDC, making it the most purchased token. This puts the stablecoin ahead of ETH, which has been purchased for an average of $130,405(R2.1M) on the last day. BUSD ranks third on the list with an average of $106,937(R1.7M), while USDT ranks fourth with an average of $70,539(R1.1M)