Why Ethereum Whales Could Be Diversifying to MATIC, LINK

Varuni Trivedi
·2 min read
1

The top crypto assets have had a rough time for more than two months now with Bitcoin and Ethereum struggling to keep euphoria alive in the market.

While Bitcoin has spent close to a week near the lower $42,500 mark, Ethereum has been oscillating close to the $3000 mark for a bit now.

At press time, however, on the back of over 2% BTC gains, the larger market finally seemed to take a sigh of relief. Ethereum, too, was back above the crucial $3100 mark and traded at $3,136.61 noting just around 4% price gains.

In fact, a recent post by analytics site Santiment highlighted that with volatility abound, perceptions of various macro cap assets were all over the place.

Bitcoin traders were of the opinion that a ‘Buy the dip’ opportunity is near, and Ethereum euphoria was pretty noticeable across the market too. Meanwhile, Cardano and Binance Coin(BNB) traders are showing signs of FUD.

Nonetheless, while the larger mood seemed to be turning slightly bullish for the top assets, Ethereum whales presented a curious sentiment

Whales Diversifying

With the ETH price testing the lower $3000 mark ETH whales seemed to exit the shallow waters by diversifying their portfolios. Notably, data from on-chain analytics provider WhaleStats, highlighted that the biggest holders of the second most popular token, Ethereum, have been accumulating altcoins like LINK, MATIC, and FTX token.

In fact, the top 1000 ETH whales were now HODLing $253,192,530 worth of LINK. In addition to that, an ETH whale in the early trading hours of January 20 bought 99,999 LINK worth $2,178,000 at that time.

Similarly on January 19, an ETH whale bought 65,430 FTX token worth $2,998,664 at that time and another ETH whale bought 1,409,169 MATIC worth $2,931,071.

So, What’s Next for Ethereum?

Ethereum’s more or less consolidating trajectory over the last few weeks has been a concern for investors and HODLers. Further, ETH’s short-term (weekly and monthly) and mid-short-term (quarterly) ROIs vs USD were noting negative values at press time as Ethereum was down 32.97% from its all-time high.

Nonetheless, at press time ETH seemed to be gaining momentum noting close to 4% price appreciation in 24-hours. A move above the $3375 mark could confirm recovery for the top altcoin.

This article was originally posted on FX Empire

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