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The current market movement has made everyone slightly skeptical and worried about the future of cryptocurrencies. With the price of Bitcoin unable to cross the $30,000 price region, many are left to wonder if a price surge will be seen for the digital assets soon or not.
However, long-term investors and hodlers seem to remain unbothered by it. The major entities have even continued accumulating digital currencies.
The top 100 Ethereum Whales have been noticeably holding ETH the most. However, second to ETH, the Ethereum Whales are now holding the FTX token the most.
This is somewhat surprising and exciting for people who have been interested in altcoins but have had second thoughts about investing.
Despite the price movement of the FTX token, it is still the second-largest holdings among the Whales. Let’s find out why.
Meanwhile, if you want to step into the crypto space to invest then make sure you opt for the best crypto exchange that suits your needs the most and prioritizes your security.
On the other hand, margin traders can trade Bitcoin and Ethereum with up to 100x leverage on Bybit. Use this link to sign up and earn a free bonus on your initial deposit.
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Why Ethereum Whales are Accumulating FTX Token?
The top 100 Ethereum Whales have had a positive outlook toward digital assets but their investments have distinctively sped up over the last few months.
Considering how much the Whales are holding and the pattern of accumulation, it can be determined that they are now moving away from popular altcoins such as Shiba Inu and shifting their focus towards crypto-assets such as FTX tokens.
The FTX token is currently trading at $29.84 (at the time of writing). Here is a graph by CoinMarketCap that shows the price movement of the altcoin over the last month.
As seen through the graph, the price of the FTX token has been stuck in a downward momentum, much like the other cryptocurrencies in the market. While this may have made some investors doubtful, the Ethereum Whales have not stopped accumulating. This has made the FTX token the second largest holdings for the Whales.
This has not only surpassed the SHIB holdings but the USDC holdings of the Whales as well.
The reason for this new development is the Terra UST crash that sent shockwaves all across the crypto space, including the ETH Whales.
Now, 20.03% of the holdings of Ethereum Whales are comprised of FTX tokens, which puts the dollar value at around $1 billion.
The Whales are also interested in and purchasing Metaverse tokens such as:
- SAND
- BAYC’s APE
Few Helpful Tips for the New Crypto Investors
The price movements seen for cryptocurrencies are not something new. Long-term investors and traders are quite familiar with the price fluctuations and are also aware of the undeniable significance and value that digital currencies hold.
Therefore, if you are new to the crypto space and want to invest in any digital asset then there are a few important aspects you should know about. This includes choosing a suitable exchange, and more.
Here are a few helpful tips for every novice party.
- Choose one of the largest crypto exchanges that offer security and suit your needs the most.
- Monitor the price movement of the digital asset you want to invest in.
- Know the right time to invest.
- Initially invest as much as you can afford to lose.
New crypto investors looking to invest in crypto assets such as BTC or ETH can click on SwissBorg or Kraken (U.S. citizens).
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Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.