Large investors seem to be buying tokens at a discounted price amid current market volatility regarding the short-term price action of cryptocurrencies. The accumulation phase is where prices fall and contrarian investors seize the chance to grab discounts.
Santiment has observed a large Bitcoin accumulation on-chain since February 24, when Bitcoin was at its lowest point of $34,322.
“Whales have executed some massive transactions as Bitcoin prices dropped to $34.7k on Thursday’s war-news. This is the largest volume of $100k+ and $1m+ $BTC transaction since Jan. 24, when prices surged +15%.
WhaleStats data on the top 1000 Ethereum wallets indicates that large investors have been buying tokens like Shiba Inu, MANA, Basic Attention in the past 24 hours. In two large transactions Ethereum whales purchased more than 100 billion Shiba Inu.
First Ethereum whale to be ranked 12 on WhaleStats, acquired 55,802,919158 SHIB, or $1,373,867. The largest Ethereum whale Light also grabbed 49.998,916,299 SHIB, or $1,211.473 worth.
Top whales also bought Decentraland and Basic Attention Tokens (BAT), reported WhaleStats. These whales had purchased 399,999 MANA ($1,088,000) as well as 1,999,900 BAT ($1,384,570).
BTC Tackles $40K
Bitcoin’s climb continued on February 26 after a low of $34,322 on February 24. Bitcoin’s lead cryptocurrency, BTC, rose to $40,000. It is currently tackling a barrier. BTC traded at $39,000. Some late gains are still being made, even though Bitcoin is cooling.
Ethereum (ETH) was the largest altcoin market cap. It traded at close to $2,814 thanks to near 5% 24-hour gains.
Altcoins offered a mixed, but still strong outlook over the weekend. Terra (LUNA), the leader in weekly gains, jumped nearly 55% over the past 24 hours.
Michael Van de Poppe, a crypto analyst, stated earlier that panic has passed for a few days/maybe even weeks. The market reacts in the sense that Gold will correct and risk-on assets such as equities or Bitcoin are rising. Potentially, runs of 20 to 45% on altcoins will occur “.