FTX Token has now become the largest token holder among the top 100 Ethereum whales, second only to their ETH holdings. These whales have always been bullish on cryptocurrency, but have mostly increased their holdings over the past few months. The accumulation pattern suggests that these whales left favorites such as Shiba Inu and moved to FTX Token. This seems to be the case considering the ability of these whales.
The FTX token accounts for 20%
With the recent surge in their holdings, FTX Token is now the largest token position by dollar value for major Ethereum whales. It is important to note that these whales tend to follow the same buying pattern and therefore their holdings tend to match. FTX Token, which was on the list, had fought for the spot with the Shiba Inu meme coin. However, with the new developments, it even beat the USDC holdings of these whales.
Related Reading | Ethereum whale Shiba Inu Holdings decline nearly 50%
Previously, after ETH, stablecoins were the biggest holdings of these whales. But the Terra UST crash had raised a lot of skepticism among investors and it seems the whales weren’t left out. FTX Tokens now account for 20.03% of ETH whale holdings. That puts the dollar value at nearly $1 billion. While USDC is now just 17.66% of their total holdings at $843.6 million.
FTX price resting above $30 | Source: FTXUSD on TradingView.com
Shiba Inu, which previously dominated the largest position by dollar value, now sits behind FTX Token and USDC. The meme coin is now at 11.73%. Its dollar value sits at $560.59 million, nearly 50% less than its value at the start of the month.
What are Ethereum whales buying?
Even though the value position of stablecoins seems to have dropped, that does not mean that these whales have given up on these tokens. This is evidenced by their top 10 buys in the last 24 hours, which is topped by the USDC stablecoin.
Whales bought an average of 161,969 USDC in the last 24 hours, making it the most bought token for the period. This puts the stablecoin ahead of ETH which has seen an average amount of $130,405 bought over the past day. BUSD takes third place on the list with an average of $106,937, while USDT came in fourth place with an average of $70,539.
Related Reading | Another Stablecoin Tipping After UST Crash
This indicates that ETH whales are likely seeking a safe haven during a time of extreme uncertainty. Stablecoins provide this safe haven as they do not fluctuate and hold the value at which they were purchased. Hence a cover against losses, as long as they maintain their peg.
Other tokens that ETH whales buy include the metaverse token SAND and BAYC’s APE. These tokens feature heavily on the trading activity of these top ETH wallets alongside favorites such as the FTX Token which is currently trading at $30.69 at the time of this writing.
Featured image from Arover, chart from TradingView.com
To follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…