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Whales Accumulating These DeFi Tokens Amid Price Crash

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The global cryptocurrency market witnessed another marginal drop of around 1% over the past day. The total crypto market cap has shrunk to stand at $1.19 trillion. The largest tokens haven’t performed well this month. Due to increased uncertainty, the whales have headed towards the Defi token.

ETH whales add $53 mln worth of WBTC

The Whalestats reported that amid the decreasing price the top Ethereum whales are adding DeFi tokens to their tally. As per the data, Wrapped Bitcoin (WBTC) emerged as one of the tokens which the biggest ETH wallets are accumulating. In the past 24 hours, whale wallets have added around $53.19 million worth of WBTC. The token is trading at an average price of $28,805, at the press time.

An ETH wallet named “Bluewhale” has single handedly scooped $47.44 million worth of 1.646 wrapped bitcoins. It looks like the whale is on a buying spree. Bluewhale has also added a whopping $47.38 million worth of the Wrapped Ethereum (wETH). The transaction moved 27,238 wETH into its wallet. Meanwhile, the whale is now holding $53.9 million worth of wETH tokens. Wrapped Ethereum is trading at an average price of $$1,767, at the press time. Earlier, it was reported that another ETH wallet added almost $12 million worth of wETH.

Chainlink flips WBTC as most traded token

However, the Whalestats informed that Chainlink (LINK) has flipped WBTC from the top of the most traded tokens among the biggest 500 ETH whales. LINK is another DeFi token that is down by 50% over the past 30 days.

The Crypto market capitalization has suffered a lot due to certain geopolitical issues and the recent Terra LUNA crash. The Bitcoin (BTC) price is trading around the $28,800 price level. BTC’s market cap has decreased by almost 27% in the month of May to stand at $549 billion. The same has happened with its ETH spinoff WBTC. Its market cap has come down to stand at $7.89 billion. However, the whale’s accumulation suggests a trend of dip buying. Meanwhile, DeFi tokens market valuation has dropped by a massive 26% over the last day. It now stands at $50.51 billion.

Ashish Kumar

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at Ashish@coingape.com

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