The world’s second largest cryptocurrency Ethereum (ETH) has emerged to be one of the biggest losers out of the top tokens. ETH prices have plunged by more than 15% over the past week. However, this market dump has seen the Crypto whales accumulating DeFi tokens.
ETH whales add over 6K of wETH
According to Whalestats, an ETH whale named “Saruman” is accumulating wrapped Ethereum (wETH). The wallet has single handedly added more than $11.8 million worth of wETH in the last 24 hours. Saruman bought wETH in 6,726 wETH tokens in just 8 transactions. However, the biggest transaction recorded by the whale is of adding $2.43 million worth of wrapped ETH.
As we dig in, data shows that the “Saruman” wallet is now holding over $49.1 million worth of wETH. Another big transaction shows that the same whale also bought 1,100 Wrapped Bitcoin (WBTC). Saruman added around $32.5 million worth of WBTC. Meanwhile, the biggest 100 ETH whales are now holding almost $40 million worth of WBTC. It represents just 0.9% of their total holding.
Whales bought the dip
The Ethereum is trading at an average price of $1,780, at the press time. ETH price has dropped below the crucial $1,800 price level in a very long period of time. However, ETH’s total value locked (TVL) has also dropped by 40% over the past month. Meanwhile, still holds the largest TVL of $67.44 billion. ETH’s total market capitalization has also shrunk to $215.04 billion.
wETH 24 hour trading volume has surged by over 30% to stand at $2.2 billion. These moves suggest that whales are turning towards DeFi trading to maintain their returns amid the price dip. It also implies that the biggest whales have successfully utilised the bought the bid opportunity, Meanwhile, most of the cryptocurrency has registered a major drop this week. The global crypto market has shrunk to stand at $1.2 trillion. It has dropped by more than 50% from its ATH recorded in November.
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