As market demand for Bitcoin ( BTC) and Ethereum (ETH) slid into a consolidation phase, crypto whale investors have switched focus to the lower-cap altcoin market
Recent capital inflows from the whales came after have propelled these 3 altcoins up the crypto top gainer’s charts this week.
The crypto corporate investors could intensify the buying pressure as the US Inflation Report beat market expectations.
Crypto whales have been allocating capital toward the altcoin market this week. Will these 3 crypto altcoins deliver larger gains in the coming weeks?
FTT Token Corporate Investors Swooped in After Gary Gensler’s Statements
FTT, the native token of the defunct cryptocurrency exchange FTX, soared 90% this week. The price rally was attributed to comments from the U.S. Securities and Exchange Commission (SEC) chairman Gary Gensler, who responded to questions surrounding a possible take over “within the law”.
On-chain data has revealed how crypto whales swooped in to scoop large amounts of the FTT token. The chart below shows that following Genslers’ comments on November 9, the whales carried out a 2023 peak of 95 Large Transactions the following day.
FTT Token Large Transactions | Source: IntoTheBlockThe large transactions metric tracks crypto whales trading activity by summing up the number of daily transactions that exceed $100,000. Typically, a sharp increase in whale demand as observed above, often triggers a bullish price action.
Unsurprisingly, the FTT token price instantly rose to a 2023 peak of $5.33 in as the crypto whales reacted to Gensler’s comments.
Although prices have declined 30% from last week’s peak toward $3.6, the chart above shows that the whales are still actively buying FTT. Hence strategic investors will keep any eye on the asset for further price gains.
Large Investors Swooped in to Prevent Ripple (XRP) Dropping Below $0.65
XRP price entered a 13% freefall after retreating from last week’s peak of $0.72. However, as XRP tumbled to the critical $0.65 support level this week, crypto whales swooped in to buy the dip.
Indicatively, the Santiment chart below shows that the whales (wallets holding 1 million to 100 million XRP) intensified the buying pressure once price hit $0.65 on November 12.
Between November 12 to November 15 the added a staggering 90 million coins to their balances.
Ripple (XRP) Whales Wallet Balance | Source: SantimentThe Whales Wallet Balance metric tracks real-time changes in the number of coins in custody of large institutional investors. The newly-acquired 90 million XRP are worth approximately $60 million, when valued at the current price of $0.66.
Such a large capital inflow from the whales’ buying activity indicates that they are positioning for another price breakout.. If the whales continue to buy, XRP price could reclaim the $0.70 area in the coming days.
Bargain Hunting Whales Keeping Apecoin From Going to Zero
Apecoin (APE), the native token of the Bored Ape Yatch Club (BAYC) ecosystem fell to an all-time low of $1.12 in late October. However, a cluster of millionaire crypto whales swooped in to accumulate APE tokens at the bargain prices.
After nearly a month of buying pressure from the crypto whales, APE coin has rebounded 40%, briefly reclaiming the $1.40 area.
Santiment data reveals investors with balances of 1 million to 10 million Apecoin have increased their holdings by another 10 million tokens between October 26t 10 and November 10.
Apecoin (APE) Whales Wallet Balance | Source – SantimentThe 40% price bounce from all-time low, implies that some strategic retail investors have also been swayed to take bullish positions. If the whale accumulation continues, it could put to bed fears of Apecoin token price going to zero.
In summary, institutional entities and high-networth holders wield significant influence in a cryptocurrency ecosystem. Hence, crypto whales buying FTT token, Ripple (XRP), Litecoin (LTC) and Apecoin (APE) at discounted prices this week could boost other investor’s confidence in these projects’ long-term viability.
This positive perception can also attract new participants and deepen adoption, amid the current bearish headwinds.