Trade Activity Shows Ethereum Whales Are Seeking Refuge In Stablecoins


For a while, Ethereum whales have been moving their coins. This was a direct result of a bear market that caused investors to lose a large amount of their investment portfolios. So far, the cryptocurrency market continues to be devastated by price drops. As a result, investors have been seeking refuge in low-volatility tokens, and Ethereum whales have not been left out on this journey to safety.

Stablecoins earn service

Over the past 24 hours, commercial activities One of the best Ethereum whales has shown a huge shift towards stablecoins. These whales, which have traditionally been known to trade across a number of digital assets regardless of their volatility, are exposed to less risk during this time.

The USDT stablecoin was the #1 token by trade volume of the best Ethereum whales. The average trading volume by whales was $267,328, which is higher than that of ETH, which was the second highest by volume. USDC is third on this list, with an average of $89,180 during this time.

Along the same lines, stablecoins were at the top of the most-purchased coins during this time. Naturally, USDT topped the list, while USDC took second place. Interested, ETH did not rank third as expected because Ethereum whales bought more SRM than ETH during this time period.

Ethereum (ETH) price chart from TradingView.com

ETH price settles above $1,300 | Source: ETHUSD on TradingView.com

On the topic of sales, whales continued the trend of moving towards stablecoins. ETH has been the best-selling token in the past 24 hours, with most of it going to shift ETH holdings into USDT and more stable USDC.

Ethereum whales want stability

Over the course of 2022, Ethereum whales moved toward more stable options. While ETH continues to lead its holdingsthe change in their token holdings shows that these whales are preparing to face another bear storm.

The start of the year saw tokens such as Shiba Inu and FTX token topping the holdings of these big investors. However, the tide has turned a lot in this regard, with the largest holdings of these whales in stablecoins now.

At present, USDC is the largest token holder for the top 100 Ethereum whales with a value of $653.3 million (26.09%). USDT then follows with a cumulative ownership value of $575.14 million (22.96%). Shiba Inu is still high on this list but it is far from being the biggest token held by these big investors.

Given that analysts continue to warn investors that a bearish crypto market bottom is not there, it comes as no surprise that these investors are looking for safety. If the bottom is below the cycle lows already recorded, there will be more pain ahead.

Featured image from CryptoSlate, chart from TradingView.com

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