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Whales accumulate Ethereum and DeFi tokens worth millions

Whales accumulate Ethereum and DeFi tokens worth millions

GrafaGrafa2024/10/16 04:00
By:Isaac Francis

According to Lookonchain, a platform that tracks on-chain activity, large investors, or "whales," have been actively accumulating Ethereum (CRYPTO:ETH) and various decentralised finance (DeFi) tokens, potentially influencing market trends. 

Recent data shows significant withdrawals from exchanges, indicating increased whale interest in these digital assets.

Lookonchain reported that an unknown whale wallet withdrew 299,133 UNI, the native token of the Uniswap DeFi platform, from the Gate crypto exchange over the weekend. 

The transaction, valued at approximately $2.39 million, signals notable accumulation. 

Uniswap’s market capitalisation currently stands around $4.71 billion, with the token seeing double-digit growth over the last week. 

Besides UNI, this whale has been acquiring other DeFi tokens, including Aave (CRYPTO:AAVE) and Maker (CRYPTO:MKR)

Between August 13 and September 12, they withdrew 19,373 AAVE ($2.95 million) and 596 MKR ($805,000) from Binance, illustrating a consistent buying strategy.

The accumulation is not limited to DeFi tokens alone. 

Lookonchain highlighted activity from a whale wallet linked to investment firm Longling Capital, which recently purchased 5,000 ETH, equivalent to $12.34 million, over the weekend. 

This wallet holds a total of 68,064 ETH, valued at over $168 million. 

Such substantial holdings indicate Longling Capital's ongoing confidence in Ethereum’s prospects.

Additionally, a third whale was observed buying 31,173 AAVE tokens, worth $4.8 million, and using them as collateral on the Aave platform. 

This individual borrowed 2.7 million GHO and exchanged it for USDC, which was deposited into Coinbase to buy more AAVE, showing strategic use of decentralised finance protocols for leveraging investments.

Aave, trading around $162.43, has gained 6% over the past 24 hours, ranking 44th by market value. 

Such whale activity is essential to monitor, as it can significantly impact market liquidity and cause price fluctuations.

At the time of writing, the Ethereum (ETH) price was $2,621.30.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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