Despite a lackluster response in Bitcoin’s (BTC) price following the late April halving, institutional investors have pivoted towards accumulating altcoins, anticipating a potential bullish surge in the crypto market once Bitcoin gains momentum.
BeInCrypto has highlighted three tokens that have garnered significant interest from large-scale investors.
Increased Whale Activity in Cardano (ADA) Since November 2023, there has been a notable rise in Cardano acquisitions by whales, marked by a recent spike in high-value transactions exceeding $100,000—typically indicative of whale activity. Although this uptick in purchasing hasn’t yet led to a bullish price trend for Cardano, the heightened activity could eventually bolster its market price. Whales, though holding less than 10% of ADA’s total circulating supply, significantly influence its trading volume, potentially positioning ADA for future gains.
Toncoin (TON) Ascends to Top Crypto Rankings Toncoin has recently climbed into the top ten cryptocurrencies by market cap, overtaking established names like Shiba Inu and Cardano to secure the ninth spot. This rise was fueled by news in March of Telegram’s potential initial public offering (IPO), prompting whales to increase their stakes in anticipation of a market rally. Noteworthy is the sharp increase in transactions worth over $100,000 and even $1 million, coinciding with Toncoin’s price surging by 238% from $2.14 to a peak of $7.24, although it has since corrected to around $5.35.
Arbitrum (ARB) Whales Position for Gains Despite facing price corrections for nearly two months, Arbitrum has seen significant whale accumulation, possibly as a strategy to mitigate further price declines. With the Bitcoin halving as a catalyst, these large-scale holders are also poised to capitalize on potential rallies. Additionally, they might be strategizing around the upcoming token unlock on May 16, which will release about 3.5% of ARB’s circulating supply—valued at roughly $100 million—into the market. This could depress prices, prompting whales to sell prior to the unlock to optimize their returns.
These observations underscore the strategic movements of crypto whales, whose transactions have remained robust, potentially stabilizing Arbitrum’s price above $1.00 despite market fluctuations.
