- Wallets that recently entered the whale category are buying ENS, UNI, AAVE, LDO and LINK tokens on Friday.
- Data from on-chain crypto intelligence trackers notes the activity of large wallet investors in Ethereum-based altcoins.
- Crypto analysts say the Ethereum ETF approval is bullish for altcoins.
Wallets that recently turned into large investors, also identified as “fresh whale wallets” by on-chain tracker Lookonchain are accumulating Ethereum-based altcoins. The crypto tracker observed whale wallets created in the past week withdrew several altcoins from the centralized exchange Binance.
Whales are buying these five altcoins
Lookonchain noted fresh whale activity and identified that whale wallets created in the past week have withdrawn Ethereum Name Service (ENS), Uniswap (UNI), AAVE, Lido (LDO), and Chainlink (LINK).
The whale wallets created between 4 days and hours ago have withdrawn 82,040 ENS tokens worth $1.98 million, 214,465 UNI tokens worth $1.97 million, 39,762 AAVE tokens worth $3.97 million, 23,89,987 LDO tokens worth $5.54 million and 65,541 LINK tokens worth $1.13 million.
What altcoins on #Ethereum are fresh whale wallets buying?$LDO $AAVE $UNI $LINK $ENS
— Lookonchain (@lookonchain) May 24, 2024
0x43cA was created 4 days ago and withdrew 82,040 $ENS($1.98M) from #Binance 2 hours ago.https://t.co/A1BIRbZUbq
0xBbDC was created 4 days ago and withdrew 214,465 $UNI($1.97M) from #Binance… pic.twitter.com/KPUkEcWzpz
Crypto analyst Dan Gamberdello commented on the Ethereum ETF approval and noted that the approval is bullish for altcoins. Gamberdello interprets the Securities and Exchange Commission’s approval of the Ether ETF as Ethereum being considered a “commodity.”
Do you realize how bullish the Ethereum ETF is for altcoins?
— Dan Gambardello (@cryptorecruitr) May 24, 2024
SEC has basically just said ETH is a commodity.
This is huge for the SEC vs. Coinbase case.
ADA not a security
AVAX not a security
SOL not a security
Whales are likely approving these altcoins in response to the optimism from Ethereum ETF approval.
Analyst behind the X handle @CryptoYoddha notes that altcoins are getting ready to “show great pumps,” in the coming weeks. Yoddha believes Ethereum looks stronger and Bitcoin is losing its dominance, this setup is likely conducive for altcoin gains.
#Altcoins are getting ready to show us some great pumps in the coming weeks
— Yoddha (@CryptoYoddha) May 24, 2024
ETH looks stronger and BTC is losing the dominance pic.twitter.com/uVoInm6hc6
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