FTX Token Holds Second Largest among Ethereum Whales

FTX tokens now have the second largest holdings of tokens in the top 100 Ethereum whales, behind only ETH. The whale has always been optimistic about cryptocurrencies, but has mainly increased its holdings over the past few months. The accumulation pattern suggests that these whales are moving away from favorites like Shiba Inu and moving towards FTX tokens. This seems to be true given how many these whales harbor.

FTX tokens make up 20%.

With the recent increase in holdings, FTX Token is now Max Token Positions in Dollar Value for Top Ethereum Whales. It is important to note that these whales tend to follow the same buying pattern and therefore their holdings tend to match. The listed FTX Token was wrestling for a spot with the meme coin Shiba Inu. However, new developments have surpassed the whale’s USDC reserves.

Read Related | Ethereum whale’s Shiba Inu Holdings is down nearly 50%.

Previously, after ETH, stablecoins were the whale’s largest holdings. However, the Terra UST crash has generated a lot of skepticism among investors, and the whale does not appear to have been left out. FTX Tokens tokens now account for 20.03% of ETH whale holdings. This brings the dollar value to nearly $1 billion. USDC currently stands at $843.6 million, representing only 17.66% of its total holdings.

FTX price resting above $30 | Source: FTXUSD on TradingView.com

Shiba Inu, which previously dominated the largest position in dollar value, is now followed by FTX Token and USDC. Meme Coins currently account for 11.73%. The dollar was valued at $560.59 million, down nearly 50% from its value at the beginning of the month.

What do Ethereum whales buy?

While it appears that the value position of the stablecoin has declined, this does not mean that these whales have given up on these tokens. This is evidenced by the top 10 purchases in the last 24 hours, with USDC stablecoins taking the top spot.

Whales have bought an average of $161,969 USDC in the last 24 hours, making it the most purchased token during that time period. This puts the stablecoin ahead of ETH, which averaged $130,405 in the past day. BUSD came in third with an average of $106,937, and USDT came in fourth with an average of $70,539.

Read Related | Another Stablecoin Strikes After UST Collapse

What this suggests is that ETH whales are likely to find a safe haven in times of extreme uncertainty. Stablecoins provide this safe haven in the sense that they do not fluctuate and maintain the purchase price. So, as long as you keep the peg, you pay for the loss.

Other tokens purchased by ETH whales are the metaverse token SAND and BAYC’s APE. This token will significantly impact the trading activity of these top ETH wallets, with favorites like the FTX token currently trading at $30.69 at the time of writing.

Featured image from Arover, chart from TradingView.com

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