Here's What Cryptocurrencies Ethereum Whales Are Buying Amid Market Correction

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# Here's What Cryptocurrencies Ethereum Whales Are Buying Amid Market Correction

Stablecoins are among the most traded assets by Ethereum whales since the severe correction of the cryptocurrency market began.


The behavior of whales is often a good indicator of market sentiment in times of euphoria and depression. Records from the data monitoring platform Whalestats, which analyzes the behavior of the 1,000 addresses on the Ethereum blockchain with the largest amount of available resources, show that the moment is cautious for whales, as among the 10 most traded cryptocurrencies in the last seven days, three stablecoins make up the top 5.

Tether (USDT), USDC and BUSD, the currency of the Binance exchange paired with the US dollar, occupy the second, third and fifth places in the ranking, respectively. It is also interesting to note that the purchase volumes of these stablecoins are greater than their sales volume.

Number 1 in the ranking is Ethereum (ETH) itself. However, sales outnumber purchases in the case of the second largest cryptocurrency in terms of market capitalization.

Ten most purchased tokens by Ethereum whales in the last seven days. Source: Whalstats

Bitcoin loses all gains since October and opens week raising doubts about markets recovery

This brief overview indicates that the whales are acting to protect their assets with currencies immune to the volatility and uncertainties that have gripped the market since the end of last week.

On Friday, the market closed with considerable losses, with Bitcoin (BTC) registering a negative variation of 5.10%, and Ethereum, 6.55%. On Saturday, Bitcoin fell as low as $42,000, its lowest since September 30, and Ethereum hit $3,503.68, its lowest since October 13, according to CoinGecko data.

whale bets
The last coin to make up the top 5 of the most bought coins by whales is the FTX, a utility token from the cryptocurrency exchange FTX. In the case of FTX, purchases exceed sales, an indicator that suggests that whales are confident in the market potential of the asset of the exchange of Sam Bankman Friedman - the richest North American in the cryptocurrency industry.

Two other tokens show positive correlation in terms of buys and sells between Ethereum whales. Polygon (MATIC), sixth in the rankings and one of the few assets in the top 20 that remained in the green over the last seven days with 10.6% appreciation, and wBTC, the synthetic version of Bitcoin used on the Ethereum network, seventh place.

Registering far more sales than purchases, there are two tokens that have suffered heavy losses in the last seven days: Chainlink (LINK), which has lost 27.6%, and Shiba Inu (SHIB), which has fallen 12.2%.

The big news in the whales' portfolio was the Render Token (RNDR), which is among the 10 most purchased and is not on the list of the 10 most sold.

The RNDR is Render Network's ERC-20 utility token. It is a decentralized rendering provider of digital files. Basically, the Render Network distributes computing power from GPU providers that make up the network so that artists and creators can use them in the processing of their works.

Last week, RNDR price action benefited from listing on Binance, but at this point it follows the market’s bearish movement and is down approximately 20%, according to data from CoinGecko.