A prominent cryptocurrency investor, commonly known as a ‘crypto whale’, has significantly increased their investment in Ethereum and Wrapped Bitcoin, pouring roughly $53 million into these assets since late December, a blockchain analysis firm Lookonchain reports. The whale utilized 20 million USDC, a leading stablecoin pegged to the dollar, to acquire $10 million each of Ethereum and Wrapped Bitcoin.
Strategic Acquisitions of ETH and WBTC
This investor has strategically bought 13,843 Ethereum units at an average price of $2,388, along with 461 units of Wrapped Bitcoin, averaging $43,168 per unit. Wrapped Bitcoin, an ERC-20 token, mirrors the Bitcoin value but operates within Ethereum’s ecosystem. At the report’s release, Wrapped Bitcoin was trading at a slightly higher $43,530, while Ethereum’s market price was close to $2,411.
Lookonchain also detected potential accumulation patterns aimed at Chainlink, a decentralized oracle network, by either the same whale or another institution. Reportedly, an entity moved 2,745,815 LINK tokens, valued at $49.9 million, from the Binance exchange to 49 newly created wallets. Chainlink’s price at the point of analysis stood at $18.47, marking notable gains of over 18% in the preceding week and more than 28% within the last month.
Surge in LINK Token Movement
The analysis concludes that the whale has not only targeted Ethereum and Wrapped Bitcoin but has also taken a keen interest in Chainlink, moving a substantial number of LINK tokens out of Binance. This pattern showcases the whale’s significant influence on the market trends for these cryptocurrencies, with a growing inclination towards Chainlink’s offerings in the decentralized financial space.