XRP, USDT, WBTC Transactions Surge as Whales Accumulate
Cryptocurrency whales have taken advantage of the prolonged bear market to accumulate tokens. In a video posted on YouTube by Altcoin Buzz, an analyst said crypto whales are buying Wrapped Bitcoin (WBTC), USDT, and XRP in large volumes.
According to the video, whales are buying large volumes of WBTC. Not to be confused with Bitcoin, WBTC is a tokenized version of Bitcoin that is compatible with the Ethereum blockchain.
Since July 6, data shows that whales have accumulated over 3,100 WBTC worth $92 million from Binance and Bitfinex. Furthermore, the analyst mentioned that whales are moving their WBTC tokens from exchanges and putting them to use in DeFis. There, they can trade, stake, and earn interest on the tokens.
The analyst also mentioned that whales have accumulated large volumes of USDT. In severe bear market conditions, investors often turn to stablecoins to avoid losses and wing the downturn.
While the stablecoins market cap dropped over the past 18 months, the video revealed that it picked up again in August. Notably, the market cap since then has increased by more than $660 million.
Furthermore, the analyst said the accumulation is, however, on short-term holdings. According to him, buying a lot of stablecoins is a sign that whales plan to return to the market at an advantageous time.
Even though XRP picked up steam in July, the token has seen increased activities since the start of the month. As per the video, blockchain trade trackers show that XRP whales have transacted over a billion XRP since September 1, a 7-month high on-chain volume.
The largest of the transactions is the transfer of 424 million XRP tokens worth over $214 million between two unknown addresses. Likewise, 19 million XRP tokens worth $10 million were transferred from an unknown wallet to Binance. Additionally, Ripple also transferred 75 million XRP tokens worth $37 million from Binance to an unknown wallet.
Data from CoinMarketCap shows that XRP sits at $0.5012, a 0.57% decline in the past 24 hours.