For a while now, Ethereum whales have been moving their coins. This was a direct result of the bear market causing investors to lose a significant portion of their portfolios. Even now, the crypto market is still ravaged by falling prices. The result of this has been that investors have sought refuge in tokens that don’t see much volatility, and Ethereum whales have not been left out of this flight to safety.
Stablecoins are gaining favor
In the past 24 hours, the commercial activity of the best Ethereum whales showed a big shift towards stablecoins. These whales, which are generally known to trade on a number of digital assets, regardless of their volatility, take less risk during this time.
The USDT stablecoin has been the number 1 token by trading volume for these top Ethereum whales. The average trading volume by whales stood at $267,328, even higher than the volume of ETH, which was second in terms of trading volume. USDC was in third place on this list, with an average amount of $89,180 over this period.
In the same vein, stablecoins were at the top of the most purchased tokens over this period. USDT naturally topped the list, while USDC took second place. Interestingly, ETH did not take 3rd place as expected as Ethereum whales bought more SRM than ETH during this period.
ETH price settles above $1,300 | Source: ETHUSD on TradingView.com
In terms of sales, whales continued the trend towards stablecoins. ETH was the top-selling token in the past 24 hours, most of which was used to convert ETH holdings into the more stable USDT and USDC.
Ethereum whales want stability
During 2022, Ethereum whales evolved into more stable options. Whereas ETH continues to dominate its holdingsthe change in their token holdings shows that these whales are gearing up for another bear storm.
The start of the year had seen tokens such as Shiba Inu and FTX Token top the holdings of these large investors. However, the tide has changed so much in this regard that the token biggest holdings of these whales are now in stablecoins.
Currently, USDC is the largest token holder of the top 100 Ethereum whales at $653.3 million (26.09%). It is then followed by USDT with a cumulative holding value of $575.14 million (22.96%). Shiba Inu is still high on this list, but is far from the biggest token held by these big investors.
Given that analysts continue to warn investors that the bottom of the crypto bear market has not been reached, it is no surprise that these investors are looking for safety. If the bottom happens to be lower than the cycle lows already recorded, then there is more pain ahead.
Featured image from CryptoSlate, chart from TradingView.com
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