While the Crypto market has plummeted to an all time low in 2022, most of the crypto investors seem to be grabbing the buy the dip opportunity by purchasing stablecoins and few other tokens.
Though this activity did not have a major impact on the price, as selling was larger than buying, the transactions could give an idea which tokens can recover quickly.
Whalestats data projects that Ethereum whales purchased ETH, USDT and USDC marking it as the highest in the past 24hrs. Demand for stable coins is largely driven by instability, which pushes traders into safe zones.
Whales Get Into the Buy Zone!
Whales make a purchase of an average of nearly $ 2 million worth of ETH per event, according to recent reports.
The altcoin lead, Ethereum, has dropped nearly 17% over the last week. However, the current purchase shows the whales are waiting for ETH to find its base soon.
ETH’s forthcoming transition to a proof-of-stake network has also uplifted the confidence that the token will be more widely used, especially in institutions.
It’s just not Ethereum, the crypto whales have also leaned towards unstable coins such as Shiba Inu (SHIB), Chainlink (LINK) and Decentraland’s Mana (MANA).
For the first time since its launch, Terran’s UST stablecoin made it into the top ten, which probably suggests that whales were now buying an depegged stable coin pending recovery as well.
The search for utility reflects the trend seen in the stock market, where investors buy largely from sectors tied to the economy, such as commodities and consumer goods.
Bears Still Drive The Wider Market
Although there are some transactions between whales, the data from the last 24hrs reveal that the declining market condition is largely due to bearish stance. Sales volumes have overtaken all the inter-whale purchases, with ETH sales averaging $ 5.5 million per trade.
This was reflected in the price trend, as most of the above tokens fell sharply over the past week. Although the cryptocurrency market seems to be finding a bullish base, still it is unclear in which direction the market will move in the short term.