Whales and institutions are accumulating defi tokens on Ethereum – Here’s what they’re buying
The post Whales and institutions are accumulating defi tokens on Ethereum – Here’s what they’re buying appeared on BitcoinEthereumNews.com.
As we approach the festive season, there’s an ongoing defi and memecoin bullish wave. Recent data shows whale and institutional crypto wallets are making significant withdrawals of Ether-based defi tokens from exchanges and buying memecoins worth millions of dollars. Lookonchain updates on X show institutional investors are actively accumulating defi tokens on the Ethereum network. Among the notable players is blockchain company Galaxy Digital, who made significant withdrawals from exchanges early Friday, including 1.07 million Uniswap (UNI) tokens worth $18.9 million and 27,722 Aave (AAVE) tokens valued at $10.19 million. Whales/Institutions are accumulating #Defi tokens on #Ethereum!#GalaxyDigital withdrew 1.07M $UNI($18.9M) and 27,722 $AAVE($10.19M) from exchanges today.https://t.co/lD8tgkC4Py pic.twitter.com/xX8yZNIfao — Lookonchain (@lookonchain) December 13, 2024 According to Arkham Intelligence data, Galaxy Digital’s total AAVE and UNI holdings stood at $56.26 million at press time. IntoTheBlock’s recent reports also reveal that in the past week, Ethereum whales have made transactions of over $74 billion, with exchange net flows clocking $781 million within the same period. Going by the numbers, it seems whales now prefer to accumulate tokens to make short-term profits. Aave token surges as whale activity increases Through its X account, IBD noted that transactions from individuals holding a large number of AAVE tokens exceeded 3,100, a weekly high that was last seen in 2022. Aave whales are stirring. Last week saw 3,310 transactions exceeding $100k in $AAVE, the highest weekly number since 2022 pic.twitter.com/XEg7Am7RIc — IntoTheBlock (@intotheblock) December 12, 2024 Earlier this week, a crypto whale gained attention after borrowing 3 million USDT to purchase an additional 11,605 AAVE tokens. According to several sources, the whale has amassed a total of 87,098 AAVE since October, valued at $22.88 million, with an average acquisition price of $167 per token. With AAVE’s recent price surge, the whale’s unrealized profit has already exceeded $18…
Filed under: News - @ December 13, 2024 11:20 am