The cryptocurrency market is shaky, but it doesn’t bother whales as much. If anything, their portfolios now contain three big tokens that they have started to accumulate. These consist of the LINK, Ethereum’s ETH, and Bitcoin’s BTC. With a long-term strategy, they are placing a large wager on the future and taking advantage of the current price decline to acquire tokens at the lowest cost. To put things in perspective, during the past day, these tokens have decreased by 5.51%, 7.54%, and 11.16%.
Bitcoin just reached a peak of almost $70,000. The price has since dropped to $64,374.22 as of the time this story was written. Companies such as MicroStrategy and BlackRock are rushing to seize this chance. The steady influx of money into Bitcoin since the approval of applications for Spot Bitcoin ETFs is what keeps it afloat. According to reports, the BTC ETF has invested around 4.06% of the available supply, which translates to a valuation of almost $56.9 billion. In the upcoming years, it is probably going to increase to 8.65%.
A greater estimate has been forecast by Bitcoin Halving. Although an exact figure is not accessible, the community believes that eventually, a historical context of price increases will follow the occurrence. Analysts project that by the end of 2024, Bitcoin prices may rise to a point where they will surpass the psychological support level of $100,000.
MicroStrategy and BlackRock, meanwhile, are committed to adding more Bitcoin to their names.
The expectation that Ether ETF applications will be approved by the US Securities and Exchange Commission (SEC) by mid-2024 is what drives ETH. The community feels that since the Bitcoin ETF has gotten the go-ahead, it is only natural for other cryptocurrency ETFs to follow, even if the government has not issued a verified statement.
At the time of writing this article, ETH‘s price was $3,344.44, a considerable decrease. It has now retraced to about $3,300 from where it was once closer to reaching the $4k milestone. An additional element that may drive up ETH prices is the Dencun Upgrade. It seeks to improve Ethereum’s performance in terms of scalability and efficiency.
363.66 million DAI tokens were used to purchase 97,276 ETH tokens through one account, it has been revealed. The whale is identified as PulseX and PulseChain.
For many observers, Chainlink’s LINK is an unexpected addition to the list. It is thought that whales are placing bets on future price increases. It is down 11.91% in the past day and is currently trading at $17.12. Its price can be impacted by eight wallets being abruptly removed from Binance. A total of 831,160 LINK tokens, valued at approximately $16.72 million at the moment of withdrawal, had been taken out.
The optimism is being downplayed by the cryptocurrency market. Whales are maximizing their earnings by amassing BTC, ETH, and LINK to support their profit-taking methods.
