This week, crypto whales decided to buy into some altcoins even though their performance did not match the previous week. However, the clear accumulation signals confidence in the cryptocurrencies’ near-term potential.
The reason is that these whales, who have the potential to affect prices, are not just accumulating in the usual fashion. Instead, they are buying big at current price levels. The top three for the fourth week of July 2024 include Arbitrum (ARB), Ripple (XRP) and Ondo (ONDO).
Crypto Whales Buy Arbitrum Despite Year-To-Date Slump
Including Arbitrum in the list of cryptos whales are buying could be a shock. This is probably because of the performance of the native token of the Ethereum layer-2 scaling solution.
At press time, ARB trades at $0.73. Even though this is a fleeting increase in the last 24 hours, it is nothing compared to the 57.82% decline on a Year-To-Date (YTD) basis.
Regardless of the token’s price condition, crypto whales bought the altcoin in good faith at a level not seen in a long while. According to IntoTheBlock, the large holders’ netflow jumped by a staggering 870.62% in the last seven days.
Read More: Who Owns the Most Bitcoin in 2024?
This netflow is the difference between the Large Holders’ Inflow and Outflow. If the difference is positive, then it means whale accumulation is more than distribution. However, if it is negative, it implies that these large investors are selling more of the token.
It remains unclear why crypto whales put so much money into Arbitrum. However, the one thing we can point to is the spot Ethereum ETF approval, which market participants believe will spur a fleeting rise in the prices of tokens related to the blockchain.
However, the approval has yet to influence prices. But time will tell if buying so much ARB is worth it.
Growing Whale Confidence Pushes XRP Back to $0.60
Next on the list of altcoins is XRP, which has recently enjoyed goodwill in the market. According to Santiment, the number of addresses holding 100 million 1 billion tokens has increased since July 23.
As of that period, this cohort’s supply was 37.99%. However, as of this writing, it has risen sharply to 40%, suggesting an increase in whale confidence in the token. Moves like this usually help prices jump.
Read More: How To Buy XRP and Everything You Need To Know
Furthermore, thanks to a 9.67% hike, XRP has been able to reclaim $0.60, as predicted earlier. Should whales continue to buy as much as they have recently, the value of the token could trade higher in the coming days.
Significant Whale Activity Brightens ONDO Bullish Predictions
Ondo’s price may be down 33.20% from its all-time high, but crypto whales seem to think that the current price is offering a discount. The altcoin has seen a high level of institutional interaction and adoption over the past months.
However, data from IntoTheBlock shows that interest from large entities and deep-pocket individuals may not stop anytime soon.
According to the blockchain analytics data provider, ONDO’s Large Holders Netflow jumped by 1468.89% in the last seven days.
This implies that holders who own 0.1% to 1% of the total circulating supply have added more tokens to their balances. ONDO trades at $0.98 after a slight price increase over the last 24 hours.
However, if whales sustain this momentum, the token’s price could climb to $1.20, which is where it was on July 1, 2024.
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