Altcoins
Whales Bet Big on CES 5 Altcoins As Ethereum ETF Approval Nears
Large portfolio investors, or “whales,” have recently shown increased interest in Ethereum-based altcoins. On-chain crypto intelligence trackers noted significant purchasing activity of ENS, UNI, AAVE, LDO, and LINK tokens. This rise follows the SEC’s recent approval of the Ethereum ETF, which analysts interpret as a positive signal for the altcoin market.
With this renewed interest in altcoin, the question arises: could this challenge Bitcoin’s dominance and mark the start of an altcoin season? Let’s dive into the altcoin market to see what’s happening.
Whale wallets on the move
According to Lookonchain data, new whale wallets are actively collecting large amounts of altcoins from centralized exchange Binance. Here are the details of their acquisitions:
- Ethereum Name Service (ENS): 82,040 tokens worth $1.98 million
- Uniswap (UNI): 214,465 tokens worth $1.97 million
- AAVE: 39,762 tokens worth $3.97 million
- Lido (LDO): 2,389,987 tokens worth $5.54 million
- Chainlink (LINK): 65,541 tokens worth $1.13 million
These purchases reflect growing confidence among large investors, perhaps encouraged by the positive outlook following the approval of the Ethereum ETF.
The Ethereum ETF Effect
Following the ETF’s approval, trading volumes across the Ethereum ecosystem jumped 16% in just 24 hours, indicating increased interest and activity from investors. Although some Ethereum tokens have seen price increases, the market has yet to experience the explosive growth typical of a true altcoin season.
Crypto analyst Dan Gamberdello views the SEC approval as bullish for altcoins, making Ethereum a legitimate “commodity.”
Another analyst, known as CryptoYoddha, believes that altcoins are poised for significant gains in the coming weeks, predicting that Ethereum’s strength and Bitcoin’s declining dominance will aid altcoins’ performance.
Vitalik Buterin receives Starknet grant
Separately, Ethereum co-founder Vitalik Buterin received 845,205 STRK tokens, worth approximately $1.07 million, as part of Starknet’s Locked Token Grant. This grant highlights Buterin’s early support and continued involvement in Starknet, an Ethereum Layer 2 network aimed at improving scalability and efficiency. The distribution of tokens to key figures like Buterin aims to further encourage innovation and adoption of Starknet within the Ethereum ecosystem.
Looking ahead, the altcoin market promises significant opportunities. Analysts predict that the five altcoins mentioned will outperform the others, providing substantial returns for investors ready to seize the opportunity.
Ready to join the altcoin revolution? Research and invest responsibly!