Bitcoin’s (BTC) price drop, which started on March 2, deepened below $40,000 on March 4. BTC, which was traded below critical levels throughout the weekend, started the new week with red. Huge-volume altcoins such as Ethereum, Solana, Avalanche and Cardano, which are in the top 10 according to their market value, have been overcoming the selling pressure of the last days with small losses. In this article, let’s take a look at how Ethereum whales are positioning in current market conditions. Let’s answer which altcoin projects the whales are selling in the last 24 hour time frame…
Ethereum whales are selling these altcoins/tokens
The top 1,000 Ethereum whales have divested from non-Ethereum (ETH) stablecoin giants such as USDT, USDC and BUSD in the past 24 hours. In this process, whales selling stablecoins of about $ 500 thousand are also moving away from popular altcoin projects such as Polygon (MATIC) and Phantom (FTM). As we reported as Somanews, the announcement of Andre Cronje, one of the well-known DeFi developers, to leave the industry, triggered a collapse of 15% on Fantom. FTM price fell an additional 5% to $1.40 today.
Sixth on the list is BarnBridge (BOND), which aims to offer a cross-platform protocol for tokenization risk. TrueUSD (TUSD) is another stablecoin that whales are selling in 24 hours. Sandbox (SAND), the metaverse coin representative of the list, saw sales of 11 thousand dollars from the first 1,000 whale wallets in this process. An ERC20-based 3X Short Bitcoin Token (BEAR) is in last place, seeking a return that corresponds to -3 times the daily return on Bitcoin of the FTX exchange. The general view of the list with these tokens is as follows.
USD Coin (USDC)
Binance USD (BUSD)
3X Short Bitcoin Token (BEAR)
Whales’ largest token position in dollar terms
The cryptocurrency with the highest total dollar value among the top 1,000 Ethereum whales is FTT, the native token of the FTX exchange. In this ranking, FTT and Shiba Inu (SHIB) are sometimes placed first.