Crypto markets had a lukewarm start to May amid news that the US debt ceiling problems would spread to global capital markets. Despite the gloomy weather in the market, crypto whales have taken a bullish position on some altcoins. Crypto whales have been making strategic investments in cryptocurrencies like Arbitrum, HEX and MASK in recent weeks. Based on historical trends, these altcoins are poised to make big gains in May 2023. Here are the details…
Arbitrum whales benefit from decline
Between April 14 and May 11, the Arbitrum (ARB) price fell 35 percent. But interestingly, whales with balances of one million to 10 million ARB tokens continued to buy the drop. The chart below shows that they added another 158 million ARBs to their wallets between April 13 and May 16. Based on the current market price of $1.20, the newly added tokens are worth approximately $190 million. This accumulation frenzy among whales could be an important precursor to further rise in Abritrum prices in May.
Crypto whales take their place for the next HEX rally
On the other hand, before the 40 percent price correction in May, the HEX token led by Richard Heart was in the attention of investors. HEX continued to attract investment from a strategic group of crypto whales. On-chain data reveals that the crypto whale holding between one million and 100 million coins is already in position for another HEX bull rally in May 2023. The Santiment chart below shows that between May 5 and May 16, they added 13 million more tokens worth approximately $400 million to their balance.
Quite remarkably, whales continued to buy even when the price of HEX pulled back 50 percent last week. According to experts, if this trend continues, HEX holders will expect a significant price increase in the coming days.
Big investors’ eyes are on MASK
Mask Network is a Blockchain protocol that allows users to send encrypted messages via Twitter and Facebook. Essentially, it acts as a bridge by adding a decentralized network layer that runs above the traditional internet. As we have reported as Kriptokoin.com, Mask Network’s native MASK token attracted attention. MASK has been another altcoin that has been on the radar of major institutional crypto investors in recent weeks. Even though the MASK price dropped 15 percent in May, crypto whales remained confident in their future price prospects.
The chart below shows how crypto whales holding 100,000 to 1 million MASK have accumulated an additional 1.41 million tokens since May 7. Based on its current market cap of $3.9, the newly added tokens are worth over $5.5 million. If this strategic cluster of crypto whales continues its accumulation spree, MASK is likely to rally.
Whales are big investors holding at least $100,000 in a particular cryptocurrency. Due to their disproportionately large financial strength, trading patterns can significantly affect the price of an asset. Therefore, it is important for strategic investors to follow the buying/selling patterns of whales as May 2023 approaches.
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