Revealed: Whales are Secretly Collecting XRP and These Altcoins!

As we move through the first weeks of September, let’s note that this month has been historically unproductive. However, crypto whales see these times as savings opportunities. In this article, we have compiled details about XRP and other altcoins that whales secretly buy.

As prices fall, whales are secretly buying XRP and them

We all know that Bitcoin’s price has been going nowhere lately. However, some whales are accumulating wBTC. As you can see here a whale has accumulated over 3100 wBTC. That’s worth almost $80 million. If you want to keep track of this or other whale wallets, you can check out the wallet at DeBank.

If you are not familiar with DeBank, you should check it out. DeBank is the team behind the Rabbiy Wallet that beat Metamask. It also provides on-chain tools. We know that the biggest differences between WBTC are:

1. Not the original BTC, but a wrapped version for EVM chains. We rely on exchanges and custodians like BitGo to make sure there is Bitcoin to cover the Wrapped Bitcoin.
2. EVM compatible. Unlike regular Bitcoin, we can use it to trade or earn interest on EVM platforms while HODLing.

Why do whales buy wBTC?

So what does it mean if whales take wBTC and take it off exchanges? This means that they are comfortable buying at these levels and holding them longer term. While they wait, they invest their money in working at DeFi. This is definitely a positive situation for Bitcoin. However, the fact that they are buying more wBTC than regular BTC is slightly different from the norm. So we’ll be watching this.

USDT

Stablecoins are back in the spotlight. Most investors have reduced their holdings in the top six stablecoins in the last 18 months. As a result, its market value dropped by 25%. This shows that investors are selling their positions.

But the data show that something remarkable has happened. Since August 22, 2023, the capitalization of stablecoins has increased by $ 660 million. In other words, throughout the crisis, investors bought more stablecoins. USDT became the most preferred altcoin.

Altcoin investors often use stablecoins as a store of value. They instantly bounce back to the market on news like the XRP victory. Therefore, in bearish markets, whales often accumulate stablecoins. This is because they offer protection for their assets. However, the market is currently unstable as a result of the SEC’s decision to delay Bitcoin spot ETFs.

As a result, some whales are delaying stablecoin purchases. This is because they are unsure of the market’s recovery potential. We are talking very very short term. Some people were more cautious and only saved a small amount of USDT.

The purchasing power of whales often indicates that the market will recover. We see this in the increase in stablecoin assets. Buying a large number of stablecoins is a sign that whales are planning to return to the market at an advantageous time. This can increase prices. While waiting for more clarity and direction, it’s better to stay on the safe side. So buy as many stablecoins as your risk appetite can handle.

XRP, the surprise name of the list

A significant number of large-scale transactions have taken place in the XRP market recently. This in turn attracted great interest from the wider crypto community. On September 1, XRP whales processed over a billion XRP.

Whale Alert tweeted that four major whale transactions were seen in the XRP market. The largest of these transfers contained 424,354,912 XRPs worth a total of $214,293,666. The incident took place between two unidentified wallets. Anonymous wallets, in this sense, refer to addresses that are not linked to any exchange.

Additionally, 19,920,318 XRP worth $10,167,904 from an anonymous wallet was transferred to Binance. Additionally, a whale sent 66,666,659 XRP worth $33,065,809 to Binance from an unidentified wallet. However, Ripple’s transaction attracted the most attention. Ripple is the company behind XRP.

Thus, Ripple transferred 75,000,000 XRP or $37,058,145 from Binance wallet to an unidentified address. It is known that the crypto payment company will release 1,000,000,000 XRP at the beginning of each month. It then locks around 80% of the new tokens. Therefore, this should not cause alarm. There is no more reason than usual.

Watch out for these coins

WBTC, USDT and XRP were the whales’ favorites this week. As Kriptokoin.com, we have included the projects with the most purchases last week in this article.