The global cryptocurrency market witnessed a marginal drop of around 1% in the past day. The total crypto market cap has slumped to $1.19 trillion. The biggest tokens have not performed well this month. Due to increasing uncertainty, whales turned to DeFi altcoin projects.
ETH whales turn to DeFi altcoin projects
Whalestats reports that amid the falling price, the biggest Ethereum whales are adding DeFi altcoin projects to their tally. According to the data, Wrapped Bitcoin (WBTC) has emerged as one of the tokens accumulated by the largest ETH wallets. In the last 24 hours, whale wallets have added about $53.19 million worth of WBTC. The token is trading at an average price of $28,805 at press time.
An ETH wallet named “Bluewhale” alone received 1,646 Wrapped Bitcoins worth $47.44 million. The whale seems to be on a buying spree. Bluewhale also added $47.38 million worth of Wrapped Ethereum (wETH). He moved 27,238 WETH to his wallet in the transaction. Meanwhile, the whale currently holds $53.9 million worth of wETH tokens. Wrapped Ethereum is trading at an average price of $1,767 at press time. Earlier, it was reported that another ETH wallet added around $12 million worth of wETH.
Chainlink surpasses WBTC as the most traded token
However, Whalestats overtakes Chainlink’s (LINK) WBTC as the 500 largest ETH whales reported that it has lowered from the top of the most traded tokens among LINK is another DeFi altcoin project that has lost 50% in the last 30 days.
As you can follow from the news on Kriptokoin.com, the crypto market cap has suffered severely due to certain geopolitical issues and the recent Terra (LUNA) crash. Bitcoin (BTC) price is trading at $28,800. The market cap of BTC fell by almost 27% in May to $549 billion. The same happened with the ETH spin-off WBTC. Its market capitalization fell to $7.89 billion. However, the whale’s accumulation tends to buy a bottom. Meanwhile, the market cap of DeFi altcoin projects has dropped by a whopping 26% in the past day and is currently standing at $50.51 billion.
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