Smart Money Takes These 3 Altcoins Amid Binance Crisis!

Amid regulatory turmoil, the Binance lawsuit, and market uncertainties, cryptocurrency whales are taking action. Especially from the second largest cryptocurrency Ethereum (ETH), Radiant Capital (RDNT) and Shiba Inu ecosystem coins are increasing their savings. Here are the details…

In the midst of the Binance crisis, Ethereum is the focus of smart money

According to the latest data, whales currently hold 31.8 million ETH with a staggering valuation of over $59.6 billion. This increase in accumulation occurred at a time when the crypto market was experiencing significant fluctuations due to regulatory actions in the United States. The recent lawsuits filed by the US Securities and Exchange Commission (SEC) against the world’s largest cryptocurrency exchange Binance and Coinbase have created shock waves across the industry. The results of these legal actions are expected to shape the course of the market in the coming weeks.

Despite regulatory challenges, the prices of major cryptocurrencies have resisted, quickly recovering from the initial drop triggered by the SEC lawsuits. Known for their strategic investment decisions, crypto whales wasted no time seizing the opportunity to buy the bottom. Data from blockchain analytics platforms shows that Circle’s stablecoin, USDC, moved significantly soon after news of the lawsuit broke out.

Firms prefer to withdraw USDC

In one notable example, Cumberland, a popular liquidity provider and trading firm, has withdrawn 67.9 million USDC from Circle and deposited 67.1 million USDC to Coinbase. FalconX, another crypto-asset and cryptocurrency trading platform, received 37 million USDC from Circle. He then deposited 29.5 million USDC on Binance.

Significant purchases in the SHIB ecosystem

In a separate development, a mysterious whale has made significant acquisitions in the Shiba Inu ecosystem. Candlestick, a platform that monitors whale activity, reports that a nascent wallet has purchased a significant amount of BONE and LEASH tokens in the past 24 hours. Whale bought 188.36 LEASH and 635,000 BONE tokens worth $55,000 through multiple transactions. This acquisition coincided with the market’s recovery from a widespread sell-off.

3.7 million RDNT bought as Binance issues continue

Amid these ongoing events, prominent crypto trader and investor Andrew Kang purchased 3.71 million RDNT tokens worth approximately $1.05 million. Known for his involvement in the crypto space, Kang shared his bullish thesis on Radiant Capital, highlighting its potential to become the new king of the financial markets. Highlighting Radiant’s unique features and advantages over competitors such as Aave and Compound, he suggested that the project could benefit from the emerging trends of LayerZero and ZkSync.

The crypto market is witnessing the strategic moves of crypto whales. In the meantime, it continues to navigate through regulatory challenges, as we’ve reported as Kriptokoin.com. We will see how these developments will shape the future of the industry and the broader financial landscape.