According to some whale statistics released during the day, giant wallets seem to be resorting to DeFi altcoin projects to protect profits. During the last drop in the market, the jump was noticed in the volume of Wrapped Bitcoin (WBTC), an Ethereum-based variation of Bitcoin (BTC) used to invest in DeFi platforms.
Wrapped Bitcoin (WBTC) trading volume up 148%
Bitcoin (BTC), the largest cryptocurrency by market cap, has lost more than 8% since last week and dragged the altcoin market with it. In the midst of this bloodbath, DeFi altcoin projects like Curve and Anchor Protocol are generating more returns than others.
Ethereum whales have bought massive amounts of WBTC in recent weeks, triggering an incredible 148% increase in 24-hour trading volume. According to the data, Wrapped Bitcoin has risen to the top of the list of smart contracts most frequently used by ETH whales in the past 24 hours.
Giant whale collects $14.29 million worth of WBTC
The largest of the Ethereum wallets holds approximately $615 million in WBTC. WBTC is the fourth most valuable cryptocurrency owned by whales. Wrapped Bitcoin accounts for 7.18% of the total assets of the top 100 ETH whales. According to Whalestats, ETH whale “BlueWhale0279” has collected a total of 353 WBTC worth $14.29 million in the previous 24 hours. According to statistics, the whale currently holds around $58 million in Wrapped Bitcoin.
ETH whales flock to DeFi altcoin projects after market crash
As quoted by Kriptokoin.com, Wrapped Bitcoin is among the top 10 coins collected by the biggest Ethereum whales in the last 30 days. As the data shows, WBTC tokens are accumulated in enormous amounts by the largest wallets. In the previous 24 hours, the value of WBTC has dropped more than 3% as a result of the Bitcoin price cut. At the time of writing, it is trading at $39,265.85.
Wrapped Bitcoin has lost more than 6% of its value in the previous 30 days. It looks like ETH whales are trying to buy the drop. WBTC is the 16th largest cryptocurrency by market cap, with a total market cap of more than $10 billion.
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