After the market shock last week, a recession began in the crypto market. The effect of the LUNA shock does not seem to be overcome in a short time like any shock. The crisis of confidence continues to be felt.
However, we can still say that the decline has stopped and the stabilization has increased. Last week, Ethereum whales bought the dip they always have. The statistics of the top 100 big whales and which altcoins they collect are carefully followed by the market players.
According to blockchain tracker WhaleStats, Ethereum whales continue to linger on stablecoins. This means that the shock in LUNA USD did not affect the whales. Another point that draws attention is their interest in the DeFi industry.
Ethereum whales have turned to the DeFi industry, notably UMA, a platform designed to allow developers to create synthetic assets, as well as crypto lending platform NEXO.
LINK, MKR, CRV and GALA are among the cryptocurrencies in the focus of whales. As the list shows, Ethereum-token Maker (MKR), an administrative token that supports DAI, a stablecoin designed to be pegged directly to the US dollar, has also been on the whales' radar.
We see that ETH whales are also showing interest in Gala, the play-to-win blockchain gaming platform. Many analysts predicted that the Metaverse would explode this year and that win-to-play projects would see massive growth. But so far, unexpected things are happening in the market. We can easily say that the year 2022 for the crypto market is far below the expectations and investors will not want to remember the first half of the year.
Cryptocurrencies continue with sellers in intraday transactions after yesterday's partial rise. While the total market value slips below $1.3 trillion again, it is seen that cryptocurrencies continue their horizontal movement at the bottom of the year. Volatility remains low, with average trading volume falling below $80 billion in the last 24-hour timeframe. Today, 89 of the top 100 cryptocurrencies continue to be negative yesterday. The crypto fear and greed index, which was seen at the lowest level in recent years yesterday, is at the level of 12, increasing by 4 points today. Market perception remains in the extreme fear zone.