New data from WhaleStats shows that while Bitcoin (BTC) struggles around $35,000, the world's largest Ethereum (ETH) whales continue to buy these altcoins and stablecoins.
According to whale watching platform WhaleStats, the top 1,000 over-the-counter Ethereum (ETH) wallets have bought hundreds of thousands of dollars worth of stablecoins USD Coin (USDC), Tether (USDT), Binance USD (BUSD), and Ethereum (ETH) in the past week.
The whales also accumulated an average of $62,569 in Polygon (MATIC). The stablecoin flexUSD has also been in the focus of whales. Ethereum whales also received $28,133 worth of Hex. Hex can be defined as a project designed to replace a Certificate of Deposit.
The decentralized oracle network Chainlink (LINK) ranks eighth with an average purchase amount of $27,934. Altcoin projects Brave, Wrapped Bitcoin (WBTC), and Basic Attention Token (BAT) are also on the list.
The Two Main Reasons for Decline, According to Michael Saylor
In a new interview with Bloomberg, renowned crypto analyst MicroStrategy CEO Michael Saylor explained two factors he thinks have contributed to the volatility that the crypto markets have experienced so far this year. Saylor used the following statements in his statements in the interview;
“I think there's a lot of dynamics here. If you look at the entire crypto ecosystem, you have a number of regulatory uncertainties, particularly in stablecoins and cryptocurrencies, whether they are securities or not. And that raises some concern.
You have a lot of leverage offshore. You have many crypto exchanges that can trade with up to 20x leverage. And there are many cross-collateralized tokens on these crypto exchanges. Between these and decentralized finance [DeFi] exchanges, you can get much more than 20x leverage. So this is the second reason for the volatility in the market."