The Fear and Greed index marks the "extreme fear" region. Current data shows that investors are cautious about stocks and cryptocurrencies. In this process, whales are turning to Defi-based altcoin projects.

Whalestats, which tracks whale purchases, reported that large Ethereum (ETH) whales are purchasing DeFi tokens. According to the data, Wrapped Bitcoin (WBTC) is at the top of the tokens accumulated by huge ETH wallets. In the last 24 hours, the whales have received about $53.19 million worth of WBTC. Wrapped Bitcoin price was $29.2 at the time of writing, with a 24-hour trading volume of $295,536,246.

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An Ethereum whale with the “Bluewhale” assimilation has received $47.44 million worth of Wrapped Bitcoin (WBTC). The whale is leading the buying spree. Bluewhale also bought 27,238 Wrapped Ethereum (wETH) worth $47.38 million. Whale currently holds $53.9 million worth of Wrapped Ethereum (wETH). Wrapped Ethereum is currently trading at $1.79. Earlier, it was reported that another ETH whale received around $12 million worth of Wrapped Ethereum (wETH).

According to Whalestats data, Chainlink (LINK) has surpassed WBTC to become the most traded token among the top 500 ETH whales. Chainlink (LINK) has lost 50% of its value in the last 30 days. Meanwhile, the market cap of DeFi-based alltcoins has slumped by 26% in the last 24 hours and currently stands at $50.51 billion.

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As values ​​continue to drop, cryptocurrencies are losing their magic as a hedge against inflation. Bitcoin (BTC) has become less attractive compared to other investments such as technology stocks and fixed income securities. This means that the rest of this year could be risky for cryptocurrencies. The decline may continue, given the Fed's current monetary policy. Whales, on the other hand, continue to seize the opportunity to buy from the bottom.