Crypto Whales Flow Capital Into One Ethereum-Based Altcoin While Bitcoin Loses $ 22,000: On-Chain Data
New data reveals that Ethereum (ETH) whales are pouring hundreds of thousands of dollars into one altcoin when Bitcoin (BTC) rises to $ 22,000.
According to the whale safari protocol WhaleStats, the planet’s 500 best ETH whales devour the FTX Token (FTT), the original digital resource of the crypto exchange platform FTX.
Statistics show that FTT is the third most bought token among deep-pocket investors, just behind the dollar-denominated stable coin USD Coin (USDC) and the leading smart contract platform Ethereum, which received $ 709,711 and $ 281,822 in average purchases, respectively.
However, the FTT had the highest net gain in terms of inflows as only $ 27,030 of cryptocurrencies were sold by the whales. USDC and ETH then outflow at $ 881,683 and $ 132,139, respectively.
Rounding out the top five are two other stack coins, Tether (USDT) and Binance USD (BUSD).
Other prominent cryptocurrencies that break the top 10 include oracle network Chainlink (LINK), stablecoin Dai (DAI), meme-token Shiba Inu (SHIB), decentralized exchange platform Serum (SRM) and Ethereum scaling solution Polygon (MATIC).
The data also reveals that FTT as a whole is the sixth most held token of ETH whales with a high net worth behind stablecoins USDC and USDT, Dogecoin competitor ShibDoge (SHIBDOGE) and SHIB.
FTT makes up just over 3.5% of the whales’ portfolios, and comes in with a total value of 224 million dollars.
FTX Token is trading at $ 27.45 at the time of writing, a slight decrease on the day.
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Featured image: Shutterstock / Maria_lh / Sensvector
