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    Trade Activity Shows Ethereum Whales Are Seeking Refuge In Stablecoins


    For some time now, Ethereum whales have been shifting their cash round. This has been a direct results of the bear market that has induced traders to lose a big quantity of their portfolios. Even now, the crypto market remains to be being ravaged by declining costs. The results of this has been traders in search of refuge in tokens that don’t see a variety of volatility, and Ethereum whales haven’t been overlooked of this flight to security.

    Stablecoins Gain Favor

    Over the final 24 hours, the trade activity of the highest Ethereum whales has proven an enormous shift in the direction of stablecoins. These whales, who’ve often been recognized to commerce throughout numerous digital property no matter their volatility, are taking much less danger throughout this time.

    The USDT stablecoin has been the #1 token by commerce quantity for these prime Ethereum whales. The common quantity transacted by the whales got here out to $267,328, even increased than the quantity for ETH, which was the second-highest by buying and selling quantity. USDC featured in third place on this listing, with a mean quantity of $89,180 over this time. 

    In the identical vein, the stablecoins had been on the prime of essentially the most bought tokens over this time. USDT naturally led the listing, whereas USDC was in second place. Interestedly, ETH didn’t take third place as anticipated as a result of Ethereum whales purchased extra SRM than ETH over this time interval. 

    Ethereum (ETH) price chart from TradingView.com

    ETH value settles above $1,300 | Source: ETHUSD on TradingView.com

    On the subject of gross sales, the whales continued the pattern of shifting towards stablecoins. ETH was essentially the most bought token during the last 24 hours, most of which had gone to changing ETH holdings into the extra secure USDT and USDC.

    Ethereum Whales Want Stability

    Over the course of 2022, Ethereum whales have moved in the direction of extra secure choices. While ETH continues to top their holdings, the change of their token holdings reveals that these whales are on the point of climate one other bear storm.

    The begin of the yr had seen tokens akin to Shiba Inu and FTX Token topping the holdings of those giant traders. However, the tide has shifted a lot on this regard that the most important token holdings of those whales at the moment are in stablecoins.

    Presently, USDC is the most important token holder of the highest 100 Ethereum whales at $653.3 million (26.09%). It is then adopted by USDT with a cumulative holding worth of $575.14 million (22.96%). Shiba Inu nonetheless options extremely on this listing however is a good distance from being the most important token held by these giant traders.

    Given that analysts proceed to warn traders that the underside of the crypto bear market is just not in, it’s no shock that these traders are in search of security. If the underside occurs to be decrease than already recorded cycle lows, then there may be extra ache to come back.

    Featured picture from CryptoSlate, chart from TradingView.com

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