Crypto whales are accumulating these altcoins for the big bull market

October has been a busy month for crypto whales. But November has become even busier. Crypto whales are leading the way in these market activities.

Ahead of the bull run, whales are buying certain cryptocurrency altcoins. This article will show you some of the most whale activity in November.

1) Bitcoin

Bitcoin enthusiasts have had one of the best weeks in a while. This is because Bitcoin topped $37,000 for the first time since May 4, 2022. The price growth can be traced back to the optimism surrounding Bitcoin. Many believe that the SEC will approve spot Bitcoin ETFs in the coming weeks. Industry insiders believe that this approval will lead to a large influx of money into the market.

Last week, Coindesk reported that the SEC has begun significant discussions with Grayscale Investments about the terms of its proposed conversion of a Bitcoin trust, also known as GBTC, into a Bitcoin ETF.

Whales see this price spike as the best time to add to their holdings. A well-known bitcoin whale recently bought a large amount of bitcoin worth about $15 million.

It’s important to note that not all Bitcoin whales are adding to their holdings. Some have already started handing out coins. This indicates that they plan to secure profits in the recent price consolidation.

The Bitcoin Fear and Greed Index has recently shifted to the “Greed” zone. This suggests that many people may be thinking about taking profits. But this precludes continued whale interest in Bitcoin.

2) Ethereum

Ethereum continues its impressive price surge and is currently trading at $1972.84. The price has increased by 5% in the last 7 days. One of the factors behind ETH’s resurrection is whales’ interest in the coin. On-chain data shows that Ethereum whales are busy accumulating cryptocurrency.

Lookonchain claims that the whale with the address “0xee47” recently added 3,200 ETH, or nearly $6.7 million, to its Ethereum (ETH) holdings. This whale started accumulating ETH a few months ago. Currently, their assets are worth around $387.8 million, or 183,742 ETH, which means more than $154 million in unrealized profits.

In November, Ethereum topped $2,000. BlackRock’s price surged shortly after it confirmed plans to launch an Ethereum spot ETF in a Nasdaq filing. On-chain data shows that multiple large institutional investors responded to the bullish news by buying millions of dollars worth of ETH.

The chart shown on the screen shows that whales with balances between 1,000 and 100,000 ETH had an initial balance of 13.98 million ETH on November 9. However, as of the close of trading on Sunday, November 12, their total ETH holdings had risen to 14.08 million.

This indicates that the whale increased its holdings by 100,000 ETH.

Santiment claims that Ethereum has had a strong network expansion in recent days. This led to a 38% surge in its market capitalization in just 4 weeks. For example, Micro Addresses (<0.1 $ETH) recently surpassed 100,000 wallets. The $0.1-$10 ETH and $10K+ USD ETH categories have also increased.

3) Cardano

Cardano is one of four networks that have seen mass whale activity in the last six months. In October, Cardano whales are busy accumulating tokens. So far, this habit has continued into November.

On November 6, the ADA price surged 7.5% to $0.3543, its highest level in four months. The activity of whales is one of the reasons behind this.

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A recent report by blockchain analytics firm IntoTheBlock (ITB) shows a fascinating trend. Cardano whales have recently amassed 1.89 billion units. Cardano recently launched the Midnight Development Network. Many expected the launch to drive up the price and value of the project.

When ADA is trading between $0.249 and $0.271, “large holders” or addresses that hold at least 0.1% of the circulating supply increase their holdings. The total value of these accumulations is about $700 million.

Cardano’s strong behind-the-scenes development activities are key to enhancing investor trust. Cardano recovered from the bearish attack in which the value of the ADA fell below $25 last year. It uses the recession to improve infrastructure. Interestingly, Cardano tops GitHub’s activity statistics, indicating the unwavering progress of this web developer.

4) Chainring

Our final project is Chainlink. $LINK whales have been active in recent weeks. Santiment data shows that the Chainlink boom is still going strong. Dormant tokens are in circulation. Wallets holding 10K-10M $LINK have been accumulated before.

Earlier this month, Chainlink’s price soared above $12.50 for the first time since April 2022.

In recent days, Chainlink has shown great potential. We will soon see further price increases.

Source: Golden Finance