Whales Are Buying Three Altcoins As Bitcoin and Ethereum Tread Water, According to Crypto Research Report

Whales Are Buying Three Altcoins As Bitcoin and Ethereum Tread Water, According to Crypto Research Report

New analysis from the Liechtenstein-based Crypto Research Report shows crypto whales are actively accumulating three altcoins as Bitcoin and Ethereum continue to consolidate.

Demelza Hays, a former cryptocurrency fund manager and Forbes 30 under 30 member, says the decentralized finance (DeFi) tokens Aave (LEND), Ren (REN), and Kyber Network (KNC) continue to see strong interest from crypto whales after posting significant gains over the past few months.

“In the past 30 days, the balance of top 100 KNC whales has grown by a total of 30.6 million KNC (~$48.1 million at the time of writing). In the same time frame, the top 100 LEND whales accumulated an additional 39.6 million LEND (~$10.1 million at the time of writing) to their collective bags, while the top 100 REN whales added 5.3 million REN (~$850,000 at the time of writing) more to their holdings.”

Hays says the increase in the balance of top 100 LEND, REN, and KNC whales points to accumulation while indicating high investor optimism.

It’s not just whales who are driving the value of these three DeFi assets. Hays explains that LEND, REN, and KNC have also caught the attention of retail investors.

“Since the start of the month, the number of addresses holding more than 1000 REN (~$150 at the time of writing) has increased by 550, the number of addresses holding more than 1000 LEND (~$250 at the time of writing) has increased by 817, while the number of addresses holding more than 100 KNC (~$157 at the time of writing) has grown by an additional 150.”

Hays says whales and retail traders will likely alleviate sell pressure by holding onto their assets, pointing to the continuation of the uptrend of LEND, REN, and KNC.

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