Ethereum Whales Are Diving Into One Metaverse Altcoin and Unloading Bitcoin, According to On-Chain Analysis
Ethereum (ETH) whales are piling into one metaverse altcoin while shedding leading digital asset Bitcoin (BTC) in the process, according to WhaleStats.
The whale-watching platform finds that over the last seven days, the largest 100 ETH holders bought blockchain-based gaming ecosystem The Sandbox (SAND) to the tune of $493,764 on average while selling an average of $501,243 worth of Wrapped Bitcoin (WBTC) over the same timeframe.
SAND also has one of the highest outflows amongst Ethereum whales at $413,765, but it comes in at a total net inflow of $79,999, according to the data.
Wrapped Bitcoin, on the other hand, didn’t crack the top 10 list of most purchased tokens but it was the fifth most sold token among high-net-worth ETH holders. WBTC is an Ethereum-based token pegged 1:1 to Bitcoin.
Though Bitcoin inflow may not be doing so well with ETH whales, crypto insights firm Glassnode reveals that institutional inflows and smaller-scale investments into BTC are on the rise.
“MicroStrategy buys an additional $190 million [BTC].
Smaller entities are buying Bitcoin in bulk.
Significant institutional flows into [Grayscale Bitcoin Trust] and Purpose BTC ETF.
Fresh new capital entering the market, mitigating the risk of a strong correction.”
Other notable tokens with positive inflows in the past week include Bored Ape Yacht Club’s ApeCoin (APE), oracle-providing network Chainlink (LINK), layer-2 Ethereum-scaling solution Polygon (MATIC) and decentralized finance platform Yearn Finance (YFI).
Additional coins with positive outflows over the last seven days include FTX Token (FTT), the native token of crypto exchange giant FTX and decentralized derivatives exchange platform Serum (SRM).
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