FTX Token has now become the largest token holding among the top 100 Ethereum whales, second only to their ETH holdings. These whales have always been bullish on the cryptocurrency but have mainly ramped up their holdings in the past few months. The pattern of accumulation suggests that these whales are moving out of favorites such as Shiba Inu and have been moving into FTX Token. This looks to be the case given how much these whales hold.
FTX Token Makes Up 20%
With the recent ramp-up of their holdings, FTX Token is now the largest token position by dollar value for the top Ethereum whales. It is important to note that these whales tend to follow the same pattern of buying and as such, their holdings tend to match up. FTX Token which has been featured on the list had been grappling for the spot with meme coin Shiba Inu. However, with the new developments, it has even beaten out the USDC holdings of these whales.
Related Reading | Shiba Inu Holdings Of Ethereum Whales Decline Almost 50%
Previously, after ETH, the stablecoins have been the largest holdings of these whales. But the Terra UST crash had caused a lot of skepticism among investors and it looks like the whales were not left out of this. FTX Token tokens now make up 20.03% of the holdings of ETH whales. This puts the dollar value at nearly $1 billion. While USDC now makes up only 17.66% of their total holdings at $843.6 million.
FTX price resting above $30 | Source: FTXUSD on TradingView.com
Shiba Inu which has previously dominated the largest position by dollar value now sits behind FTX Token and USDC. The meme coin now makes up 11.73%. Its dollar value is sitting at $560.59 million, almost 50% down from its value at the start of the month.
What Are Ethereum Whales Buying?
Even though the value position of stablecoins seems to have dropped, it doesn’t mean that these whales have given up on these tokens. This is evidenced by their top 10 purchases in the last 24 hours which is topped by the USDC stablecoin.
Whales have purchased an average of $161,969 USDC in the last 24 hours, making it the most purchased token for the time period. This puts the stablecoin ahead of ETH which has seen an average amount of $130,405 purchased in the past day. BUSD marks third on the list with $106,937 on average, while USDT came out fourth place with $70,539 on average.
Related Reading | Another Stablecoin Takes A Bow Following UST Crash
What this indicates is that ETH whales are likely looking for some safe haven during a time of extreme uncertainty. Stablecoins provide this safe haven in the fact that they do not fluctuate and retain the value they were purchased at. Hence providing cover against losses, as long as they maintain their peg.
Other tokens ETH whales are purchasing include metaverse token SAND and BAYC’s APE. These tokens feature heavily on the trading activities of these top ETH wallets alongside favorites such as the FTX Token token which is currently trading at $30.69 at the time of this writing.
Featured image from Arover, chart from TradingView.com
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This article originally appeared on https://bitcoinist.com/ftx-token-second-largest-among-ethereum-whales/