Ethereum Whales Buy Cryptos During A Crash

　　With the crypto market crashing to 2022 lows, significant whales appear to be buying stablecoins and a few select tokens in large quantities.

　　While this has done nothing to sustain prices, given that selling outnumbers purchasing, whale transactions may help suggest which coins are poised for a faster comeback. Some big cryptocurrencies appear to have recovered from recent losses and are trading somewhat higher than intraday lows.

　　According to Whalestats data, Ethereum (ETH) whales purchased the most ETH, USDC, and USDT in the last 24 hours. The demand for stablecoins is mostly driven by volatility, which drives traders to seek safe havens. The two stablecoins have likewise mostly held their value despite the market downturn.

　　Whales invest in utility coins

　　According to data, whales purchased roughly $2 million in ETH per transaction. While the coin has dropped over 17 percent in the last week, this purchase shows that whales believe ETH will soon reach a bottom.

　　The imminent migration to a proof-of-stake network for ETH has also increased confidence in the token's widespread adoption, particularly among institutions.

　　Other non-stablecoin cryptos bought by whales included Shiba Inu (SHIB), Chainlink (LINK), and Decentraland's Mana (MANA). SHIB and MANA are both affiliated with their own main metaverses, which gives them considerable utility. LINK is a prominent player in Ethereum smart contracts, giving the token a real-world application.

　　Terra's UST stablecoin entered the top-10 most-purchased list for the first time since its introduction, indicating that whales were buying the now depegged stablecoin in anticipation of a rebound.

　　The search for utility echoes a stock market trend in which investors are mostly purchasing into economy-related sectors such as commodities and consumer staples.

　　However, selling continues to outnumber buying

　　Despite some whale buying, overnight data indicates that bearish sentiment is mostly controlling the market. ETH saw an average of $5.5 million sold every transaction, considerably outweighing any purchase by whales.

　　This is mirrored in the market activity, with most of the aforementioned tokens falling precipitously in the last week. While the crypto market appears to be stabilizing, it is uncertain what direction it will go in the near term.

　　As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!

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