- The cryptocurrency market has seen a notable resurgence in the past several weeks, and on-chain data reveals that whales have been actively accumulating.
- However, Lookonchain data shows that some larger investors might have preferred to purchase lower-cap altcoins rather than well-established giants like BTC and XRP.
Whale Going After These Tokens
In a recent X post starting with “What tokens do whales buy,” the popular on-chain monitoring resource tried to answer one of the most asked questions from the retail investment cohort. While large investors typically tend to go for bigger cryptocurrencies, a relatively new wallet, which was the object of Lookonchain’s investigation, spent $15 million to accumulate some quite compelling and unexpected assets.
Although their buying spree included well-known tokens from the top 100 largest ones like MKR, ETH, 1INCH, and UNI, their biggest withdrawal from Binance was – Illuvium (ILV).
What tokens do whales buy?
A fresh wallet withdrew ~$15M assets from #Binance in the past 7 days, including:
— Lookonchain (@lookonchain) November 11, 2023
ILV is currently positioned outside of the top 100 largest digital assets, with a market cap of $333M. However, the asset is up by 50% over the past seven days, and there are a few notable events related to the project. On one side, Binance Futures said it will launch ILV futures trading, and on the other, the protocol announced it will be added to Epic Games later this month.
The whale’s purchase could be related to these developments, and the fact that they withdrew over $3.5 million worth of ILV means that they could be preparing to hold for a longer period.
ENS ($546K) and LQTY ($71K) – which the whale also withdrew from Binance – are also currently outside of the top 100 cryptocurrencies by market cap.
The largest and most well-known token purchased and withdrawn by the anonymous whale was ETH. They withdrew more than $3 million worth of the second-largest cryptocurrency during one of the most positive weeks for the asset in terms of price performance in a while.
Amid speculations that BlackRock is preparing to file for a spot Ethereum ETF, the token went on a massive surge, gaining over $200 in hours at one point. This resulted in breaking above $2,100 for the first time in seven months.
Despite losing some traction since then, ETH still trades north of $2,000 and is up by more than 11% on a weekly scale.