In the first week of December 2024, crypto whales actively made significant moves. Because they bought various altcoins. This buying spree is the signature move of whales fueled by favorable macroeconomic conditions or speculative opportunities. But which ones were the most profitable? According to the data, whales made profits with FTM coin and several other cryptocurrencies. Here are the details
FTM coin and other cryptocurrencies make a profit
According to the latest news, a whale attracted attention today. This is because he spent 420 WSTETH worth $2 million to buy 1.47 million FTM tokens. Notably, during this week, the whale bought 531.7 billion PEPE meme coins worth $11.04 million. He also added 4.55 million FTM tokens worth $5.83 million to his portfolio. Additionally, it bought 1.37 million AERO tokens worth $2.14 million. For this, he spent a total of $19 million worth of Ethereum. Thanks to these investments, this whale earned a total of $1.475 million. Moreover, this whale still holds 4,058 Lido wstETH tokens worth $19.27 million.
Meanwhile, some argue that, going forward, if BTC continues to rise, Bitcoin whales may continue to buy more cryptocurrency. This would push BTC prices higher. However, this won’t happen if crypto whales decide to lower their buying power.
Whales influence the market
In the cryptocurrency world, a select group of investors wield enormous power, influencing the markets through their actions. These are the crypto whales, large holders who play a significant role in shaping the crypto landscape. Crypto whales are large cryptocurrency holders who own a significant amount of a particular coin or token, often representing a significant percentage of the total supply. These whales have a significant influence on the crypto market due to their power and trading volume. According to Coinbase, a crypto whale is generally considered to hold at least 1,000 BTC or 100,000 ETH, although the threshold can vary depending on the cryptocurrency and market conditions.
In traditional finance, a similar concept applies to “smart money”, or institutional investors who can move markets with their trades. Crypto whales play a similar role in the blockchain ecosystem, influencing their own markets by using their vast holdings to buy, sell or hold cryptocurrencies. Crypto whales are not limited to Bitcoin and Ethereum; they exist in a variety of cryptocurrencies. For example, Tether (USDT) whales hold a significant portion of the stablecoin’s supply. Thus contributing to its dominance in the crypto market.
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