Ethereum whales dive into One Metaverse altcoin and offload bitcoin, according to whale-watching site
Ethereum (ETH) whales are accumulating into a Metaverse altcoin while losing leading digital asset Bitcoin (BTC) in the process, according to WhaleStats.
The whale-watching platform notes that over the past seven days, the top 100 ETH holders bought blockchain-based gaming ecosystem The Sandbox (SAND) for an average of $493,764 and Wrapped Bitcoin (WBTC) for an average of $501,243 $ have sold the same period.
SAND also has one of the highest outflows among Ethereum whales at $413,765, but according to the data, it comes to a total net inflow of $79,999.
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 wealthy ETH holders. WBTC is an Ethereum-based token tied 1:1 to Bitcoin.
While Bitcoin inflow may not fare as well on ETH whales, crypto insights firm Glassnode reveals that institutional inflows and smaller investments into BTC are increasing.
“MicroStrategy buys another $190 million [BTC].
Smaller businesses buy Bitcoin in bulk.
Significant institutional inflows in [Grayscale Bitcoin Trust] and Purpose BTC ETF.
Fresh new capital is coming into the market, mitigating the risk of a sharp correction.”
Other notable tokens with positive inflows over the past week include Bored Ape Yacht Club’s ApeCoin (APE), oracle provider network Chainlink (LINK), layer-2 Ethereum scaling solution Polygon (MATIC), and decentralized finance platform Yearn Finance (YFI ).
Other coins with positive outflows over the past seven days include FTX Token (FTT), the native token of crypto exchange giant FTX, and decentralized derivatives exchange platform Serum (SRM).
Source: WhaleStatsCheck the price action
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