In a notable display of confidence, crypto whales have made significant investments in Arbitrum (ARB), Ripple (XRP), and Ondo (ONDO) during the fourth week of July 2024. This surge in activity underscores potential strategic moves among major market players, despite a lackluster performance from these altcoins in recent weeks.
Strategic Accumulation by Crypto Whales
Despite a less-than-stellar performance in the preceding week, crypto whales have shown renewed interest in certain altcoins, suggesting a bullish outlook for the near term. Their substantial accumulation of these assets indicates a strategic purchase pattern, with the potential to influence market prices significantly.
Arbitrum: A Surprising Choice Amid Market Uncertainty
Arbitrum’s inclusion among the top acquisitions by whales might come as a surprise, given the token’s recent price performance. The native token of the Ethereum layer-2 scaling solution has seen its value fluctuate, yet whales have seized the opportunity to accumulate at unprecedented levels. Data from IntoTheBlock reveals that the netflow of large holders surged by an astounding 870.62% over the past seven days.
Netflow, which measures the difference between large holders’ inflow and outflow, indicates a significant accumulation when positive. This suggests that the recent purchases by whales outweigh any selling activity. While the exact reasons for this surge remain speculative, the anticipated approval of a spot Ethereum ETF is believed to play a role. Market participants are optimistic that this approval could catalyze a temporary rise in related tokens’ prices, though it has yet to materialize.
Ripple: Rising Whale Confidence Fuels Market Optimism
Ripple’s XRP has experienced a wave of positive sentiment, reflected in the increasing number of large addresses holding the token. According to Santiment, the share of XRP held by addresses containing 100 million to 1 billion tokens has risen from 37.99% to 40% since July 23. This increase signifies growing whale confidence, which often precedes price hikes.
XRP has recently reclaimed the $0.60 mark, following a 9.67% price increase. Should this trend of whale accumulation continue, the token’s value may see further gains in the near future.
Ondo: Institutional Interest Spurs Bullish Predictions
Despite being 33.20% below its all-time high, Ondo has attracted significant attention from institutional investors and high-net-worth individuals. This renewed interest is seen as a signal that the current price level is perceived as a buying opportunity.
Blockchain analytics from IntoTheBlock show a remarkable 1468.89% increase in the netflow of large holders over the past week. This suggests that entities controlling between 0.1% and 1% of the total circulating supply have significantly increased their holdings. Currently trading at $0.98, ONDO has seen a slight uptick in price over the last 24 hours. Continued whale activity could push the token’s price to $1.20, a level last seen on July 1, 2024.
Conclusion
The fourth week of July 2024 has witnessed substantial movements by crypto whales into Arbitrum, Ripple, and Ondo, indicating a strategic accumulation of these assets. While the immediate reasons for these investments may vary, the overarching theme is one of cautious optimism and potential market foresight. As these large holders continue to influence market dynamics, the coming weeks will reveal whether these strategic bets pay off.
