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Ethereum, Shiba Inu, Apecoin, Gala See Buying From Whales; Bitcoin Marks Its Highest Day of Utility Since December

Whales

Data from WhaleStats indicates that whales are accumulating crypto assets, Ethereum (ETH), Shiba Inu (SHIB), Apecoin (APE), Gala (GALA), Kyber Network (KNC), Sushiswap (SUSHI) in the last 24 hours. These tokens rank among the top ten purchased for the top ETH wallets, WhaleStats indicates.

In terms of trading volumes, Apecoin, Shiba Inu, KNC, Chainlink, and a few others have seen their trade volumes ramp up significantly as a result of whale activity.

  Top ten purchased tokens  courtesy: WhaleStats

Data shared by blockchain data tracker indicates that top Ethereum whale “Bombur,” who holds a mind-blowing one trillion SHIB in his portfolio has acquired another large amount of the meme cryptocurrency. Ethereum whale “Bombur” ranked 74th largest out of the top ETH wallets, has bought 53,788,394,748 SHIB or $1,076,305 worth.

Also, another crypto whale recently increased its holdings with a recent acquisition. A crypto whale named “Bonobo” ranked fifth among top ETH whales recently bought a total of 214,996 APE worth $3,212,043.

Whalestats also reports transactions of ETH whale “BlueWhale0383” who bought 1,150,000 MATIC ($1,209,800 worth) and 820,000 MANA ($1,180,800 worth).

Bitcoin Marks Its Highest Day of Utility Since December

On-chain analytics firm, Santiment reports that as bitcoin dipped to lows of $35,595 on May 5, the BTC network saw a whopping 1.17 million users making transactions. The onchain analytics notes that this was the highest amount of utility since Dec. 2, 2021. It says ‘’After yesterday’s mid-sized correction, the dust is still settling across crypto markets. Bitcoin’s network had 1.17M unique active addresses making transactions yesterday, which was the highest amount of utility since December 2, 2021’’.

Patrick Hansen of Unstoppable defi believes that the recent sell-off marks an ‘’ impressive illustration’’ of the currently high correlation between Bitcoin & risk assets.

He gives the analysis thus: ‘’Year-to-date, BTC is down 20% while the Nasdaq 100 is down about 21%. In 2017–19 the correlation coefficient between BTC & S&P 500 (daily moves) was just 0.01, but it jumped to 0.36 for 2020–21. It looks like the massive central bank responses to Covid in early 2020 changed the game’’.

Hansen noted that a Long-term correlation might mean worse for the BTC narrative as a haven. He however postulated that the current central bank tightening might reverse the trend, leading to a decoupling of these assets.

Bitcoin trades at $36,053 at the time of publication.

Image credit: Shutterstock

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