Although Bitcoin (BTC) and related investment products became the main character of June, some altcoins were not ignored by crypto whales.
Among the coins that have experienced a surge in institutional interest are Bitcoin Cash (BCH), Litecoin (LTC) and Compound (COMP). If historical data is taken into account, the actions of crypto-whales can be the catalyst for a massive increase in the price of these tokens.
Cryptokits are buying up Bitcoin Cash (BCH)
On June 30, the price of Bitcoin Cash closed at $308. However, readings from key on-chain metrics hint that the rally is not over yet. The chart below shows that between June 21 and June 30, addresses with a balance between 1 million and 10 million BCH increased their holdings by 170,000 coins worth $52.4 million.
Source: Saintly
If crypto whales continue to buy, the next target for BCH could be $350.
Investors are hoarding Litecoin ahead of the halving
Litecoin has finally broken above the $105 resistance level and hit a new 2023 high of $108. However, for whales holding 1-10 million coins, this was not enough. The chart below shows that between June 26 and June 30, they purchased another 430,000 LTC worth $46 million.
Source: Saintly
In the event that this cohort of investors remains bullish, the next stop in Litecoin price could be $120.
Compound Finance is gaining momentum
In the last week of June 2023, the price of Compound Finance skyrocketed by 90%. According to on-chain metrics, the main driver of the ongoing rally was the increased activity of whales. On the chart IntoTheBlock shows that between June 20 and June 29, the number of COMP transactions in excess of $100,000 increased by 300%, from 8 to 67 transactions.
Source: IntoTheBlock
This is the highest figure Compound Finance has seen since February 2022. Thus, the actions of large investors may encourage retail players to take long positions as well.
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2023-07-01 15:31:00
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