Crypto Whales Invest Heavily in Altcoins Despite Recent Declines

This week, major cryptocurrency investors have been acquiring altcoins, even though these assets have underperformed compared to the previous week. This trend indicates strong belief in their short-term potential.

These significant investors are making substantial purchases at current prices, focusing on Arbitrum (ARB), XRP, and Ondo (ONDO) for the week ending July 2024.

Arbitrum’s inclusion among top picks might seem surprising due to its recent performance. Currently priced at $0.72, ARB has experienced a notable 57.82% decline this year. Despite this, whales have been buying ARB aggressively, with a net inflow increase of 870.62% over the past week.

The rationale behind this investment might be linked to the expected positive effects of the Ethereum ETF approval, although this has yet to impact prices.

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XRP has also attracted significant whale investment, with the number of addresses holding substantial amounts of XRP increasing since July 23. At the time of writng, XRP is trading at $0.59. If whales continue their buying spree, XRP’s price may rise further.

Ondo has seen a 33.20% drop from its peak price, yet whales are buying at current levels, viewing it as a bargain.

Recent data shows a dramatic 1468.89% increase in net inflow from large holders. ONDO is currently trading at $0.99, and sustained whale interest could push its price back to $1.20, the level it reached on July 1, 2024.

Alexander Stefanov