Trade Activity Shows Ethereum Whales Are Seeking Refuge In Stablecoins

Ethereum whales have been moving coins for a long time now. Investors have lost a lot of their portfolios due to the bear market. Even today, declining crypto prices continue to ravage the market. This has led to investors looking for safety in tokens with low volatility. Ethereum whales are not exempt from this flight.

Stablecoins are gaining popularity

In the 24 hour period ending on April 1, the trend in stablecoin trades among top Ethereum whales was evident. This is a shift in risk for these whales who are used to trading across multiple digital assets, regardless of volatility.

By trade volume, USDT has been the top-selling token for these Ethereum whales. Average volume of transactions by whales was $267328. This is even more than the amount for ETH which had the second highest trading volume. USDC was third on the list with an average of $89 180 over that time. 

The stablecoins were also at the top in terms of most-purchased tokens during this period. USDT was the first on this list and USDC came in second. Interestingly, ETH was not in third place as predicted because Ethereum whales purchased more SRM during this period than ETH. 

Ethereum (ETH) price chart from TradingView.com

The ETH price settled above $1,300| Source: ETHUSD on TradingView.com

Concerning sales, whales continued to move toward stablecoins. ETH was most popularly traded token in the past 24 hours. Most of the proceeds went to converting ETH holdings to the stable USDT or USDC.

Ethereum Whales Need Stability

The Ethereum whales moved to more stable options over the past 2022. While ETH is still the most popular token, this change in their token holdings indicates that these whales may be getting ready for another bearstorm.

Tokens like FTX Token or Shiba Inu were the top-ranked holdings for large investors at the start of the year. This has changed so that stablecoins now hold the biggest token holdings for these whales.

USDC, currently at $653.3 Million (26.09%), is the biggest token holder among the top 100 Ethereum whales. With a cumulative value of $575.14million, USDT follows at #2.96%. While Shiba Inu remains prominent on this list, it is far away from the top token owned by such large investors.

It isn’t surprising that crypto investors seek safety, despite the fact that experts continue to warn that investors about the possibility of a bottom in the market. The bottom will likely be less than the cycle lows already set, which would mean more pain.

Featured image taken from CryptoSlate. Chart by TradingView.com

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