What cryptocurrencies do whales buy?

Let’s figure out which cryptocurrencies whales are currently investing in in hopes of making a profit in August.

When crypto whales start to actively take an interest in an asset, it often signals its potential. Small investors, seeing the activity and confidence of large players, follow them. This leads to an increase in purchases and an increase in the price. At the beginning of a new month, the whales’ attention is attracted by such assets as Ethereum (ETH), Pepe (PEPE) and ONDO.

Ethereum (ETH) Sees Capital Inflow from Major Investors

The market is hoping that the launch of Ethereum (ETH) spot ETFs will lead to increased capital inflows into the asset and support the price growth. Against this backdrop, ETH whales have stepped up their accumulation. IntoTheBlock data showed a 167% increase in net funds flow in the large holders segment over the past seven days.

Large holders are addresses that hold more than 0.1% of the asset’s circulating supply. Net flow measures the difference between the number of coins these large holders bought (inflow) and sold (outflow) over a given period.

When this indicator rises sharply, it is a bullish signal. It indicates that whales are accumulating this asset. Conversely, a decrease means an increase in the outflow of funds from the addresses of large players. This is fraught with potential selling pressure and a decrease in the price.

ETH is expected to cross its 20-day exponential moving average (EMA), which tracks the average price over the last 20 trading days. Such a crossover usually indicates an increase in buying pressure. If this happens, the price could rise to $3,448.

Pepe (PEPE) whales have reached an all-time high

The popular memecoin Pepe (PEPE) is actively attracting whales. According to Santiment, the number of addresses with a balance of 10,000 to 10,000,000 PEPE tokens has increased to 85,400. This is the highest figure since the coin was launched in April 2023. In the last month alone, the number of such PEPE holders has increased by 12%, although the token has been in a range all this time.

However, the indicator of the ratio of market and realized value (MVR) shows that the memecoin is currently overvalued and investors may sell it to lock in profits. At the time of publication, MVRV was showing positive values ​​when measured against various moving averages. Specifically, the MVRV metrics for the 30- and 365-day moving averages are 8% and 97.58%, respectively.

When this metric shows a positive value, the market price of the asset is above the average purchase price of all coins in circulation. This situation means that the asset is overvalued and is selling at a price higher than its historical value. This is good because traders are in profit. However, this encourages traders to sell in order to take profits at current levels. Sustained selling can put pressure on the price of PEPE and send it to $0.0000099.

Ondo (ONDO) Attracts Large Holders

According to IntoTheBlock, governance token Ondo Finance has seen a 19% increase in major player inflows over the past 30 days.

This indicator tracks the amount of cryptocurrency entering the wallets of large holders. Its growth indicates increasing buying pressure from significant market players. If whales continue to accumulate ONDO in August, its price could rise to $0.99.

However, if profit-taking begins, this could lead to a decrease in the token price to $0.84.

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