The cryptocurrency market experienced significant growth in trading activity this week following the decision of the U.S. Federal Reserve to keep interest rates unchanged. Amid the overall rally, on-chain data revealed accumulation by whales of several key altcoins.
Here are the top altcoins that crypto whales bought in the second week of May.
Ethereum (ETH)
The leading altcoin ETH has become one of the assets that crypto whales have focused on this week. The altcoin has regained the $2,000 mark following the dovish stance of the Federal Reserve and the successful implementation of the Pectra upgrade two days ago.
These catalysts have helped restore bullish momentum, and ETH whales are taking advantage of it. According to IntoTheBlock, the net flow of large token holders has increased by 374% over the past seven days. A large holder is a wallet address that controls more than 0.1% of the circulating supply of the asset. Their net flow measures the balance between tokens coming in and out of these wallets.
The increase in net flow indicates a rise in whale accumulation, which is a bullish signal that could prompt retail investors to follow their lead.
In the case of ETH, the recent jump in net flow of large holders indicates growing confidence among major investors, which could help stabilize the price above $2,000 in the short term.
ApeCoin (APE)
APE is another altcoin that whales added to their portfolios this week. At the time of publication, the altcoin is trading at $0.61, up 13% over the past seven days.
Addresses of whales holding between 10,000 and 100,000 tokens purchased 640,000 APE during this period. The APE investor group currently holds 30.94 million tokens, the highest level recorded since November 2022. The increase in holdings underscores the recovery of trust and growing interest in APE, signaling that large investors are positioning themselves for potential growth.
Polygon (POL)
Previously known as MATIC, POL is another token that whales have paid attention to this week. According to Santiment, wallet addresses holding between 1 million and 10 million tokens purchased 3.24 million POL over the past seven days. This cohort of POL investors currently holds 308.34 million tokens. If whale accumulation continues, POL may continue its current rally in the short term.#BinanceSquare #Write2Earn #TradeOfTheWeek #TradeStories #Binance $POL
