The cryptocurrency market didn’t get off to a positive start until July 2023, when the industry’s market cap surged to over $1.2 trillion. As Bitcoin dominance declines, which altcoins will crypto whales buy in July?

Table of Contents

  1. Aviv

  2. Maker Knife

  3. Compound Finance (COMP)

BTC (BTC.D) dominance has dropped 1% to 51.2% this week as some notable altcoins begin to climb the top long rankings.Against the backdrop of altcoin market gains, crypto whales have been keeping a close eye on three altcoins this week.

Aviv

AAVE is the native token of the Aave DeFi protocol. The AAVE platform allows users to borrow and lend a variety of crypto assets.

The recent rally has sparked a DeFi craze. As one of the leading DeFi lending platforms, it’s no surprise that whales are hoarding AAVE tokens this week.

The chart below shows the accumulation of whales holding between 1 million and 10 million BCH since June 22. Notably, from June 23 to July 5, they purchased as many as 190,000 AAVE tokens.

AAVE whale wallet balances, July 2023. Source: Santiment

With a current market cap of $74, the whales’ new investments are worth about $14 million. Such a large inflow of funds in such a short period of time suggests that the AAVE price could be even more profitable in July.

Maker Knife

Online data from Santiment shows that crypto whales bought MKR this week. MakerDAO, the issuer of the stablecoin DAI, continues to divest collateral assets from USDC.

Since January 2023, approximately $2.4 billion of USDC has been locked in PSM, a key component of MakerDAO's architecture that allows users to deposit USDC and mint DAI at a 1:1 ratio. But according to DeFiLlama, this figure has dropped to around $520 million. This indicates that the amount of USDC directly used to support the DAI stablecoin has decreased by 78%.

Specifically, crypto whales responded to this development by filling their MKR pockets. As shown in the chart below, MKR whales holding between 10,000 and 100,000 tokens accumulated 23,000 MKR from June 21 to July 5. At the current price of about $1,000, the new investment is worth more than $23 million.

MKR whale wallet balances, July 2023. Source: Santiment

MRK’s price has risen 50% this week to a new 2023 high of $1,000, thanks to whale accumulation spree. Maker whale (MKR) investors received this withdrawal due to the recent SEC FUD on Coinbase and the exchange’s close ties to USDC.

Compound Finance (COMP)

COMP has achieved double-digit gains for two consecutive weeks. In addition, Compound Finance (COMP) continued its chain of gains in July after reaching 90% in the last week of June 2023. On-chain data shows that crypto whales buying COMP played a key role in driving the token to achieve double-digit gains for the second consecutive week.

From June 30 to July 5, crypto whales holding between 100,000 and 1 million COMP purchased an additional 1.08 million tokens.

Crypto whales buying COMP in July 2023. Source: Santiment

Strong whale activity on Compound Finance has caused prices to nearly triple from their recent lows on June 11. As whales show no signs of slowing down, other retail investors can continue to buy into the bull run as well.

All in all, the optimism of large institutional investors is crucial to the price performance of any cryptocurrency project. Therefore, if the buying spree of crypto whales continues, AAVE (AAVE), Maker (MKR) and Compound (COMP), Litecoin (LTC) are likely to continue to rally until July 2023.