Following recent declines in Bitcoin and altcoins, fresh whales have directed their attention to DeFi tokens, considering current levels attractive for investments.
Phase of Cryptocurrency Decline
After sharp declines in Bitcoin and altcoin prices, many investors have begun to consider that the market may have hit bottom. In such conditions, large players, known as 'whales', start making new acquisitions, assessing the potential for future growth.
Fresh Whales' Investment in DeFi Tokens
Two fresh whales have purchased DeFi tokens AUCTION, Uniswap (UNI), and MKR on Binance. According to Spot on Chain, whale '0xace' bought 374,333 UNI worth $2.3 million and 1,735 MKR worth $2.06 million. Meanwhile, whale '0xEc1' withdrew 500,000 AUCTIONs worth $13.9 million from Binance over the last three days. These actions demonstrate growing interest from whales in DeFi tokens as part of their investment strategy.
DeFi Market Ahead of Possible Rally
These active DeFi token acquisitions may indicate whales' preparation for a potential rally in this market. Over the past 21 days, one of the whales acquired 26.2% of the total AUCTION supply, resulting in an unrealized profit of $32.9 million (+87%). However, time will tell the ultimate outcome of their strategy.
While the market awaits a potential rally, whale activity in the DeFi sector showcases their confidence in the growth potential of this area. This highlights the importance of market research for potential investors.
