This week, the cryptocurrency market showed signs of recovery, focusing on long-term positions in Bitcoin, Ethereum, and Solana. This article examines trader activity and institutional investments.
Top Trader Holds Big Positions in ETH, SOL, and BTC
Following a shaky week for cryptocurrencies, trader TheWhiteWhaleHL remains at the top of the trading leaderboard. Data from Lookonchain shows that they hold 48,405 ETH worth approximately $181 million, 810,717 SOL valued at $152 million, and 223 BTC worth $26 million. The trader's unrealized gains total around $33 million, indicating confidence in the market's recovery.
Bitcoin and Stablecoins Could Support the Dollar
Anatoly Yakovenko, one of the founders of Solana, expressed that Bitcoin and stablecoins could support the dollar. He noted that Bitcoin is too volatile for everyday use, while stablecoins, often backed by the U.S. Treasury, could be utilized more frequently. He believes that the increased demand for stablecoins will lead to higher demand for U.S. government debt, thus supporting the dollar.
Growing Interest in Ethereum ETFs Over Bitcoin
According to analysts, Ethereum ETFs saw net inflows of $1.8 billion over the last week, compared to just $71 million for Bitcoin ETFs. This shift may indicate a growing interest from investors in Ethereum. Additionally, Sharplink Gaming, known for its large ETH reserves, received $145 million in USDC and transferred these funds to Galaxy Digital for further Ethereum purchases. Solana also garnered attention as REX-Osprey included JitoSOL in its ETF, marking a new level of acceptance for staking-related tokens.
The overall atmosphere in the cryptocurrency market represents a complex blend of long-term positions, innovative ideas about the role of cryptocurrencies in supporting traditional finance, and increasing interest in Ethereum. Traders and institutional investors continue to demonstrate activity, indicating a potential new phase in cryptocurrency development.
