The Global cryptocurrency market is still trading under pressure. However, the crypto whales seem to be trading into DeFi in order to keep up with returns on their investments. According to the data, the largest wallets have added a good amount of Wrapped Bitcoin (WBTC) and Wrapped Ethereum (wETH) amid the price dip.
“Saruman” adds $10.3 mln worth of wETH
The biggest crypto tokens, Bitcoin and Ethereum haven’t performed well in the 30 days. BTC and ETH are down by 31% and 37%, respectively in the past 30 days. This has led the market to suffer terribly. The global crypto market stands at a valuation of $1.25 trillion which is down by over 3% over the last day.
In the meantime, the biggest of the ETH whales have been seen adding WBTC and wETH into their wallet. As per WhaleStats, A whale named “Saruman” has bought around $10.3 million worth of wrapped Ethereum in multiple transactions over the last 24 hours. However, the whale acquiring 1,321 wETH for $2.6 million is the largest transaction recorded at the same time.
The wETH is required to trade ETH for other ERC-20 tokens in Dapps as they run on smart contracts to facilitate trades between users. As we dig in, it shows that the “Saruman” is holding $32.7 million worth of wrapped Ethereum in its wallet. The ETH is trading at an average price of $1971 in the last 24 hours.
Top 100 ETH whales hold $41.03 mln worth of WBTC
The ETH whales seem to be going after the top wrapped tokens at the moment. They have added around $86.3 million worth of 2951 Wrapped Bitcoin in the last 24 hours. A whale named “BlueWhale0090” has single handedly added over $48.7 million worth of WBTC. Meanwhile, the “Saruman” has also added a whopping 999 WBTC for $29.31 Million.
As per data, the 100 biggest of the ETH whales are holding over $41.03 million worth of WBTC amid these market conditions. The bitcoin is trading at an average price of $29,199, at the press time.