Whales have started accumulating crypto assets linked to decentralized financial protocols as the market gains bullish momentum.
According to Lookonchain data, three whale addresses received $15.9 million worth of DeFi tokens over the past two days.
Tokens include PUMP, CLOUD, Kamino, Jito and DRIFT. Among them, CLOUD and DRIFT recorded slight declines, while PUMP and KMNO gained more than 6%. The JTO only increased by 1%.
BitMEX co-founder Arthur Hayes has also purchased DeFi tokens over the past two weeks. According to Lookonchain, Hayes sold $5.53 million worth of Ethereum to buy Pendle, Lido, Ethena and Ether.fi.
The BitMEX co-founder is not a new player on the DeFi coin scene. Currently, his total altcoin holdings are worth approximately $78.3 million, according to Arkham data.
Another massive crypto whale made a $332 million ETH deposit to Binance for a potential sale due to the asset’s poor performance.
Since the beginning of October, the market capitalization of cryptocurrencies has lost more than $1 trillion in value. Last month, market sentiment fell to “extreme fear” levels not seen since the 2022 FTX collapse.
Most major assets, including Bitcoin and ETH, have moved away from their all-time highs. BTC is down 30% and ETH is 40% off their respective ATHs.
Today, December 31, however, market-wide traction has helped to slightly strengthen community sentiment. According to CMC data, the fear and greed index reached 32 for the first time since November 3.
Despite the bearish performance over the past three months, some analysts still expect a market-wide recovery for crypto assets. There have been hints of a $8,500 breakthrough target for Ethereum, the leading altcoin.
Read original story Whales Hoard DeFi Tokens as Crypto Sentiment Improves by Wahid Pessarlay on Coinspeaker.com
