Crypto Whales Accumulate DeFi Tokens Amid Market Crash

This month, the largest tokens have underperformed. Because of the increased uncertainty, whales have gravitated toward the Defi token.

According to Whalestats, top Ethereum whales are adding DeFi tokens to their tally despite the falling price. Wrapped Bitcoin (WBTC) emerged as one of the tokens that the largest ETH wallets are accumulating, according to data. Whale wallets have added approximately $53.19 million in WBTC in the last 24 hours. At the time of writing, the token was trading at an average price of $28,805.

An ETH wallet called “Bluewhale” has scooped up $47.44 million in 1.646 wrapped Bitcoin.

The whale appears to be on a buying spree. Bluewhale also added a whopping $47.38 million in Wrapped Ethereum (wETH). The transaction transferred 27,238 wETH to its wallet. Meanwhile, the whale now has $53.9 million in wETH tokens. Wrapped Ethereum is currently trading at an average price of $1,767 at the time of publication. Previously, it was reported that another ETH wallet added nearly $12 million in wETH.

Chainlink Overtakes WBTC As The Most Traded Token

However, according to Whalestats, Chainlink (LINK) has knocked WBTC off the top of the most traded tokens among the top 500 ETH whales. LINK is another DeFi token that has dropped by 50% in the last 30 days.

The cryptocurrency market capitalization has suffered greatly as a result of geopolitical issues and the recent Terra LUNA crash. The price of Bitcoin (BTC) is currently hovering around $28,800. In the month of May, the market capitalization of Bitcoin fell by nearly 27% to $549 billion.

The same thing happened with its ETH fork, WBTC. Its market capitalization has dropped to $7.89 billion. The whale’s accumulation, on the other hand, suggests a dip buying trend. Meanwhile, the market value of DeFi tokens has dropped by a whopping 26% in the last day. It is now worth $50.51 billion.