As June draws to a close and the cryptocurrency market ramps up in preparation for the launch of a spot Ethereum ETF in July, digital whales are beginning to accumulate some assets.
These assets include Lido (LDO), AAVE (AAVE) and Toncoin (TON).
Lido (LDO) Whales are filling their bags
LDO is the governance token of the Lido Finance Protocol, the largest Ethereum liquid staking protocol by total value locked (TVL). It is trading at $2.41 at the time of writing, and has been on an uptrend over the past week.
As expectations grow for an S-1 registration filing for spot Ethereum ETFs in the coming weeks, whales have begun accumulating LDO in anticipation of a price surge when the funds launch.
The number of LDO whales holding between 1,000,000 and 100,000,000 tokens increased by 2% in the past week. At the time of writing, this faction of LDO holders consists of 114 investors
Their number fell to the lowest level of the year on June 15, with 111 addresses. However, with Ethereum Spot ETFs potentially launching in a few weeks, these whales have increased their purchases of LDO in the past week.
Aave (AAVE) is seeing an increase in large transaction volume
AAVE, the governance token for Aave, the popular decentralized lending platform, has seen a rise in large transaction volumes.
Over the past month, the daily number of AAVE transactions between $10,000 and $100,000 has increased by 128%. Larger transactions between $100,000 and $1 million also saw a 186% increase during the same period.
When the volume of large transactions for an asset rises, it indicates increased interest and activity from large holders. This often suggests that these investors have confidence in the future performance of the asset
AAVE has seen a noticeable increase in demand in the past few days. At press time, it is trading at $93.01, and its price is above its 20-day EMA.
This key moving average measures the average price of the asset over the past 20 trading days. When the price of an asset exceeds this average, it is a bullish signal indicating an increase in buying activity.
Toncoin (TON) rises 15% in the past month as whales become more involved
Toncoin (TON), the cryptocurrency associated with the popular messaging app Telegram, has risen 19% in the past 30 days. The coin recently reached an all-time high of $8.24 on June 15. At the time of writing, TON is trading at $7.59.
With investors anticipating further rises, TON whales consolidated their accumulation. On-chain data reveals that the number of TON investors holding between 10,000,000 and 100,000,000 tokens has increased by 12% in the past 30 days.
