Bitcoin (BTC) has recently faced some selling pressure and traded in a tight range between $26,500-$27,500 for a while. Trading volume and liquidity for Bitcoin have dried up with exchange inflows hitting new lows.
Amid Bitcoin (BTC)'s current poor performance, sharks and whales have started to collect altcoins and stablecoins. On-chain data provider Santiment Report states that there is not much change in BTC holdings among sharks & whales. Yet there is an increase in the accumulation of stablecoins and some altcoins.
The most accumulated stablecoins include USD Coin, Binance USD, and DAI Stablecoin. The $100k-$10m whale address holds 37% USDC, 6% BUSD and 39% DAI.
On the other hand, some lesser-known altcoins have also been on the whale group's radar. This May, whales and sharks have collected some lesser-known altcoins such as Porspoer $PRO, Banqi $QI and Maker $MKR. Based on in-network data provider Santiment, a $100k-$1m wallet has accumulated these assets.
Another altcoin that has shown a surge in recent times is Render Token (RNDR). In just the past two weeks, RNDR has gained 63% and has jumped to become the 45th largest cryptocurrency by market cap.
On Tuesday, May 23, the price of RNDR surged as high as $2.785 before the market began to tumble. On-chain data provider Santiment reported that investors should remain cautious as whale transactions surged to the third highest level over the past month.
So far the price of BTC has been traded down 2.17% in the last 24 hours at a trading level of $26,701.67.
