August is here, and it’s business as usual for the crypto community—another month to trade and make gains. It's only the first day of the month, and the market is already busy. Crypto whales are buying particular assets more than others, and we all know that the money is wherever the whales go.
More: Bitcoin Whales have Accumulated a Whopping $3 Billion in January
Anyone familiar with the market understands that the movement of whales can significantly influence asset prices. When whales buy in large quantities, it signals a bullish trend that could lead to a potential price rally. This creates a chain reaction: as retail holders observe significant positive trading activity by large investors, their confidence in the asset grows. Increased confidence typically results in more buying activity and sustained price rallies, leading to strong asset performance.
Well, the whales have come out again to fish, and this time, they seem to have settled on three major promising assets. The first is no surprise; it’s Ethereum, the second biggest crypto out there. Of course, ETH would get the attention of the whales. The second is everybody’s favorite frog-themed meme coin, PEPE, which has had a pretty good run this year. The third whale-favorite asset is ONDO, the governance token of Ondo Finance.
Not many people would be surprised to see Ethereum on this list. The entire market has been anticipating a rise in the price of ETH for a while now, especially since ETH spot ETFs have been approved and are now getting more inflows. ETH whales have already started sinking their teeth into more ETH holdings. As it stands now, according to data from IntoTheBlock, there has been a 167% increase in ETH’s large holders' net flow.
PEPE has also gained traction as whales have flocked to the meme coin. According to data from the Santiment, 85,400 addresses hold between 10,000 and 10,000 000 PEPE tokens. This is PEPE’s highest count since it launched in April 2023. PEPE whales increased their holdings by 12% in the last month alone, and it’s no surprise, too, since PEPE has been profitable recently.
The chart below shows that ONDO has also seen a very impressive surge in large holder inflows over the past month. It has seen an increase of 19% in the past 30 days, and when the metrics were tracked, it showed that the buying pressure was initiated from significant investors, in other words, whales. This could mean another good run for ONDO in August.
Related: How a Single Whale Impacted Bitcoin's Price
The whales certainly see something special in these three assets and are going all in on them. In these kinds of cases, people usually follow the whales. However, how long will the attention coming from the whales sustain these three assets? This is another important question that only time can answer.
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