Big Crypto Players Scoop Up Millions in ETH, WBTC, and LINK
In recent weeks, a notable entity within the cryptocurrency sphere has made substantial acquisitions, amassing nearly $53 million in Ethereum (ETH) and Wrapped Bitcoin (WBTC) since December 21st, as per insights from blockchain analysis firm Lookonchain.
According to Lookonchain’s findings, this entity leveraged $20 million in the stablecoin USDC just this week to procure $10 million each of ETH and WBTC.
USDC, positioned as the second-largest stablecoin by market capitalization, operates with the objective of maintaining a 1:1 peg to the US dollar.
Since the noted date in December, the aforementioned entity has entered the market, acquiring a total of 13,843 ETH, valued at an average of $2,388, alongside 461 WBTC, averaging a price of $43,168.
WBTC stands as an ERC-20 token pegged to Bitcoin’s price, offering traders a means to engage in Bitcoin speculation while operating within the Ethereum ecosystem. At the time of this report, WBTC is trading at $47,530, with ETH trading at $2,511.
READ MORE: Thailand Paves Tax-Free Path for Crypto Traders
In a separate development, Lookonchain has uncovered intriguing activity involving an undisclosed crypto entity accumulating Chainlink’s native asset (LINK).
Reportedly, this entity withdrew 2,745,815 LINK, equivalent to $49.9 million, from leading exchange Binance, distributing these assets across 49 newly established wallets.
At present, LINK is trading at $18.47, showcasing notable gains of over 18% within the past week and exceeding 28% over the past month.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
