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Sandbox, a Metaverse Altcoin, is attracting Ethereum Whales

According to WhaleStats, Ethereum (ETH) whales are consolidating their holdings in one metaverse altcoin while dumping the dominant digital currency Bitcoin (BTC).

The whale-watching website discovered that over the last seven days, the top 100 ETH holders spent an average of $493,764 on blockchain-based gaming ecosystem The Sandbox (SAND), while selling an average of $501,243 on Wrapped Bitcoin (WBTC).

According to the data, SAND has one of the greatest outflows among Ethereum whales, at $413,765, but a total net inflow of $79,999.

Wrapped Bitcoin, on the other hand, did not make the top ten list of most acquired tokens. But, it did rank sixth among high-net-worth ETH holders. WBTC is an Ethereum-based token that is tied to Bitcoin at a 1:1 ratio.

While institutional inflows and smaller-scale investments into Bitcoin may not be doing so well with ETH whales. That’s, crypto analytics firm Glassnode reports that institutional inflows and smaller-scale investments into BTC are on the rise.

“MicroStrategy buys an additional $190 million [BTC].”

“Smaller entities are buying Bitcoin in bulk.”

“Significant institutional flows into [Grayscale Bitcoin Trust] and Purpose BTC ETF.”

“Fresh new capital entering the market, mitigating the risk of a strong correction.”

Source: WhaleStats

Other prominent tokens with good inflows in the last week include ApeCoin (APE) from the Bored Ape Yacht Club, Chainlink (LINK), Polygon (MATIC), a layer-2 Ethereum scaling solution, and Yearn Finance, a decentralized finance platform (YFI).

FTX Token (FTT), the native token of crypto exchange behemoth FTX, and Serum (SRM), a decentralized derivatives exchange platform. Of course, are two other coins that have seen positive outflows in the last seven days.

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