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Sandbox, a Metaverse Altcoin, is attracting Ethereum Whales

Whale

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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