In recent times, the largest cryptocurrency, Bitcoin (BTC) 
$67,656, is facing a degree of selling pressure and has been trading in a rather narrow range of $26,500 to $27,500. The trade volume and liquidity of Bitcoin have practically dried up, as Bitcoin entries to crypto exchanges plummet to new lows. The stagnant price movement of Bitcoin is leading big crypto investors, known as sharks and whales, to accumulate altcoins and stablecoins.
Big Investors Buy Stablecoins
Big crypto investors, termed as sharks and whales, are gathering altcoins and stablecoins, according to on-chain data provider Santiment. “As the price of Bitcoin remains stable, we see that the sharks and whales are accumulating stablecoins and increasing their buying power for the future,” stated the data provider.
Among the stablecoins predominantly accumulated by big investors are USD Coin (USDC), Binance USD (BUSD), and Dai (DAI). Big investors, who hold assets between $100,000 and $10 million in their wallets, 37% have bought USDC, 6% BUSD, and 39% DAI.
On the other hand, some less-known altcoins seem to have caught the attention of the whales. Throughout May, big investors have been found to accumulate a few relatively lesser-known altcoins such as Prosper (PRO), Banqi (QI), and Maker (MKR). According to Santiment, these altcoins were bought by investors whose wallet balances range between $100,000 and $1 million.
4 Altcoins Accumulated by Big Investors
Render Token (RNDR), which has recently rallied robustly, is also on the radar of big investors. In just the last two weeks, the price of RNDR rose by 63%, and it became the 45th largest cryptocurrency by market value.
Having reached up to $2.785 on May 23, the price of RNDR then entered some kind of profit-taking phase. Considering that whale transactions for Render Token rose to the third-highest level in the past month, Santiment reported that investors in this altcoin need to be careful: “Important shark and whale level Render Token wallet addresses continue to increase in number. Especially the bronze line representing wallet addresses holding 1 million to 10 million RNDR is rapidly rising. These 90 wallet addresses represent the highest number in asset history. If big investors were profiting, the number of these wallet addresses would probably not continue to rise.”
