Investors with years of experience in the crypto space closely monitor whales and their movements. Thanks to blockchain, it is possible to understand who is investing in which cryptocurrencies. Some experts use on-chain tools to track these movements and warn investors. The latest warning was again about the direction of “smart money.”
The Altcoin Everyone is Buying
Crypto investor Arthur Cheong mentions that seasoned investors, referred to as smart money, are particularly focusing on one altcoin. In his social media assessment, he mentioned that millionaire-level wallets are heavily accumulating AAVE.
Moreover, while the exchange supply is shrinking, the increasing demand reveals more potential for price increases. In his X account assessment, he wrote:
“The total supply of AAVE Coin on exchanges decreased by approximately 18.4 million dollars in 30 days. Many “Smart Money” wallets are accumulating AAVE.”
AAVE Coin is hovering above $100 and is among the assets that attract attention with its long-term potential as the token of the largest lending platform in the DeFi space.
Interest in DeFi Will Increase
Arthur believes this, and major centralized companies are taking steps to support it. For example, Binance has heavily supported new DeFi initiatives, setting aside its recent AI-focused crypto investments. Cheong mentions that star companies are already preparing for DeFi growth.
BitGo made an important decision for WBTC, followed by Coinbase announcing its own wrapped BTC, cbBTC.
“All these steps are causing more players to take an interest in the DeFi space.
In the next 6-12 months, we will see various wrapped and bridged BTC versions entering the ecosystem, including cbBTC from Coinbase and tBTC from Thresold Network. I expect to see at least 20 billion dollars of TVL (total value locked) in this area.
Coinbase, the world’s largest crypto custodian, has a major distribution channel to bring BTC to DeFi. I definitely care about this.”
More bridged BTC could also bring some balance to the ready-to-sell supply on exchanges. Moreover, the steps Coinbase and others will take in this area will also support the legitimacy of the DeFi world.
In terms of altcoin prices, the result of this growth is expected to see a rise in the tokens of DEX and lending platforms.
