The crypto market is showing signs of life as Bitcoin stabilizes above $40,000, and Ethereum whales are taking full advantage of the recovery. New data from WhaleStats reveals that deep-pocketed Ethereum investors have been on an altcoin accumulation spree, with Polygon (MATIC), Loopring (LRC), Render Token (RNDR), and Sushi (SUSHI) emerging as their top picks over the past week.
TL;DR
- Ethereum whales are accumulating Polygon (MATIC), Loopring (LRC), RNDR, and Sushi (SUSHI) amid market recovery
- MATIC replaced LINK as the number one traded token among the richest ETH holders in 24 hours
- One whale purchased 2,838,000 MATIC worth approximately $4.73 million
- Bitcoin holds above $40,000, with BTC trading at $42,412 as the broader market rebounds
- Ethereum reclaims $3,000, trading at $3,057 on CoinMarketCap data
Whale Watching: Million-Dollar MATIC Buys
The most eye-catching activity centers around Polygon (MATIC), which has surged to become the most traded token among the top Ethereum whales. According to WhaleStats data from February 6, 2022, MATIC has overtaken Chainlink (LINK) as the number one traded token among the wealthiest ETH holders in the last 24 hours.
The scale of accumulation is remarkable. One Ethereum whale, ranked as the fourth largest in existence, purchased 2,838,000 MATIC tokens for approximately $4.73 million. In a separate transaction, another whale snapped up $2 million worth of MATIC, while a third deep-pocketed investor bought $1.5 million of the Layer 2 scaling token.
Over the past seven days, MATIC sits at number five on the list of most-purchased tokens by Ethereum whales, with an average purchase amount of $41,220 per transaction.
Beyond MATIC: Loopring, RNDR, and Sushi Join the Party
The whale accumulation extends well beyond Polygon. Loopring (LRC), the Ethereum-based token designed for building non-custodial, order book-based exchanges using zero-knowledge proofs, takes the seventh spot with an average purchase of $7,865 per whale.
Render Token (RNDR) comes in at number eight, with an average buy of $7,197. RNDR allows anyone with a modern GPU to contribute rendering power in exchange for tokens, expanding the availability of GPU compute for artists and designers.
Sushi (SUSHI), the native token of the decentralized exchange SushiSwap, rounds out the top nine with an average whale purchase of $6,735. The renewed interest in DeFi tokens signals that whales are positioning themselves for a broader altcoin rally as market sentiment improves.
Market Context: BTC Stabilizes Above $40,000
The whale accumulation comes as Bitcoin holds firm above the psychologically important $40,000 level. On-chain analyst Will Clemente of Blockware Intelligence noted that Bitcoin whales — entities holding over 1,000 BTC — have begun accumulating again after months of distribution.
According to CoinMarketCap data from February 6, 2022, BTC is trading at $42,412, up 2.34% in the last 24 hours and 11.85% over the past week. Ethereum sits at $3,057, gaining 1.42% daily and 17.44% weekly. BNB trades at $419.55, Solana at $115.30, and Cardano at $1.14.
Clemente highlighted that BTC has broken a three-month-long downtrend dating back to November 2021. However, he cautioned that major horizontal resistance still lies at $40,700, with the next significant level being the confluence of the yearly open and short-term holder realized price around $47,000.
What the Whale Accumulation Means for Altcoins
The pattern of Ethereum whales rotating into Layer 2 scaling solutions and DeFi tokens is significant for several reasons. First, it suggests that sophisticated investors are positioning for a potential altseason as BTC dominance potentially weakens. Second, the focus on ZK-proof-based projects like Loopring indicates growing conviction in zero-knowledge technology as Ethereum’s scaling roadmap matures.
With short-term holders still underwater — their cost basis hovering around $47,000 according to Clemente — the selling pressure from this cohort may continue to diminish, potentially clearing the path for further upside across both Bitcoin and the altcoin market.
Why This Matters
When the largest Ethereum whales start aggressively accumulating altcoins, it historically precedes significant market moves. The combination of BTC breaking its three-month downtrend, ETH reclaiming $3,000, and whales rotating into Layer 2 and DeFi tokens creates a confluence of bullish signals. For investors, the whale accumulation data from WhaleStats provides a real-time window into where smart money is positioning itself ahead of what could be a decisive market move.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always do your own research before making any investment decisions.
4.73 million in one MATIC buy is not retail money. whales were clearly positioning for something
that was february 2022. wonder how that position held through the june crash. MATIC was like $2.40 then
MATIC at $2.40 seems like a dream now. That whale position is probably down 70% unless they rotated out early.
MATIC at $2.40 feels like another lifetime. that whale probably exited during the polygon 2.0 hype phase and moved on
Loopring and RNDR on the same buy list is interesting. L2 scaling and rendering compute, not just meme plays
LRC making a whale buy list is wild. been ghost town levels of activity on loopring for months at that point
LRC was a ghost town because GameStop never delivered on the marketplace hype. Whales bought the narrative and retail got stuck holding bags
RNDR was the actual smart pick here. decentralized gpu rendering has real demand from the AI boom, not just speculation