A new research report made available by the Liechtenstein-based Crypto Research channel, reveals that cryptocurrency whales are increasingly hodling three altcoins amidst the consolidation of the two largest cryptocurrencies Bitcoin (BTC) and Ethereum (ETH).
According to Demelza Hays, a former crypto fund manager and member of Forbes 30 under 30, the decentralized finance (DeFi) tokens, Kyber Network (KNC), Ren (REN), Aave (LEND), have been accruing interests of cryptocurrency whales, considering the notable gains recorded in the past few months.
Demelza Hays wrote:
“In the past 30 days, the balance of top 100 KNC whales has grown by a total of 30.6 million KNC (~$48.1 million at the time of writing). In the same time frame, the top 100 LEND whales accumulated an additional 39.6 million LEND (~$10.1 million at the time of writing) to their collective bags, while the top 100 REN whales added 5.3 million REN (~$850,000 at the time of writing) more to their holdings.”
Going by Hays’ account, the steady increase in balances of the top 100 whales that are holding LEND, REN, and KNC indicates that they are actively accumulating the altcoins with a high investment optimism.
Hays further stated that the values of these DeFi digital assets are not solely driven by crypto whales, but retail investors are also shifting their interests towards the three cryptocurrencies.
“Since the start of the month, the number of addresses holding more than 1000 REN (~$150 at the time of writing) has increased by 550, the number of addresses holding more than 1000 LEND (~$250 at the time of writing) has increased by 817, while the number of addresses holding more than 100 KNC (~$157 at the time of writing) has grown by an additional 150.” Hays added.
The former crypto fund manager and member of Forbes 30 under 30 averred that crypto whales are possibly intending to keep holding these assets, due to the continued price upsurge of the three digital assets.