The altcoin market has shown early signs of a positive start to August 2023. On-chain data shows that crypto whales have invested millions in three high-cap tokens in the top 50 crypto rankings.
Excluding Bitcoin (BTC), the global altcoin market capitalization saw an impressive rally during the first half of July. However, the rally has since corrected back to break even. While XRP grabbed the spotlight last month, on-chain data reveals that crypto whales have started stacking up Arbitrum and two other high-cap altcoins.
Heading into August 2023, can the whales spark an industry-wide bullish momentum?
Institutional Investors Acquired $100 Million Arbitrum (ARB) in Two Weeks
According to the Beincrypto price charts, Arbitrum (ARB) is down 14% over the last two weeks. But behind the scenes, bullish whale investors have been scooping the dip.
On-chain data shows that crypto whales holding balances of 100,000 to 10 million ARB added 98 million tokens to their wallet balances between July 15 and August 2.
At the current market value of $1.14, the newly-acquired 98 million ARB tokens are worth an estimated $112 million. If the whales continue to maintain their optimistic stance, it could be only a matter of time before ARB enters a bullish reversal.
Uniswap Hits a 4-Month Price Peak, But Will the Whales Gun for More?
For the first time since April, the Uniswap (UNI) price has broken above $6.50 on August 1, 2023. Although the bears have instantly prompted a mild correction toward $6.12, the bullish trading activity among the whales suggests the UNI price rally may not be over yet.
Remarkably, whale transactions involving UNI skyrocketed by more roughly 600% between July 22 and July 31. This suggests that the uptick in increased whale trading activity is one of the pivotal factors behind the ongoing UNI price increase.
What Crypto Whales are Buying in August 2023 | Uniswap (UNI) Whales Wallet Balances. Source: Santiment
Whale Transactions track whale investors’ trading activity by summing up the daily number of confirmed transactions that exceed $100,000.
Remarkably, the 139 Whale Transaction count recorded on July 31 is Uniswap’s highest level of whale activity since February 16. If the whales continue on this trajectory, $8 could be the next target for UNI in August 2023.
Cardano (ADA) Large Investors Are Swimming Against the Tide
With ADA price and network activity in a steep decline, resilient Cardano whale investors are swimming against the tide to avoid a price crash.
Evidently, despite a 2% price retracement from last week, crypto whales holding balances of 1 million to 10 million ADA have continued buying. The Santiment chart below shows they added 150 million ADA coins to their wallet balances between July 14 and August 2.
What Crypto Whales Are Buying in August | Cardano (ADA) Whales Wallet Balances. Source: Santiment
With ADA price currently hovering around $0.30, the 150 million coins acquired in the last two weeks are worth $45 million. Such a large volume of inflows within a short period means that the Cardano whales are positioned for a price rebound.
If Cardano whales maintain this bullish stance, strategic retail investors could join in and inadvertently flip the tide in their favor.
In summary, when large institutional investors start buying up a crypto asset, it inspires confidence across the ecosystem. Hence, Arbitrum (ARB), Uniswap (UNI), and Cardano (ADA) are some of the altcoins to look out for in August 2023.