Ethereum (ETH) whales are piling into one metaverse altcoin while shedding leading digital asset Bitcoin (BTC) in the process, according to WhaleStats.
The whale-watching platform finds that over the last seven days, the largest 100 ETH holders bought blockchain-based gaming ecosystem The Sandbox (SAND) to the tune of $493,764 on average while selling an average of $501,243 worth of Wrapped Bitcoin (WBTC) over the same timeframe.
SAND also has one of the highest outflows amongst Ethereum whales at $413,765, but it comes in at a total net inflow of $79,999, according to the data.
Wrapped Bitcoin, on the other hand, didn’t crack the top 10 list of most purchased tokens but it was the fifth most sold token among high-net-worth ETH holders. WBTC is an Ethereum-based token pegged 1:1 to Bitcoin.
Though Bitcoin inflow may not be doing so well with ETH whales, crypto insights firm Glassnode reveals that institutional inflows and smaller-scale investments into BTC are on the rise.
“MicroStrategy buys an additional $190 million [BTC].
Smaller entities are buying Bitcoin in bulk.
Significant institutional flows into [Grayscale Bitcoin Trust] and Purpose BTC ETF.
Fresh new capital entering the market, mitigating the risk of a strong correction.”
Other notable tokens with positive inflows in the past week include Bored Ape Yacht Club’s ApeCoin (APE), oracle-providing network Chainlink (LINK), layer-2 Ethereum-scaling solution Polygon (MATIC) and decentralized finance platform Yearn Finance (YFI).Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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Featured Image: Shutterstock/LambArtist/Natalia Siiatovskaia