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The crypto market looks set to start July 2023 on a bullish note amid renewed institutional investors’ interest. But can crypto whales push aside the FUD surrounding the SEC’s recent lawsuits and keep buying these three altcoins in July?
BTC has continued to dominate the charts and media headlines for the better part of June 2023. However, Blackrock’s recent Bitcoin ETF application has also improved the general sentiment within the altcoin market.
These three altcoins have attracted significant crypto whale demand in recent weeks. And quite remarkably, one of them has already delivered triple-digit gains in June. Are these the top coins to watch in July 2023?
Crypto Whales Are Still Scooping Up Bitcoin Cash (BCH)
Bitcoin Cash (BCH) price closed June 30 at $308, sending its monthly gains well above 140%. According to on-chain data, the BCH price rally may not be over yet.
The chart below shows that crypto whales holding 1 million to 10 million BCH coins have increased their holdings since June 21. Remarkably, between June 21 and June 30, they bought a whopping 170,000 BCH coins.
At the current market value of $308, the fresh investment made by the crypto whales is worth $52.4 million. With such a large inflow of funds within a week, it’s no surprise that Bitcoin Cash has reclaimed the $300 milestone for the first time since May 2022.
If the whales continue to buy, $350 could be the next target for BCH in July 2023.
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A New 2023 Peak is In, But Will the Litecoin Whales Gun for More?
On June 30, after multiple attempts in February and April, Litecoin finally broke above the $105 resistance to hit a new 2023 peak of $108. However, a specific cohort of bullish crypto whales holding balances of 1 million to 10 million LTC coins is now gunning for more gains.
The chart below illustrates how they increased their holdings by 430,000 LTC between June 26 and June 30.
Litecon currently sits at $107, meaning the whales’ new investment is worth $46 million. Considering their financial power and influence, this group of whales could inspire strategic retail investors to remain bullish instead of booking profits.
If the Litecoin whales keep up the bullish momentum, $120 could be the next stop for LTC price in July 2023.
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COMP Scores Big Gains as Whales Enter Compound
To the surprise of many, Compound Finance (COMP) price scored 90% in the last week of June 2023. As COMP price tested $60 for the first time since February 2023, on-chain data revealed that the increased whale trading activity is one of the pivotal factors behind the ongoing COMP rally.
Between June 20 and June 30, whale transactions involving COMP skyrocketed by more than 300%.
The IntoTheBlock chart below shows how COMP Large Transactions increased from 8 transactions on June 20, to a1-year high of 67 transactions at the close of June 29.
The Large Transactions metric tracks the trading activity of whale investors by summing up the daily number of confirmed transactions that exceed $100,000.
Given that this is the highest level of whale activity that Compound Finance has seen since Feb. 2022, this could soon inspire retail investors to take long positions as well.
In summary, bullish sentiment among large institutional investors is critical to any cryptocurrency project’s short-term price prospects and long-term viability. With the flurry of Bitcoin ETF applications, the number of crypto whales buying these altcoins will likely increase.
Hence, investors will be keeping an eye out for Bitcoin Cash (BCH), Litecoin (LTC), and Compound Finance (COMP) in July 2023.