beincrypto.com
The crypto market has experienced a significant surge in trading activity this week, following the US Fed’s decision to hold interest rates steady. Amid the broader rally, on-chain data has revealed whale accumulation in several key altcoins.
Here are the top altcoins that crypto whales have been buying in the second week of May.
Ethereum ($ETH)
Leading altcoin $ETH has emerged as one of the assets that crypto whales have paid attention to this week. The altcoin has reclaimed $2,000 following the Federal Reserve’s dovish stance and the successful implementation of its Pectra Upgrade two days ago.
These catalysts have helped restore bullish momentum, and $ETH whales are taking advantage. According to IntoTheBlock, the coin’s large holders’ netflow has soared 374% over the past seven days.
A large holder refers to a wallet address that controls more than 0.1% of an asset’s circulating supply. Their netflow measures the balance between coins flowing in and out of these wallets.
A rise in netflow indicates increased whale accumulation, a bullish signal that can prompt retail investors to follow suit.
In $ETH’s case, the recent spike in large holder netflow suggests growing confidence among major investors, which could help the price stabilize above $2,000 in the short term.
Apecoin ($APE)
$APE is another altcoin that the whales have added to their bags this week. At press time, the altcoin trades at $0.61, climbing by 13% in the past seven days.
Whale addresses holding between 10,000 and 100,000 tokens have acquired 640,000 $APE during that period.
This group of $APE investors currently holds 30.94 million tokens, the highest level recorded since November 2022. The surge in holdings highlights renewed confidence and growing interest in $APE, signaling that major investors are positioning themselves for potential upside.
Polygon ($POL)
Formerly known as MATIC, $POL is another token on whales’ radar this week. Per Santiment, wallet addresses that hold between 1 million and 10 million tokens have bought 3.24 million $POL in the past seven days.
This cohort of $POL investors currently holds 308.34 million tokens. If whale accumulation persists, $POL could extend its ongoing rally in the short term.