Ethereum Whales Divest Half Their Hoarded Crypto Assets, USDC Largest Holdings After ETH

Ethereum Whales are divesting their holdings in the past few weeks. The focus of their interest has been the Dogecoin killer Shiba Inu which has been the hot favorite of the crypto whales.

The downturn in the Ethereum fortunes have led to the Ethereum whales divesting their load in a big manner.

Ethereum Whales Divest Their Load

When the Shiba Inu was surging in values the top Ethereum whales have hoarded an aggregate of $1 billion worth of the canine themed meme coin. The situation continued and financial and other investors held on dearly to their holdings thinking that the coin will drop one more zero, something which never happened.

The biggest Ethereum whales is sitting upon some $160 million of SHIB resources and this means that the past month, the whales have divested diminished their property by more than $300 million. A few months later the ETH Whales started divesting their hoardings and it fell to $500 million at some point over the most recent two months.

FTX Token can be labelled as the power for SHIB and it became the largest dollar property of Ethereum whales, totaling almost $1 billion at a certain point. Presently the token has lost favor and sits at just $25 million held by the main 5,000 ETH whales.

SHIB Price at the time of writing – $0.000012

As the Shiba Inu and FTX tokens lost their sheen, the whales have been shifting their resources somewhere else. They are now focusing Stable coins. The biggest chunk has been USDC after Ethereum and at $882.8 million, constituting 23.83% of their complete possessions. USDT closely followed behind with $754.6 million. Another stable coin which also is a hot favorite is ETH-fixed stETH and the whales have hoarded more than $324 million in stETH.

The present financially unstable times is leading the whales to go for stable coins rather than in other altcoins because of their volatility. The big financial players are playing it safe and are unwilling to put into risk their funds amid the instability which is shaking the market.