The crypto markets made a lukewarm start to May as reports of potential US debt ceiling woes spread across the global capital markets. Despite the gloomy market sentiment, crypto whales have taken bullish positions on certain altcoins.
Crypto whales have been making strategic investments in cryptocurrencies like Arbitrum, HEX, and MASK in recent weeks. Based on historical trends, these altcoins are poised to make massive gains in May 2023.
Arbitrum Whales Are Scooping The Dip
Between April 14 and May 11, Arbitrum (ARB) price dropped by 35%. But interestingly, whales holding balances of one million to 10 million ARB tokens continued to buy the dip.
The chart below shows how they added another 158 million ARB to their wallets between April 13 and May 16.
At the current market price of $1.20, the newly-added tokens are worth nearly $190 million. This accumulation frenzy among the whales could be a major premise for a more bullish Abritrum price action in May.
Crypto Whales are Positioned for the Next HEX Rally
Before its 40% price correction in May, Richard Heart-led HEX token has continued to attract investment from a strategic cohort of crypto whales.
On-chain data reveals that crypto whales holding one million to 100 million are already positioned for another HEX bull rally in May 2023.
The Santiment chart below shows how they added another 400 million tokens worth nearly $13 million to their balances between May 5 and May 16.
Quite remarkably, the whales continued to buy even when the HEX price retraced by a whopping 50% in the past week. If this trend continues, HEX holders can expect a substantial price upswing in the coming days.
Large Investors are Eyeing MASK
Mask Network is a blockchain protocol that allows users to send encrypted messages over Twitter and Facebook. It essentially acts as a bridge by adding a decentralized network layer running on top of the conventional internet.
Mask Network’s native MASK token is another altcoin that has been on the radar of large institutional crypto investors in recent weeks. Even as the MASK price declined by 15% in May, crypto whales have maintained their confidence in its future price prospects.
The chart below shows how crypto whales holding 100,000 to 1 million MASK have accumulated another 1.41 million tokens since May 7.
At the current market value of $3.9, the newly added tokens are worth over $5.5 million. If this strategic cluster of crypto whales continues their accumulation frenzy, it could propel MASK into its next rally once the global market sentiment turns bullish again.
Whales are large investors holding at least $100,000 worth of a specific cryptocurrency.
Due to their disproportionately huge financial power, their buy/sell patterns can considerably impact an asset’s price.
Hence, it is important for strategic investors to keep an eye on whales’ buy/sell patterns as May 2023 unfolds.
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