Bitcoin (BTC) Falters... Whales Sweep Up 3 Altcoins

▲ Uniswap (UNI), Orca (ORCA), Pump.fun (PUMP), Cryptocurrency Whales/AI Generated Image

Bitcoin (BTC) has entered September, a month traditionally weak for it. At the same time, crypto whales instead increased their holdings of Uniswap (UNI), Orca (ORCA), and Pump.fun (PUMP). Even amid market weakness, accumulation by large wallets was observed.

According to BeInCrypto on September 2 (local time), whales increased their holdings of Uniswap, Orca, and Pump.fun during the first 30 hours of September. Bitcoin has closed September with a decline five times in the last eight years. This time, the market started 2.2% lower than Tuesday's high, but large wallet holdings of some altcoins increased.

The holdings of Uniswap whale wallets, as classified by Nansen, increased from 3.2 million UNI to 3.46 million UNI on September 2. The increase was 257,777 UNI, worth approximately $1.62 million. The number of whale wallets also increased from 8 to 9. $2.91 million flowed into new wallets, and exchange holdings decreased by 351,274 UNI. Uniswap rose 9% in 24 hours and 47% over the week. According to DeFiLlama, daily trading volume reached $2.69 billion, and fee revenue was $10.7 million. However, derivatives traders reduced their Uniswap exposure by $854,910, and whales also net-sold $130,256 on decentralized exchanges.

In Orca, price and whale movements diverged. Whale holdings increased by 25.4% from 160,325 ORCA to 201,097 ORCA, but the price decreased by 1.3%. The number of whale wallets remained at 10, indicating that existing large holders increased their positions. Approximately $263,753 worth of ORCA flowed out of exchanges in 24 hours. This was the second largest outflow in the last 30 days. However, whale fund flows showed a net outflow of $417,113 over 7 days.

In Pump.fun, strong buy and sell signals clashed. Whale holdings increased by 62.75 million PUMP, an increase of approximately $272,000, and $1.83 million flowed into new wallets. However, the price decreased by 3.5%. Smart traders sold $475,249, and $1.8 million flowed out of top-profit wallets. Exchange fund flows also shifted from a net outflow of $885,645 to a net inflow of $739,671.

Pump.fun stated that it uses half of its earned revenue to buy PUMP from the open market and then burn it. The amount burned in the last day was $997,700. At the beginning of September, whale wallets held 4.745 billion PUMP. BeInCrypto reported that while whale holdings increased for all three assets, whale selling was observed on decentralized exchanges during the same period. Uniswap showed the strongest signals supporting accumulation, Orca exhibited a notable divergence between price and whale holdings, and Pump.fun saw strong conflicting sell signals.

[Key Article Summary]

-During the first 30 hours of September, whales increased their holdings of Uniswap, Orca, and Pump.fun, moving against the market's bearish trend.

-Uniswap whales added 257,777 UNI, Orca whale holdings increased by 25.4%, and Pump.fun whale holdings increased by 62.75 million PUMP.

-While whale accumulation was observed for all three assets, caution signals also appeared in decentralized exchange selling and derivatives/exchange fund flows.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*