Whales Accumulate DeFi Tokens as Crypto Sentiment Improves

Whales have begun accumulating crypto assets related to decentralized finance protocols as the market gains bullish momentum.

According to data from Lookonchain, three whale addresses received $15.9 million worth of DeFi tokens over the past two days.

The tokens include PUMP, CLOUD, Kamino KMNO $0.0582 24h volatility: 4.9% Market cap: $208.97 M Vol. 24h: $30.33 M , Jito JTO $0.39 24h volatility: 0.5% Market cap: $164.15 M Vol. 24h: $16.71 M , and DRIFT DRIFT $0.15 24h volatility: 3.0% Market cap: $85.88 M Vol. 24h: $9.08 M . Among them, CLOUD and DRIFT posted mild declines, while PUMP and KMNO gained over 6%. JTO rose by just 1%.

BitMEX co-founder Arthur Hayes has also been buying DeFi tokens over the past two weeks. According to Lookonchain, Hayes sold $5.53 million in Ethereum ETH $2 990 24h volatility: 0.5% Market cap: $360.79 B Vol. 24h: $18.44 B to buy Pendle PENDLE $1.93 24h volatility: 3.8% Market cap: $317.68 M Vol. 24h: $31.33 M , Lido LDO $0.59 24h volatility: 0.0% Market cap: $496.65 M Vol. 24h: $27.17 M , Ethena ENA $0.21 24h volatility: 0.8% Market cap: $1.58 B Vol. 24h: $97.11 M and Ether.fi ETHFI $0.70 24h volatility: 0.9% Market cap: $455.46 M Vol. 24h: $31.59 M .

The BitMEX co-founder is not a new player in the DeFi coins scene. Currently, his total altcoin holdings are worth roughly $78.3 million, according to data from Arkham.

Another massive crypto whale made a $332 million ETH deposit to Binance for a potential selloff due to the asset’s weak performance.

Less Fear, More Risk

Since early October, the cryptocurrency market cap has lost over $1 trillion of its value. Last month, the market sentiment fell to “extreme fear” levels not seen since the FTX collapse in 2022.

Most of the leading assets, including Bitcoin BTC $88 824 24h volatility: 1.1% Market cap: $1.77 T Vol. 24h: $38.05 B and ETH, took distance from their all-time high. BTC is down 30%, and ETH is 40% away from their respective ATHs.

Today, Dec. 31, however, the market-wide traction helped slightly boost the community’s sentiment. According to CMC data, the Fear and Greed Index rose to 32 for the first time since Nov. 3.

Despite the bearish performance over the past three months, some analysts are still expecting a market-wide recovery for the crypto assets. There have been hints of an $8,500 pierce target for Ethereum, the leading altcoin.

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