The largest Ethereum (CRYPTO: ETH) wallets appeared to be loading up on stablecoins on Thursday.
What Happened: According to data from WhaleStats, Ethereum whales bought an average of $2.1 million worth of USD Coin (CRYPTO: USDC) and $1.3 million worth of Tether (CRYPTO: USDT) in the last 24 hours.
Whales were also seen buying $50,000 worth of Binance USD (CRYPTO: BUSD) and another $50,000 in Gemini USD (CRYPTO: GUSD).
Aside from stablecoins, whales bought an average amount of $1.4 million ETH and $79,000 of Chainlink (CRYPTO: LINK).
Shiba Inu (CRYPTO: SHIB) remained a whale favourite with 1.5 billion tokens acquired for an average purchase amount of $40,000. The Dogecoin (CRYPTO: DOGE) rival ranked seventh in terms of the ten most-purchased tokens over the last day.
Whales acquired $31,000 worth of Alpha Finance (CRYPTO: ALPHA), $19,000 worth of Storj (CRYPTO: STORJ) and $18,000 worth of Chiliz (CRYPTO: CHZ) – these tokens saw a decline of over 10% over the past 24 hours as the broader crypto market dipped to $2.04 trillion.
During periods of high volatility, market participants are likely to move their crypto holdings to dollar-pegged stablecoins to limit further downside risk.
Price Action: According to data from Benzinga Pro, the leading digital asset Bitcoin (CRYPTO: BTC) was trading at $44,584, losing 5.47% over the last 24 hours.
