In the wake of recent regulatory challenges the crypto market faces, prominent crypto whales have embarked on a buying spree, strategically accumulating select altcoins. The renowned crypto streaming channel on YouTube, Crypto Banter, delved into the implications of the Securities and Exchange Commission’s (SEC) identification of certain altcoins as “securities,” sparking discussions about the investors’ next moves.
June commenced with a wave of negativity for the crypto market as the SEC initiated lawsuits targeting Binance, Coinbase, and several notable altcoins. In response to this development, crypto whales have swiftly reallocated their capital towards a handful of unencumbered altcoins, aiming to navigate the uncertain terrain.
Altcoins such as Polygon (MATIC) and Cardano (ADA) witnessed significant declines as the SEC classified them as securities. As a result, institutional investors have shifted their focus towards altcoins like Bitcoin Cash (BCH), PEPE (PEPE), and Render Token (RNDR), which have managed to remain unscathed by regulatory scrutiny.
The past week has improved overall sentiment among crypto whale investors owing to Blackrock’s recent Bitcoin ETF application. This positive development has fueled a frenzy of accumulation by crypto whales, raising questions about whether this trend would pave the way for altcoins to regain lost ground and challenge Bitcoin’s dominance before July 2023.
As of June 23, Bitcoin Cash (BCH) has emerged as the second-highest gainer in the global crypto rankings for the week. BCH experienced a remarkable 25% surge in value over the past seven days. This bullish upswing could be attributed to the SEC’s exclusion of this notable Proof of Stake network from its list of identified securities.
The decentralized attributes of Bitcoin Cash have particularly caught the attention of crypto whales. Analyzing data from the Santiment chart shows that whales holding 1 million to 10 million BCH coins have been consistently increasing their holdings over three consecutive days. Notably, between June 18 and June 21, these whales acquired 20,000 coins worth approximately $2.64 million. Such a substantial influx of funds within such a short period has propelled BCH to climb rapidly in the top gainer rankings.
