Here’s What Whales Are Choosing to Invest In Instead
As per Nansen’s research analyst, the current outflows from exchanges indicate that investors are taking advantage of the dip.
The ongoing tensions between Israel and Iran have resulted in a significant drop in Bitcoin (BTC) prices. Nevertheless, Nicolai Søndergaard, Research Analyst at Nansen, reveals that many investors appear to be making the most of this dip. In comments shared with crypto.news on Monday, June 23, Søndergaard also pointed out the accumulating actions of whales.
“We are observing exchange outflows, likely signifying that both retail and institutional investors are buying the dip,” noted Søndergaard. He remarked that typically, events such as wars and other global disruptions lead to significant short-term downturns that later recover,” he added.
The current situation seems to be developing similarly, in light of the escalating tensions between Israel and Iran, now further complicated by U.S. involvement. Søndergaard indicated that a potential rebound will likely depend on future developments. He emphasized, however, that the smart money appears to be betting on an outcome that surpasses typical expectations.
“Amid the surrounding uncertainty, smart money seems to be leaning marginally towards risk aversion,” Søndergaard mentioned, referencing insights from Nansen’s platform.
Whales Show Interest in Memecoins Amid Bitcoin Dip
Nansen’s analytics reveal a pronounced interest in memecoins from whales. Significantly, all top earners over the past week with at least a 50% win rate had some involvement with memecoins.
The most successful trader achieved all their profits through memecoins, obtaining an ROI of 2,829% with a realized net profit of 196%. A major part of these gains was attributed to the USELESS memecoin token.
Memecoins saw a notable rebound on June 23, with numerous leading tokens recording double-digit gains. Among the standout performers, SPX6900 rose by 20%, Fartcoin increased by 17%, and Mog Coin soared by 22%. However, these increases were not enough to recover their losses throughout the week.