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The approval of spot ETFs has not caused the cryptocurrency market to respond as many investors had anticipated. Bitcoin (BTC), Ethereum (ETH), and several other top altcoins have experienced severe drops due to massive sell-offs.
Whales have benefited from the decline in the cryptocurrency market and are hoarding BTC and ETH despite the general panic in the market. Pullix (PLX) is another altcoin that has experienced an increase in whale activity as analysts predict a significant rally.
Summary
Whales Continue Buying Bitcoin (BTC) Despite Price Drop
Since the SEC announced approval for 11 spot Bitcoin ETFs, the price of the leading cryptocurrency has plunged. The Bitcoin price has dropped from a yearly high of $48,900 to under the $41,000 level for the first time in six weeks.
This decline has been linked to sell-offs from GBTC investors and Bitcoin miners. However, despite the price drop, whales are still optimistic about the chances of the Bitcoin price rising in 2024. This can be seen in the increase in whales stacking up BTC.
A popular whale address has bought over $29.3 million worth of Bitcoin, Lookonchain reported. This is not an isolated event, as other whales have increased their stakes as well. There is the belief that the upcoming halving event will cause a major increase in the Bitcoin price.
Whales Pick Interest in Pullix (PLX) Ahead of Scheduled Launch
Pullix (PLX) is one of the top altcoins that has seen a massive surge in whale activity over the last few weeks. Whales have snapped up an astonishing 11 million PLX tokens as this new DeFi project prepares for launch. The recent whale activity has been fueled by Pullix, a new hybrid exchange that provides solutions to several issues with cryptocurrency exchanges.
Pullix is designed to be a hybrid exchange that combines the security and liquidity of centralized exchanges with the control and anonymity of decentralized exchanges. Furthermore, Pullix provides lower costs and faster transaction times than traditional exchanges.
Where Pullix beats the competition of Binance, Coinbase, and Uniswap is in the number of assets offered. While the competition offers only crypto trading, Pullix allows its users to trade stocks, options, forex, and commodities. This connection to these markets is what makes Pullix the best cryptocurrency investment.
The Pullix exchange is powered by a DeFi coin, PLX. Token holders get more than just a good investment. They also have access to unique trading benefits and exclusive assets. A standout feature of Pullix is its liquidity contribution, a real difference-maker. Users are rewarded for providing liquidity to the DeFi project.
Pullix’s DeFi coin is currently trading at $0.08, following a 100% surge from $0.04 over the last few weeks. Ahead of the scheduled Q1 launch of the Pullix exchange, crypto experts have forecasted gains of up to 100x for PLX, making it the best cryptocurrency investment.
Ethereum (ETH) Sees Large Whale Activity Ahead of Rally
Bitcoin has underperformed Ethereum (ETH) during the past six weeks. Bitcoin experienced severe drops, while Ethereum’s price has remained strong, holding onto its major support levels. But whales have taken advantage of the current market-wide drop to add to their Ethereum holdings.
According to Lookonchain, one whale account increased the value of his portfolio by over 3,600 ETH tokens, or over $8.9 million. 2024 may be a breakout year for Etheruem, thrilling investors, according to a recent newsletter from Coinbase. Some experts expect the price of the leading altcoin to surge above $4,000 this year.
Final Thoughts
While some investors may be panicking due to the recent decline in the cryptocurrency market, whales are seizing the chance to buy Bitcoin and Ethereum. On the other hand, Pullix has seen a surge in whale activity ahead of its Q1 launch.
Because the DeFi project is connected to markets bigger than the crypto market, Pullix has much bigger potential. Before the full flight of the crypto market, now is the best time to join Pullix.
For more information regarding Pullix’s presale see links below:
*This article was paid for. Cryptonomist did not write the article or test the platform.
