Ethereum whales purchase crypto gold worth $138.3 million to protect from bear market
As it became known that thanks to data from WhaleStats, large Ethereum holders are actively buying crypto gold, PAXG. As a result of the increased interest, PAXG has become the third largest asset in the portfolio of the hundred largest ETH whales, behind only stablecoins and Ethereum. Thus, the crypto gold issued by Paxos accounts for 5.04% of the portfolio of this investor group or $138,364,546.
Such behavior by large Ethereum holders can be explained by a desire to create a kind of insurance fund or a safety cushion in case financial markets become increasingly destabilized. Then, when the risks of stagflation and subsequent recession rise, gold could be a good asset to wait out. At the same time, PAXG, one-to-one backed by gold, is a great option for investors who do not want to leave the crypto market.
That said, PAXG performs best against BitcoinWhich is interesting, given the claim of the largest cryptocurrency for Gold 2.0. Compared to Ethereum, the crypto gold is also showing solid price action.
Shiba Inu (SHIB) is still here
Surprisingly, one of the next biggest assets by position size in the top 100 Ethereum whales’ portfolio after PAXG is SHIB. Shiba Inu claims 4.47% of the total portfolio capitalization of this investor group, which is equivalent to $122.8 million. Although SHIB’s share has been declining with the downward trend of the last six months, its size is still impressive.
It is unclear how to explain Ethereum whales’ commitment to SHIB, but for the cryptocurrency itself, it remains a credible support on the one hand and a threat of major selloff on the other.
