Large Ethereum Holders Are Actively Accumulating Three Crypto Exchange Tokens

Fresh data shows the world’s biggest Ethereum whales are stocking up on several altcoins that power crypto exchanges.

The latest numbers from WhaleStats reveal the 1,000 wealthiest non-exchange Ethereum addresses are invested heavily in FTT, the native token of the FTX cryptocurrency marketplace. FTT currently accounts for 7.24% of all holdings at a value of over $1.6 billion.

At time of writing, FTT is ranked third on the WhaleStats top 10, with the average quantity held per wallet being 39,274 tokens valued at $1.6 million per holder.

Also making the list is OKB, the utility token of the OKEx cryptocurrency spot and derivatives exchange. The site caters to traders, miners and institutional investors.

Source: WhaleStats

Whale wallets have allocated 2.78% to OKB for a total value of $633 million. Making OKB fifth on the WhaleStats list, with the average number of tokens owned at 19,496 for a value of $633,247.

Last on the list is Bitpanda Ecosystem Token, whose native token BEST runs on the Ethereum blockchain. The Austria-based Bitpanda marketplace has nearly 2.7 million customers and was recently valued at over $4 billion.

WhaleStats reports that BEST accounts for 2.12% of total holdings with a value above $483 million. The average wallet owns 454,945 tokens for a value of $483,173.

Source: WhaleStats

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Second-Largest Ethereum Whale on Record Just Executed a Massive Altcoin Purchase: WhaleStats

The second-largest Ethereum whale in existence is accumulating millions of dollars worth of two ETH-based altcoins.

According to whale-watching platform WhaleStats, the deep-pocketed crypto investor collected $4.2 million worth of layer-2 scaling solution Polygon (MATIC) and $3 million worth of blockchain indexing protocol The Graph (GRT).

The massive address holds just above $3.8 billion in overall crypto assets, including nearly 50,000 ETH worth $1.92 billion, 38.7 million FTX Tokens (FTT) worth $1.47 billion, and 105 million of stablecoin Tether (USDT) worth $105 million, according to ETH search engine EtherScan.

The crypto investor’s newest transaction brings The Graph into the whale’s top altcoin holdings at number nine as the large wallet now holds a total of 32.8 million GRT, worth about $19 million as of writing.

The purchase also pushes Polygon into the whale’s top 20 list at number 17, bringing its total MATIC holdings to 3.3 million worth about $7 million.

MATIC, FTT, and USDT are three of the most popular ETH-based altcoins amongst deep-pocketed investors, according to a WhaleStats heatmap.

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Source: WhaleStats/Twitter

About 6% of the top 1,000 Ethereum wallets are comprised of FTT while USDT makes up about 4.5% of the total. MATIC sits at 1.1% while GRT is unlisted.

Other notable crypto assets held by ETH whales include popular dog-themed meme coin Shiba Inu (SHIB) and OKB, the native utility token of crypto exchange platform OKEx Blockchain Foundation.

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Investors Sell Huobi and OKEx’s Tokens After PBOC Statement

Key Takeaways

  • China’s new crackdown on cryptocurrencies has wreaked havoc in the market.
  • Almost every single digital asset has suffered significant losses.
  • Huobi and OKEx’s tokens rank among the biggest losers in the recent flash crash.




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The utility tokens of cryptocurrency exchanges Huobi and OKEx have fallen significantly following China’s latest crackdown notice.

China Shakes the Crypto Market

The People’s Bank of China (PBOC) has strengthened its crackdown on cryptocurrencies, sending investors into fear

In the past few hours, more than $1.35 billion has been wiped out from the entire crypto market capitalization. The sudden sell-off generated nearly $450 million in liquidations worth of long and short positions across the board. 


Almost every single digital asset in the crypto space has suffered from the crash. Even the stablecoins USDT and USDC briefly dropped by approximately 0.20% from their $1 peg. 

Crypto Heat Map
Source: Coin360

The Huobi and OKEx’s tokens have taken the biggest hit from China’s latest crackdown, given their strong roots in the nation where they were founded. These digital assets saw their market valuation plunged by more than 22% within a few minutes and now stand on weak support. 

HT and OKB Crash in Tandem

The Fibonacci retracement indicator, measured from the Jul. 20 low of $7.40 to the Sep. 6 high of $17.70, reveals that Huobi Token sits on thin ice. The recent sell-off has pushed its price below the strong foothold at $11.30, and now the last line of defense for the bulls sits at $9.60. 

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A candlestick close above this support level may relieve some of the selling pressure seen recently, leading to a rebound toward $11.30. But if bears manage to gain control of HT, triggering a close below $9.60, then a downswing to $7.40 seems imminent. 

Huobi US dollar price chart
Source: TradingView

OKB also slid through a significant support level at $15.42 due to the recent flash crash. Now, this utility token doesn’t have any demand barriers underneath it that can prevent it from dropping toward $12.80. 

Given the lack of support for OKB, it must keep trading above $12.80 so that a rebound to $15.42 can occur. Failing to hold above this critical support level might generate panic among traders, encouraging them to sell. Under such unique circumstances, OKB could fall to $9.50. 

OKEx US dollar price chart
Source: TradingView

Although some of the most renowned analysts in the cryptocurrency industry believe that the market will absorb the recent spike in downward pressure, it is crucial to pay close attention to the support levels previously mentioned. A daily close below $9.60 for HT and $12.80 for OKB could result in a steeper correction. 

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Leading Altcoins in the Market Uptrend Today: SNX, TEL, and OKB

While the 1.99% growth in the total market capitalisation of the cryptocurrency industry deserves applause, it is a far cry from the $2.5 trillion it once recorded back in May.

Attributed to the Fear, Uncertainty, and Doubts (FUD) spread by Tesla CEO Elon Musk and China’s ensuing ban on crypto. The entire crypto ecosystem has crumbled under the weight of bearish sell-offs. This has placed many coins at their lowest levels in weeks.

At present, the cryptocurrency ecosystem recorded a weekend in which selling activities were overshadowed by the bulls, as showcased by a robust trading volume. The ensuing influence has stirred a massive price jump on some altcoins, and three of the outperforming coins are profiled below;

OKB (OKB)

OKB remains one of the best performers today, rising 13.03% in the past 24 hours to $10.90. OKB has had its fair share of the ensuring market dip, dropping from its All-Time High (ATH) of $44.17 attained over two months ago. While the coin is 75% below the price level, it has outperformed compared to its All-Time Low (ATL) value of $1.25 attained since 2019.

Telcoin (TEL)

Telcoin is one of the low-priced altcoins, currently changing hands $0.01949 at 25.85% growth in the past 24 hours. While Telcoin is designed to serve as a bridge between cryptos, blockchain, and the telecommunication industry, it has notably gained remarkable traction in the remittance industry. The remarkable growth of Telcoin has pushed it up more than 29,000% from its ATL set about a year ago.

Synthetic (SNX)

Meanwhile, this DeFi token is one of the top performers amongst its peers, rising 20.33% to $13.18. SNX is one of the most versatile altcoins, previously ranking as one of the best gainers per an earlier Blockchain.News report. While SNX as a derivatives market boasts $1.21 billion in Total Value Locked, the token has parred off most of its gains in the past five months.

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Pumped up by volume? 5 crypto assets that traders loved this month (and their prices)

Trading volume — the amount of an asset that changed hands over a given period — is one of the key metrics that investors use to track price trends and assess the market outlook for a specific coin in terms of liquidity and trader activity.

The ranking below zooms in on the fortunes of five coins that have had the greatest increase in average daily trade volume this month compared to the month before. Most of them — although not all — emerged as massive winners in terms of their monthly returns, but the relationship between the price and trading was not always what you’d expect.

The data from Cointelegraph Markets Pro platform sheds further light how these two indicators can influence each other.

Along with multiple other quantitative metrics, trading volume is at the heart of the VORTECS™ Score — an algorithmic comparison of historic and current market conditions derived from billions of data points gathered and analyzed by a proprietary machine learning model.

Polygon (MATIC ): +643.79%

Capitalizing on the sprawling activity in the DeFi sector and the expansion of the number of projects springing up on its platform, Polygon has had a fantastic month, conquering one all-time high (ATH) after another. The coin delivered 329% vs. USD and 456% vs. BTC alongside a 643% increase in average daily trading volume.

The trading volume dynamics faithfully followed each price uptick, reaching an impressive $11 billion on May 19. On that day, MATIC was responsible for as much as 4.5% of the crypto market’s overall trading volume.

From the look at the VORTECS™ score chart, it becomes apparent that trading volume spikes have been an essential component of each ultra high-score stretch that MATIC sported this month (red circles in the graph). These dark-green sequences, in turn, foreshadowed each new leg of the coin’s powerful rally.

Ethereum Classic (ETC): +229.23%

A legacy chain of the original Ethereum that has been abandoned by much of the community in the wake of the 2016 the DAO heist, ETC has a small but enthusiastic fanbase and a reputation of a network lacking security.

Observers are divided on what exactly triggered ETC’s 300% price run, closely followed by surging trading volume, in the first week of May. Opinions range from users suddenly seeking cheaper alternatives to the main Ethereum network to new investors mistaking the coin for its better-known cousin.

At any rate, at the height of its May 6 rally, ETC commanded a shocking 15.9% of the crypto market’s overall trading volume — not too bad for a coin that has risen from years of oblivion.

Going by the VORTECS™ chart, not only ETC’s showing was unexpected – it was historically unparalleled. The combination of market and social conditions that preceded the coin’s blast-off was not similar to those that systematically came before ETC’s price leaps in the past, as evidenced by largely neutral VORTECS™ Scores.

Telcoin (TEL): +507.8%

Telcoin, a global remittance platform whose token appreciated by 437% against USD and 600% vs. Bitcoin over the past month, owes at least some of its success to Polygon’s fiery run. The likely reason behind TEL’s surge in early May has been a layer-2 migration to the lower-fee Polygon network and the token’s subsequent listing on QuickSwap that opened attractive terms for liquidity providers.

As visible in the graph, it was the QuickSwap moment that produced the greatest increase in TEL’s trading volume rather than the even bigger price hike that followed a few days after.

It was the same surge in trading activity between May 2 and 8 that the VORTECS™ algorithm picked up and, in conjunction with other constituent metrics, deemed worthy of a series of high VORTECS™ Scores that began flashing around three days before the final leg of the price hike.

iExec RLC (RLC): +1,153.62%

RLC, the native token of cloud computing platform iExec, demonstrated the greatest month-to-month growth in average daily trading volume, adding an astounding 1,153% compared to the previous 30-day period. The coin’s price began picking up following the May 4 announcement of a Coinbase Pro listing and was boosted even more by a cascade of further exchange listings, big-name partnerships and collaborations, as well as the announcement of a developer rewards program. Over the month, RLC delivered 200% gains against USD and almost 300% against Bitcoin.

As the chart supplied by data analytics firm The TIE suggests, on May 8 and early May 9 the trading volume indicator mirrored the steeply upward price movement with a few hours’ lag. The two lines then effectively merged, indicating that further increase in trading volume was no longer driven solely by price action, but began responding to the news and heightening sentiment around the coin independently.

As visible in the graph, RLC’s VORTECS™ score had been neutral (yellow) in the days preceding the coin price’s spike, and briefly turned moderately bullish (light green) as the rally unfolded. However, when both the price and trading volume peaked, the VORTECS™ Score went from bullish back to neutral (red boxes in the graph), meaning that in the past such concerted upticks in both price and trading volume were not followed by price consistently going up or down.

In summary, RLC’s run this month did not have clear historical precedents in terms of market and social activity regularities that VORTECS™ score could capture. Rather, it has been driven by a series of bullish news announcements. This is where another element of Markets Pro functionality, NewsQuakes™, comes into play: In the same graph, it is plain to see how two listing announcements, on Coinbase Pro and Bithumb (red circle in the chart), came shortly before the rally.

OKB Token: +253.28%

The average daily trading volume of the OKEx exchange token, OKB, grew by more than 250% this month. However, this fact did not translate to a corresponding increase in the utility token’s price: Over the same 30 days, OKB lost 18.76% against USD and gained a mere 4.89% against the beleaguered Bitcoin.

A look at the token’s price vs. trading volume chart offers some explanation of this discrepancy. While trading volume largely mirrored price movement in the first half of the month, the two starkly diverged around May 19 and 20, around the time of the market-wide slump. As the price declined, the trading volume shot up.

This key to this seemingly paradoxical dynamic lies in the nature of the asset. In a bid to keep the value of the token high, every three months OKEx reduces OKB supply by buying back burning a few million coins. As the current burning period is set to expire at the end of May, some traders likely wagered on OKB staying afloat thanks to the guaranteed buyback liquidity when other digital assets were in a tailspin. Indeed, a surge in trading volume did support a brief rebound, yet it could only be sustained for a couple of days before the asset began sliding down again.

Note how the VORTECS™ algorithm remained unfazed by the May 20 increase in trading volume as the score remained neutral. A constantly learning model, it has surely seen such token burn-inspired spikes before — and apparently, in the past these spikes didn’t always spell significant price increases.

Any single metric describing an asset’s market outlook can be uninformative or even misleading on its own, yet it becomes exponentially more useful when contextualized within the recurring patterns of the VORTECS™ algorithm’s other metrics (which include price action, sentiment, and tweet volume).

Cointelegraph Markets Pro is available exclusively to members on a monthly basis at $99 per month, or annually with two free months included. It carries a 14-day money-back policy, to ensure that it fits the crypto trading and investing research needs of subscribers, and members can cancel anytime.

Cointelegraph is a publisher of financial information, not an investment adviser. We do not provide personalized or individualized investment advice. Cryptocurrencies are volatile investments and carry significant risk including the risk of permanent and total loss. Past performance is not indicative of future results. Figures and charts are correct at the time of writing or as otherwise specified. Live-tested strategies are not recommendations. Consult your financial advisor before making financial decisions. Full terms and conditions.

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Exchange tokens BNB, HT, FTT and OKB are on fire in February — Here’s why

Bitcoin’s (BTC) current bull run continues to attract institutional investors who are finally realizing its long-term potential. The latest to take the Bitcoin plunge is BlackRock Financial Management, which has “started to dabble a bit” in crypto investments, according to the investment giant’s chief investment officer Rick Rieder.

In another positive, investment advisory The Motley Fool projected that Bitcoin could rise to $500,000 over the next 15 years. The firm announced its plans to buy $5 million worth of Bitcoin and has also advised its 10X real-money portfolio members to make the digital asset a part of their core holding. The firm said it is not worried about short-term price fluctuations due to its long-term investment horizon.

Although Bitcoin garners most of the attention, there are several altcoins that have been skyrocketing in the past few days. One set of tokens that have been surging in February are exchange tokens.

Let’s look at the fundamentals of the top four exchanges that make them stand out and attractive compared to their competitors and analyze their charts to project the target on the upside.

BNB/USD

Binance Coin (BNB) is the biggest cryptocurrency exchange token with a market capitalization of over $40 billion. In a bull phase, trading activity surges and Binance has benefited from this. A sign of a good business is when it quickly adapts to the changing landscape.

When the decentralized finance boom happened, Binance was quick to jump on the bandwagon and add support to DeFi projects. Binance Smart Chain (BSC) has emerged as a possible substitute for the Ethereum network that is facing issues with high transaction fees.

BSC has grown in popularity and the total value locked (TVL) on the network has risen over $10.5 billion, according to data from Defistation. The two largest projects on BSC are Venus (XVS) and PancakeSwap (CAKE), which have $3.9 billion and $3.6 billion in TVL.

To attract further customers and projects, the BSC community reduced transaction costs to 10 Gwei from 15 Gwei. The current bull run has attracted a record number of new traders to the crypto space.

According to data from SimilarWeb, Binance was the third most popular website in the “Finance > Investing” category, with 136 million monthly visitors in January making it the 381st most popular website worldwide. This web traffic is continuing to rise further in February.

Binance Coin has been in a phenomenal run in February putting it in third place by market capitalization. The token has rallied from $43.4331 on Feb. 1 to an intraday high at $284.08 today, a 554% gain within 19 days. The vertical rally has pushed the relative strength index (RSI) above 93, which suggests the token is extremely overbought.

BNB/USDT daily chart. Source: Tradingview

Such vertical rallies usually end up in a sharp correction. The first support on the downside is the 38.2% Fibonacci retracement at $220.6374 and then the 50% retracement at $201.04. If the price rebounds off this support zone, the bulls will once again try to resume the uptrend.

If they succeed in pushing the price above $284.08, the uptrend could resume, with the next target objective at $367.

On the other hand, if the bears sink the price below the 61.8% Fibonacci retracement at $181.4426, the BNB/USD pair could completely retrace the latest leg of the up-move and drop to $118, just below the 20-day exponential moving average at $125.

Such a deep fall will suggest the momentum has weakened and that could delay the next leg of the uptrend, keeping the pair stuck inside a range for a few days.

HT/USD

Huobi Token (HT) has also benefited during the current crypto bull run and its market cap has risen to over $3.69 billion.

Some of the steps taken by Huobi may have helped the platform attract traders. During a strong bull phase, traders use leverage and borrow money to trade. Huobi’s launch of crypto loans on Jan. 5 with up to 50% discount till Feb. 3 could not have come at a better time.

In addition, the launch of the Huobi Eco-Chain Heco mainnet on Dec. 21 could be seen as a long-term positive. Heco seems to have quickly picked up momentum with the core assets TVL reaching $1.38 billion on Feb. 5.

To further expand its services to the traders, Heco recently tied up with decentralized derivatives trading platform Injective, which could increase cross-chain derivatives adoption, enabling traders to bridge assets between the two entities. Additionally, Huobi DeFi labs has tied up with Kava Labs to expand into the DeFi market and offer its users access to the Kava ecosystem.

HT has surged from $6.4808 on Feb. 1 to an intraday high at $19.4555 today, a 200% rally within three weeks. This sharp up-move has pushed the RSI above 88, which shows the token is overbought in the near term.

HT/USDT daily chart. Source: Tradingview

The HT/USD pair is likely to face resistance between the $19.4017 and $20.3162 overhead resistance zone. If the price turns down from the zone, the first support is at the 38.2% Fibonacci retracement at $16.0981 and then at the 50% retracement at $15.0611.

A strong rebound off either support level will suggest the sentiment remains bullish and traders are buying on dips. If the bulls can thrust the price above the resistance zone, the next leg of the up-move to $25 could begin.

Conversely, if the price breaks below the 61.8% Fibonacci retracement at $14.0240, the correction may deepen to the 20-day EMA ($11.51). A break below this support will suggest that a short-term top is in place.

FTT/USD

After starting its journey like any other crypto exchange in April 2019, FTX Token (FTT) started innovating in 2020 and that has helped it attract a huge client base.

FTX has focused on adding several products that benefit the short-term momentum traders. In early 2020, the daily and weekly binary Bitcoin options were launched and that was followed by the introduction of leveraged tokens such as the 3x Long Bitcoin and 3x Short Litecoin.

The exchange further expanded its offering by starting tokenized equity trading where it allows traders to buy less than one share, which is useful for small traders who want to buy high-priced stocks. However, this service is currently not available to U.S. citizens.

Its innovative products such as pre-IPO futures contracts, thematic products, and prediction markets attract a diaspora of clients that are not covered by other exchanges. FTX quickly introduces products to fulfill the trader’s requirements. A recent example of that was the launch of a Wall Street Bets Index that will contain the most discussed stocks in the hugely popular r/Wallstreetbets Reddit group.

FTX’s Project Serum, the decentralized exchange and ecosystem, is an attempt to capture the DeFi crowd and it could add value in the long term if the innovation continues.

FTT has been in a strong bull run for the past few weeks. It has risen from $10.815 on Feb. 1 to an intraday high at $30.077 today, a 178% rally in 19 days. The rally has pushed the RSI deep into the overbought territory, which suggests the token could be due for a correction or consolidation.

FTT/USD daily chart. Source: TradingView

The long wick on today’s candlestick suggests profit-booking at higher levels. The first support on the downside is the 38.2% Fibonacci retracement level at $25.655 and below that at the 50% retracement at $24.289.

If the price rebounds off this support, it will suggest the sentiment remains bullish and traders continue to buy on dips. The bulls will then try to resume the uptrend by pushing the price above $30.077. If they succeed, the next leg of the uptrend could begin. The next target objective on the upside is $35.866 and then $37.232.

Conversely, if the bears sink the price below the 61.8% Fibonacci retracement level at $22.922, the correction could deepen to the 20-day EMA ($19.32). A strong rebound off this level will suggest the uptrend remains intact while a break below the 20-day EMA will tip the scales to the bears.

OKB/USD

OKEx (OKB) was struggling when the current bull market was starting last year. Rumors were afloat that its CEO was under criminal investigation and the exchange had halted withdrawals from mid-October to late November last year. Naturally, several investors fled the exchange when withdrawals resumed.

However, OKEx has taken certain steps to again attract clients. It started real-time settlements for all perpetual swaps, futures and options contracts in a phased manner from the end of December last year.

The exchange launched OKExChain mainnet on Dec. 31, 2020, offering an opportunity for the early adopters to earn about 10 million OKT tokens as rewards. On Jan. 22, two decentralized applications OKEx Swap and OKEx Farm were launched on OKExChain, enabling users to mine their OKT tokens.

OKEx recently announced plans to integrate with Bitcoin’s Lightning Network “in the coming quarter” experimenting with faster and cheaper Bitcoin transactions. The exchange also announced support for the simplified address format from Unstoppable Domains. OKEx is trying to make a comeback and only time will tell if it has succeeded in redeeming itself.

OKB has risen from $5.652 on Feb. 1 to an intraday high at $12.555 today, a 122% gain in less than three weeks. The token is currently in a strong uptrend but is nearing its target objective at $12.839.

OKB/USDT daily chart. Source: TradingView

If the bulls can push the price above $12.839, the uptrend could extend to $13.87 and then $15. However, the RSI has risen above 81 level, which suggests the OKB/USD pair is overbought in the short term.

If the price turns down from the current level or the overhead resistance, the first stop is likely to be a retest of the previous resistance turned support at $9.50. If the pair rebounds off this level, it will act as a new floor for launching the next leg of the uptrend.

On the contrary, if the pair dips and sustains below $9.50, a fall to the 20-day EMA ($8.3) is possible. A break below this support will tilt the advantage in favor of the bears.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.