Movements of large players in the cryptocurrency market are reshaping its landscape once again. In the last week of August, over $3 billion in Bitcoin triggered significant changes, including accumulation of UNI and ENA tokens.
Bitcoin Whale Movements
In late August, a massive sell-off occurred, with a whale address unloading approximately 24,000 BTC valued at about $2.7 billion. Overall, whales offloaded more than $3 billion in BTC, creating sharp volatility in the market and pushing the price of BTC below $111,000.
Attention was drawn to where much of this liquidity went. A significant portion was rotated directly into Ethereum, indicating a trend towards diversifying assets beyond Bitcoin by large holders.
Analysts believe this reflects a growing recognition of ETH’s role as an institutional-grade asset, especially following recent ETF approvals, suggesting whales are positioning for potential ETH-led gains in the next phase of the market cycle.
UNI (Uniswap) Accumulation
The UNI token of the Uniswap platform has become the focal point for whale buying this quarter. The top 100 wallets increased their holdings by 4%, bringing whale-controlled supply to nearly 8.8 million tokens.
At the same time, exchange reserves dropped by more than 4%, signifying tightening supply and reduced selling pressure.
On-chain data supports this bullish trend, as Uniswap’s monthly trading volume soared to a record $143 billion, solidifying its status as the largest decentralized exchange.
Additionally, over 61% of UNI futures accounts remain positioned long, indicating optimistic sentiment in derivatives. This combination of declining reserves and record trading volume creates a strong case for a price recovery of UNI.
ENA (Ethena) Whale Activity
The ENA token of Ethena has also been swept up in whale momentum. Over 1 billion tokens have been accumulated by major wallets in recent weeks, lifting total whale holdings to 6.3 billion ENA.
Even during a 10% price dip, whales added 32 million ENA in a single day, showing aggressive positioning in anticipation of future gains.
The fundamentals of Ethena are also noteworthy. The project’s $260 million buyback program has already absorbed approximately $150 million worth of ENA, supporting prices by tightening circulating supply. At the same time, the network’s total value locked has surged to $9.6 billion, while protocol revenue continues to post record highs.
Whales moving $3 billion in Bitcoin have injected new volatility into the markets while fueling accumulation across UNI and ENA. Both tokens are drawing steady whale attention based on strong fundamentals and tightening supply. However, analysts caution that the highest upside opportunity may lie elsewhere, as momentum builds in MAGACOIN FINANCE, marked as an early-stage token to watch for 2025.
