Crypto Whales Are Pouring Capital Into One Ethereum-Based Altcoin As Bitcoin Taps $22,000: On-Chain Data

New data reveals Ethereum (ETH) whales are pouring hundreds of thousands of dollars into one altcoin as Bitcoin (BTC) rises to $22,000.

According to whale-watching protocol WhaleStats, the planet’s top 500 ETH whales are gobbling up FTX Token (FTT), the native digital asset of crypto exchange platform FTX.

The statistics show FTT is the third most acquired token among the deep-pocketed investors, only behind dollar-pegged stablecoin USD Coin (USDC) and leading smart contract platform Ethereum, which saw $709,711 and $281,822 in average purchases, respectively.

However, FTT had the highest net gain in terms of inflows as just $27,030 worth of the crypto asset was sold by the whales. USDC and ETH saw outflows of $881,683 and $132,139, respectively.

Rounding out the top five are two other stablecoins, Tether (USDT) and Binance USD(BUSD).

Other prominent crypto assets that crack the top 10 include oracle network Chainlink(LINK), stablecoin Dai (DAI), meme token Shiba Inu (SHIB), decentralized exchange platform Serum (SRM) and Ethereum scaling solution Polygon (MATIC).

The data also unveils that FTT overall is the sixth most held token by high-net-worth ETH whales behind stablecoins USDC and USDT, Dogecoin competitor ShibDoge (SHIBDOGE) and SHIB.

FTT comprises just over 3.5% of the whales’ portfolios, coming in with a total value of $224 million.

FTX Token is trading for $27.45 at time of writing, a slight decrease on the day.