Crypto Assets Accumulated for July Earnings

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The crypto market is expected to kick off in July 2023 on a bullish note amid renewed interest from institutional investors. But can crypto whales shrug off the FUD surrounding the recent SEC lawsuits and continue to buy these three altcoins in July?

BTC continued to dominate the charts and media headlines for most of June 2023. However, Blackrocks’ recent Bitcoin ETF app also improved overall sentiment within the altcoin market.

These three altcoins have attracted significant demand for crypto whales in recent weeks. And quite remarkably, one of them has already posted triple-digit gains in June. Are these the best coins to watch in July 2023?

Crypto Whales Keep Picking Up Bitcoin Cash (BCH)

The price of Bitcoin Cash (BCH) closed on June 30 at $308, sending its monthly gains well above 140%. According to on-chain data, the BCH price rally may not be over yet.

The chart below shows that crypto whales holding 1-10 million BCH coins have increased their holdings since June 21. Remarkably, between June 21 and June 30, they bought 170,000 BCH coins.

Bitcoin Cash (BCH) Crypto Whales Wallet Balances. Jujy 2023. Source: Santiment

At the current market value of $308, the new crypto whale investment is worth $52.4 million. With such a large influx of funds in a week, it’s no surprise that Bitcoin Cash reclaimed the $300 milestone for the first time since May 2022.

If the whales keep buying, $350 could be BCH’s next target in July 2023.

A new peak of 2023 has arrived, but the Litecoin Whales Gun for more?

On June 30, after multiple attempts in February and April, Litecoin finally broke through the $105 resistance to reach a new high of $108 in 2023. However, a specific cohort of bullish crypto whales holding balances of 1-10 million of LTC coins is now aiming for more gains.

The chart below illustrates how they increased their holdings by 430,000 LTC between June 26 and June 30.

Litecoin (LTC) Crypto Whales wallet balances. July 2023. Source: Santiment

Litecon currently sits at $107, which means the whales new investment is worth $46 million. Given their financial might and influence, this group of whales could inspire strategic investors to stay optimistic instead of profiting.

If Litecoin whales maintain their bullish momentum, $120 could be the next leg up for LTC price in July 2023.

COMP makes big gains as whales enter enclosure

To the surprise of many, Compound Finance (COMP) price marked 90% in the last week of June 2023. As COMP price tested $60 for the first time since February 2023, on-chain data revealed that the increase in whale trading activity is one of the key factors behind the ongoing COMP rally.

Between June 20 and June 30, whale trades involving COMP skyrocketed by more than 300%.

The IntoTheBlock chart below shows how large COMP trades grew from 8 trades on June 20 to a 1-year high of 67 trades at the June 29 close.

Compound Finance (COMP) Crypto Whales Transactions, June 2023 | Source: IntoTheBlock

The large trades metric tracks the trading activity of whale investors by summing the daily number of confirmed trades that exceed $100,000.

Given that this is the highest level of whale activity Compound Finance has seen since February 2022, it could soon inspire retail investors to go long as well.

In summary, bullish sentiment from large institutional investors is essential for the short-term price outlook and long-term viability of any cryptocurrency project. With the wave of Bitcoin ETF apps, the number of crypto whales buying these altcoins will likely increase.

Therefore, investors will keep an eye on Bitcoin Cash (BCH), Litecoin (LTC) and Compound Finance (COMP) in July 2023.

Disclaimer

In accordance with Project Trust guidelines, this price analysis article is provided for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reports, but market conditions are subject to change without notice. Always do your own research and consult a professional before making financial decisions.

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