The crypto market started June on quite a negative note, with US SEC lawsuits tackling Binance, Coinbase, and a list of prominent altcoins. Crypto whales have responded by reallocating capital towards a handful of unencumbered altcoins. 

Prominent altcoins like Polygon (MATIC) and Cardano (ADA) have dropped to new lows after the SEC identified them as ‘securities.’  In response, large institutional investors have turned their attention toward Bitcoin Cash (BCH),  PEPE (PEPE), and Render Token (RNDR). 

Over the last week, Blackrock’s recent Bitcoin ETF application has improved the general sentiment among crypto whale investors. Will the ongoing whale accumulation frenzy set the pace for the altcoin market to reclaim lost ground and cut BTC dominance ahead of July 2023?

Bitcoin Cash Makes Gains Crypto Whales Go Big on Proof of Stake

As of June 21, Bitcoin Cash (BCH) sits 2nd on the list of top gainers in the weekly global crypto rankings. BCH made 25% gains over the last seven days. This bullish leg-up came after the SEC excluded the most notable Proof of Stake network from its infamous list of cryptocurrencies identified as securities. 

Bitcoin Cash’s decentralized qualities have attracted the attention of crypto whales. Evidently, the Santiment chart below shows how whales holding 1 mill

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Author: Ibrahim Ajibade

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