The cryptocurrency market as a whole may have hit another low in recent days. However, institutional traders and whales are not giving up and hoarding more digital assets as the cryptocurrency winter bites even harder.
VeChain sees more activity from whales
Native blockchain protocol tokens VeChain (VET) and enterprise-leading VeChainThor Energy (VTHO) are gaining traction among the big whales as the network continues to put on a show.
More importantly, the popularity of the zero-emissions platform is growing in conjunction with the FIFA World Cup currently taking place in Qatar. The Football Mundial is the first football competition held in the Middle East.
Most interestingly, VeChain's green initiative serves as the foundation for the tournament, with the organizers committing to a completely zero-carbon event.
As a top-tier blockchain enterprise and a member of the Climate Chain Alliance (CCA), VeChain intends to provide its carbon-neutral advisory services to Qatar during the ongoing FIFA World Cup.
Several metrics show that Qatar will generate nearly 3,6 million tonnes of carbon emissions before the end of the soccer Mundial. However, Qatar has made every effort to reduce carbon emissions during the planning and preparation of the event. For example, it will provide extensive recycling, composting and electric vehicles to absorb and offset CO2 emissions.
It is therefore no surprise that VET is among the most sought-after cryptocurrencies, favored by whales as its blockchain ecosystem continues to enjoy wider adoption. If VeChain's performance continues, its native token (VET) will be among the preferred tokens for investors to start accumulating between now and the new year.
Current data shows that VeChain has gained 0,23% in the past 24 hours and is trading at $0,01868. Investors are looking for tokens with promising returns and VET is one example.
A survey shows that whales are hoarding Bitcoin
Institutional investors have increased their cryptocurrency allocations despite the bearish market, according to a recent Coinbase survey. The US cryptocurrency exchange involved 140 institutional investors in the study between September and October. Coinbase added that the accumulated tokens represent $2,6 trillion in assets under management (AUM).
In addition, the survey showed that despite the downtrend in late October, the market capitalization was still in the $1.000 trillion range. Compared to last year, 62% of participants focus on the long term by investing in basic crypto assets. Only 12% said they have reduced their allocation investments in digital assets.
Additionally, 58% of participants intend to expand their cryptocurrency investment portfolio in the next three years. However, 6% said they plan to reduce their exposure to cryptocurrencies. Overall sentiment from the survey shows that despite the cryptocurrency winter, 72% of large-scale investors believe digital assets are the future of money.
