In a new Insights blog post, the firm provides data that tracks the buying and selling action of more than 50 digital assets.
Among the most accumulated altcoins were gaming tokens Enjin Coin (ENJ) and Axie Infinity (AXS), as well as leading smart contract platform Ethereum (ETH).
Crypto whales are also snapping up decentralized crypto lending and borrowing protocol Compound (COMP) and decentralized cross-chain oracle Band Protocol (BAND).
“ENJ, AXS, COMP, BAND, and ETH are all seeing some big accumulation as whales have jumped in on lower prices.
Obviously, prices have recovered fairly rapidly already, but this doesn’t necessarily mean things will continue.”
Markets across numerous asset classes have declined in response to the military conflict, but Santiment says prices are likely to rise as investors get over their initial shock.
“In the case of the Ukraine-Russia conflict, we obviously understand that there is a great deal of truth behind the war pushing cryptocurrencies, equities, and other markets down.
But as we’ve learned from the pandemic over the past two years, once the initial shock wears down, there is very often a major price rebound.”
Enjin Coin is currently up 4.69% to $1.43. The number 77 crypto asset by market cap had plunged to as low as $1.21 on Thursday.
Axie Infinity has also rebounded from an overnight low of $42.84 and is up another 2.31% on the day to $50.46.
Ethereum crashed from $2,746 to a low of $2,336 on Wednesday but has almost fully recaptured its previous level. The number two crypto is at the time of press exchanging hands for $2,711.
Compound also took a beating mid-week, falling to as low as $96.26 before fighting its way back to $112.37 at time of writing.
Band Protocol is up 2.79% and priced at 3.64 after dipping to $3.16 on Thursday.
Santiment concludes by discussing the as-of-yet unfulfilled hope among cryptocurrency advocates that digital assets would join precious metals as a “safe haven” asset during times of instability.
“For a long time, gold… was the ‘safe haven’ for investors to flock to during periods of crisis. And with the emergence of Bitcoin… there is increasing hope that cryptocurrency will be able to… make its claim as a safe haven of its own.
However, this has yet to happen from a macro perspective.”
