The Bitcoin and altcoin market has been fluctuating lately with the movements of whales, that is, big investors. This week, a large OKB investment on the OKX exchange and panic selling by the Ethereum whale are among the notable developments in the market.
24 sleeper wallets invested millions of dollars in OKX
On March 24, 24 dormant wallets deposited 428,145 OKBs, equivalent to $24.31 million, to the OKX cryptocurrency exchange. The average token deposit price for these whales was $56.78 per OKB. What is more remarkable is that these wallets attracted a total of 443,718 OKB from OKX four years ago for an average price of just $6.36. This corresponded to 2.82 million dollars. Over four years, the value of their investments increased by $21.59 million, yielding a 792% return.
This investment comes on the heels of OKX’s massive Buyback and Burn event on March 16th. In this event, 11.48 million OKBs worth $748 million were bought back and burned. It was noteworthy that 9.68 million ($631 million) of these tokens came from 539 wallets that had been dormant for four years. These developments show the whales’ faith in OCD and their long-term investment plans. Additionally, OKX’s Buyback and Burn program is proving effective in increasing the token price and investor confidence.
Giant cryptocurrency whale created panic in the Ethereum market
In the last 2 days, a whale transferring tens of millions of dollars of Ethereum (ETH) created panic in the market. According to data from on-chain analysis platform Lookonchain, the whale sent 9,000 Ethereum worth $29 million to Binance on March 19, withdrawing 30 million USDT soon after. This shows that the whale sold its ETH assets.
The next day, the whale deposited 12,000 Ethereum worth $39.7 million, also on Binance. It is thought that the whale also deposited these ETHs to the stock market for sale. Lookonchain also stated that this whale is connected to Youbi Capital, an investment company that has been trading Ethereum since 2017. cryptokoin.com As we reported, Ethereum attracted attention yesterday with the pressures coming from the US Securities and Exchange Commission (SEC). In particular, this situation had a negative impact on both the price and investor confidence. Whale’s panic sales also seem to have triggered this negative atmosphere.
ONDO project wallet sends altcoin ONDO to Bybit
On March 21, a wallet thought to be affiliated with the ONDO project deposited 4.45 million ONDO to the Bybit exchange. The value of this investment is approximately 3.2 million dollars. The same wallet received 144 million tokens from the project on January 18 (10.39% of the total token circulation). All of these tokens were transferred to Bybit. The cryptocurrency market is greatly affected by the movements of whales. Recent investments and panic selling are causing market volatility. It is important for investors to be careful about these fluctuations and not to risk their investments.
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