Recently, the increasing activity of whales in cryptocurrency markets has attracted attention. While Bitcoin whales, which have been dormant for a long time, have re-emerged, whale activity is also observed in altcoins such as ETHFI, AGIX and BAT. Could this be a sign of an uptrend in the market? In this article, we will examine the whales’ recent transactions and analyze their possible impact on the market.
An ancient Bitcoin whale has surfaced
The increasing activity of whales in cryptocurrency markets has recently attracted attention. Acting for the first time in 12 years, a Bitcoin whale sent 500 Bitcoins worth $34.7 million to different wallets. This transaction is interpreted as Bitcoin may be offered for sale soon and the price may decrease.
It remains unclear how whales will affect the Bitcoin price. While selling pressure may cause the price to fall, increased interest from investors and increased institutional investments may push the price up. Experts recommend that investors should closely follow whale movements and determine their investment strategies accordingly.
There are investors making profits in altcoins
On the other hand, whale activity is also observed in ETHFI and AGIX. 350,000 ETHFI (approximately $2.38 million) was deposited to Binance and 1.21 million AGIX (approximately $1.63 million) was withdrawn from Binance. The motivation behind these transactions is not yet known.
A whale trading on Coinbase made a huge profit with his Basic Attention Token (BAT) investment. The whale purchased 7 million BAT for $1.33 million on December 20, 2022, and deposited all tokens back to Coinbase on March 29, 2024. He made a profit of $973,702 from this transaction. Additionally, two whales with addresses 0xbc1 and 0xca0 deposited 1,487 Maker (MKR) tokens worth $5.27 million to Coinbase. After 1.5 months of this transaction, they made a profit of 69.67% and 68.65%.
Impact of whales on the market
Large investors, called whales in the cryptocurrency markets, play an important role and can cause price fluctuations with their transactions. Whales play an important role in cryptocurrency markets and their transactions can trigger price fluctuations. The recent increased whale activity may herald an uptrend in the market. Whales can cause the price to go up or down by buying or selling large amounts of cryptocurrency.
This is especially common with altcoins with low liquidity. For example, if a whale buys a large amount of Bitcoin, this could lead to an increase in the price of Bitcoin. Whales can influence the emotions of other investors with their entry or exit into the market and lead to feelings of FOMO or FUD. This may cause sudden price fluctuations. For example, if a whale sells a large amount of an altcoin, this may cause other investors to sell that altcoin and the price to fall.
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