While the cryptocurrency market has been experiencing fluctuations lately, declines are also observed in altcoins, led by Bitcoin (BTC). Whales turned these declines into opportunities and started to activate their radars for new purchases. According to the latest data, popular crypto assets such as Maker DAO (MKR) and Ethereum (ETH coin) are on the whales’ radar.
MKR attracts great interest from whales
According to the information shared by Spot on Chian, 5 new wallets purchased 2,650 MKR worth $ 9.52 million from the Binance exchange in the last 24 hours. It is thought that these wallets have already generated a profit of $619 thousand and belong to a single institution.
At the same time, a wallet affiliated with Maker DAO also moved 505 MKR worth $1.91 million to Wintermute. This situation also reveals the whales’ different views about MKR.
ETH coin whales also got active
Whale activity in the crypto market is not limited to MKR. It was observed by Scopescan that Fenbushi Capital withdrew 5,207 ETH (approximately $17.2 million) from Binance in the last 15 hours.
In addition, it was also shared by @ai_9684xtpa that Abraxas Capital Mgmt withdrew 360 WBTC (approximately $23.54 million) from Spark Protocol in the last 9 hours and deposited it to Bitfinex. Finally, it was determined by Lookonchain that Galaxy Digital also withdrew 6,000 ETH (approximately $19.8 million) from Binance 4 hours ago.
What does whale mobility mean?
It is known that whales play an important role in the cryptocurrency market. Buying or selling large amounts of whales can have a significant impact on prices. Recent whale activity is being followed carefully by investors. Some investors argue that whales are showing their belief in these assets by buying the dip in ETH and MKR. Others think the whales want to make a profit by selling these assets.
Time will tell what whale activity means and how it will affect the market. It is important for investors to follow such movements carefully and plan their investments accordingly. Those who invest in the cryptocurrency market carefully follow whale activity. Large transactions made by whales have a significant impact on prices. Investors sometimes follow whale movements and plan their investments accordingly. Since the cryptocurrency market has an extremely volatile structure, it is important for investors to consider the risks and plan their investments accordingly.
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