The cryptocurrency market has witnessed significant activity from major holders, commonly known as “whales”, as they have made noteworthy transactions involving Bitcoin (BTC), Ethereum (ETH), and Wrapped Bitcoin (WBTC) in recent hours. These transactions are closely monitored by various Blockchain tracking services, shedding light on the dynamics of the crypto market. Particularly noteworthy is the fact that a whale bought Arbitrum (ARB) as a result of the latest transactions. Here are the details…
Whale mobilized 300 WBTC
According to monitoring by The Data Nerd on November 4, a prominent whale address at address 0xa38 made a significant move. This whale withdrew 300 Wrapped Bitcoin (WBTC), equivalent to approximately $10.34 million, from Binance just 22 hours ago. WBTC was then deposited as collateral to Radiant Capital. The total amount secured at Radiant Capital along with Aave is currently 733 WBTC, with a total value of $23.2 million. This move marks a strategic shift by the whale, highlighting the growing importance of DeFi platforms like Radiant Capital.
Selling Ethereum for ARB tokens
In another development, on November 4, Lookonchain reported that a whale address had made a significant change. This whale traded 2.51 million ARB tokens for 1,433 Ethereum (ETH) at an average price of $1.04. This swap highlights the investor’s preference for ARB over Ethereum.
Millions of dollars of Bitcoin are on Bitfinex
The third significant move occurred on November 4, according to BitInfoCharts data. A Bitcoin whale trader’s address initiated a transfer of 7,000 BTC to Bitfinex, representing a staggering value of approximately $244 million. What makes this move even more interesting is the history of this address. It accumulated 46,500 BTC between November 2022 and January 2023, making it the 14th largest BTC holding address in the world. The average price per BTC during this time was below $20,000.
Additionally, in late March and early April this year, 36,500 BTC was transferred to Bitfinex when the price of Bitcoin was hovering near its yearly high of around $30,000. This address also added another 2,000 Bitcoins in May when Bitcoin dropped to $26,000, further highlighting the strategic nature of the whale’s actions. These whale activities underscore the ever-changing landscape of the cryptocurrency market and how major holders are adapting to market conditions in ways that significantly impact market dynamics. Cryptocurrency enthusiasts and investors continue to monitor these whale movements because they can provide valuable information about the direction of the market.
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For the rest of the article, Whales Who Sell These 3 Coins Are Buying ARB!