The cryptocurrency market witnessed another day of losses on May 13, with major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) falling in price. Overall sentiment continued its downward trend, as regulatory hurdles and concerns about whale movements added to the pressure.
Bitcoin is below $61,000, whales are on the move
Bitcoin, the world’s leading cryptocurrency, could not hold above the critical $61,000 level. At the time of writing, BTC is trading around $60,913, reflecting a 0.24% decline in the last 24 hours. However, the transaction volume increased by 27.61%, indicating that activity increased despite the downward trend. Meanwhile, a trend that has now become the norm has reemerged. Because 2 Bitcoin (BTC) whale addresses, which have been dormant for more than ten years, have woken up again. Two addresses marked with the markers “16vRqA” and “1DUJuH” contained the same Bitcoin units.
Both were inactive for 24 hours apart, records show. It is not uncommon to see locked Bitcoin addresses from the Satoshi era resurface. It has been proven that the majority of addresses that reintroduce themselves to the market make huge profits. These two wallets are no exception. Because each of the 500 BTC they contained 10 years ago is now worth $ 30,494,084. These Bitcoin units were worth approximately $63,565 in 2013. So this means that they are currently up over 47,873%. This huge profit from HODLing interaction was made possible by the rise in Bitcoin price from $124 at the time to $61,234.97 today.
There are also signs of weakness in Ethereum
Ethereum (ETH), the second-largest cryptocurrency, also showed weakness, dropping below $2,900. The price currently stands at $2,887. So this represents a decrease of 1.29% in the past day. ETH’s trading volume also witnessed a similar increase of 27.08%. The delay in the anticipated spot Ethereum ETF approval appears to be weakening investor confidence. Whales have been relatively losing patience lately as Ethereum (ETH) is showing no signs of an uptrend. Spot On Chain, a well-known on-chain data provider, has detected significant transactions involving an early Ethereum (ETH) holder identified as 0x2ce.
0x2ce deposited a significant amount of 4,153 ETH, equivalent to $12.2 million, to Coinbase at a price of $2,931. This process follows a pattern of the whale’s previous movements. In 2016, the whale withdrew 12,423 ETH from Poloneix, worth approximately $137,000 at the time. 0x2ce has been actively depositing ETH to Coinbase and Luno since 2021, totaling 9,436 ETH, or $21.2 million, at an average price of $2,245 per ETH.
There is also whale activity in XRP
On the other hand, Ripple’s XRP token suffered a significant pullback and fell below the important psychological level of $0.5. The 2.97 percent price drop is partially attributed to the massive transaction by the XRP whale, which reportedly moved more than 30 million tokens to the exchange. This decline created fear among investors, pushing the price even lower. According to data released by Whale Alert, 30.23 million XRP went to Bitstamp by the famous XRP whale ..Hh4Rzn. In particular, it is assumed that this whale is a potential address linked to Ripple.
Although no concrete evidence has yet been provided, it is worth noting that this address dump to Bitstamp quickly emerged as a recurring phenomenon following Ripple’s strategic acquisition of shares in CEX.
Apart from Bitcoin, ETH and XRP, what are the other altcoins that are declining?
The bearish sentiment also affected other major altcoins. Solana (SOL) is down 5.33%, Cardano (ADA) is down 3.15%, and Dogecoin (DOGE) is down 4.50%. There was a sell-off in the broader market where only a handful of tokens managed to survive, such as Core (CORE) and UNUS SED LEO (LEO).
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