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Whispers In The Deep: Why Are Ethereum Whales Disappearing?

Ethereum (ETH), the world’s second-largest cryptocurrency, continues to grapple with uncertainty after a steep price decline. Investors are on tenterhooks, with whales exiting their positions and the market sentiment teetering between fear and a glimmer of hope.

Ethereum Price Struggles To Regain Footing

Ethereum’s price has been on a rollercoaster ride in recent months. After reaching new highs in late 2021, the cryptocurrency plunged dramatically, leaving investors reeling. The recovery has been slow, with Ethereum currently hovering around $3,077 – a far cry from its peak.

This lackluster performance is causing anxiety among investors, particularly large holders known as whales. Recent data from Lookonchain paints a concerning picture: a whale who bought ETH a year ago is cashing out, pocketing a cool $16 million in profit. This whale’s actions highlight a potential exodus of major investors, which could further depress the price.

Fear Grips Ethereum Whales

WhaleStats, a platform that tracks large cryptocurrency holders, reveals that Ethereum whales are experiencing extreme fear. The BSC Chain Ethereum Whales’ Fear and Greed Index, a measure of investor sentiment, is currently in the “extreme fear” zone. This suggests that whales are hesitant to make any significant moves, waiting for the market to stabilize before deploying their capital.

While Ethereum remains the most popular token among whales, their apprehension is palpable. They are closely monitoring market movements, waiting for a clear signal before taking the plunge.

Divided Opinions On Ether’s Future

The future of Ethereum remains a subject of debate among crypto analysts. Ashcrypto, a prominent analyst, believes in a potential rebound in the third quarter of this year. Based on historical patterns from 2020 and 2021, Ashcrypto predicts a price surge towards $4,000.

Data from IntoTheBlock reveals a strong correlation between Ethereum’s price and large transaction volume. The recent drop in large transactions coincides with the price decline, suggesting that whales play a critical role in influencing Ethereum’s trajectory.

ETH Price Action At A Glance

Meanwhile, with its next target of $3,090, Ether is expected to continue its correcting bearish trend, demonstrating further bearish bias when it settles below $3,120 once more.

If the price breaks $3,100, it will halt the projected slide and try to reclaim the main positive trend. A move below the EMA50 would support the continuation of the recommended negative wave.

Is Ethereum Headed For A Revival?

The answer remains unclear. While some analysts predict a resurgence, the ongoing whale selling and fearful market sentiment pose significant challenges. The coming months will be crucial for Ethereum, as it navigates a volatile market and attempts to regain investor confidence.

Featured image from Hakai Magazine, chart from TradingView

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Cardano’s Mysterious Surge: What’s Behind The $13 Billion Daily Transaction Boom?

Cardano (ADA), the smart contracts platform known for its energy-efficient Proof-of-Stake consensus mechanism, has been generating buzz lately. On-chain data reveals a significant uptick in large transactions, hinting at a potential return of the whales – major investors who can significantly impact cryptocurrency prices.

Whales Making Waves On The Cardano Sea

IntoTheBlock, a blockchain analytics firm, reported a surge in Cardano transactions exceeding $100,000. Over the past week, the average daily volume for these large transactions reached nearly $14 billion.

This represents a third of Bitcoin’s transaction volume within the same timeframe, showcasing a surge in activity on the Cardano network. Interestingly, the data dwarfs Dogecoin’s large transaction volume by a whopping 16 times, highlighting the increased interest in Cardano compared to the meme coin.

Unveiling The Mystery: Are Whales Buying Or Selling?

While the high transaction volume is undeniable, its implication for Cardano’s price remains unclear. Large transactions can represent both buying and selling activity, making it difficult to predict a definitive price direction.

However, the sustained volume exceeding $10 billion throughout the week, even during a recent price dip, suggests continued movement within the network. This could indicate institutional investors entering the Cardano market or signify significant internal token transfers within the ecosystem.

Data Hints At Bullish Undercurrents

While the exact nature of the large transactions remains to be seen, Santiment, another on-chain analytics platform, provides a potentially bullish signal. Their data suggests a growing accumulation trend among large holders.

Addresses containing between 100,000 and 100 million ADA have been steadily increasing their holdings since the beginning of April. This accumulation by whales could be a positive sign for Cardano’s future price, indicating their confidence in the project’s long-term potential.

Technical Analysis Paints A Target-Rich Environment

Market analyst Cobra Vanguard has weighed in on the recent developments, employing technical analysis to predict Cardano’s price trajectory. Vanguard identifies an expanding price channel that Cardano has been trading within since the start of the year.

This pattern suggests higher highs and lower lows, potentially indicating continued price volatility. Based on this analysis, Vanguard outlines several price targets for ADA, with the first hurdle at $0.52.

If successfully breached, the analyst predicts further climbs towards $0.57, $0.61, and $0.67. The ultimate target sits at a bullish $0.77, potentially marking a significant price increase for Cardano.

Cardano: A Sea Of Opportunity Or A Whale’s Playground?

The recent surge in large transactions on the Cardano network has undoubtedly generated excitement within the cryptocurrency community.

While the exact reasons behind the high volume remain unclear, the potential involvement of whales and the uptick in accumulation by large holders paint a cautiously optimistic picture.

Featured image from Invyce, chart from TradingView

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Shiba Inu Whales Move Over 3.19 Trillion SHIB, Where Are They Headed?

Shiba Inu has constantly managed to trade above $0.000021 last week amidst an ongoing tussle between the bulls and bears. On-chain data has indicated some serious whale movements during this period, with trillions of SHIB shuffled in and out of exchanges. 

The price of SHIB went through a decline earlier in the week from an extended selloff in the previous week. As the week progressed, things started to change into bullish action during the weekend up until a resistance just below $0.000028. Interestingly, on-chain transaction data from whales shows the major holders moved trillions of SHIB over the weekend, with 3.19 trillion SHIB movement in the past 24 hours. 

Recent on-Chain Data Shows Large SHIB Whale Activity

According to IntoTheBlock’s large transaction volume data, the number of Shiba Inu transactions over $100,000 went through a major uptick last week, with the value of transactions greater than $100,000 reaching $661.5 million. On April 19th alone, SHIB transactions in this cohort reached 6.36 trillion SHIB worth $144.76 million. Large transactions in the last 24 hours particularly reached 3.19 trillion SHIB worth $82.49 million. 

With so much SHIB on the move, the big question is where are these whales sending their tokens. Interestingly, on-chain data showed large transactions consisting of a to and fro movement into and outside exchanges, indicating mixed feelings from large holders. A notable transaction involved the movement of 100 billion SHIB tokens into a crypto exchange on Sunday. Speculations from investors are that this could be a potential selloff from the whale, suggesting that there is a possibility of a price decline in the short term.

What Does This Mean For Shiba Inu Holders?

For average SHIB investors, whale activity can be both promising and worrying. While more large holders and transactions may indicate growing mainstream interest and adoption of the token, their moves can also significantly impact price. A positive price movement is enjoyed by Shiba Inu when whales are accumulating from exchanges. However, movement into exchanges suggests a selloff, as in the case of the 100 billion SHIB transaction on Sunday.

At the time of writing, SHIB is trading at $0.00002726, a 6.65% increase from 0.00002556 in the past 12 hours. Shiba Inu is also up by 16% on a larger seven-day timeframe and is on the way to displacing Cardano in the market cap rankings. 

SHIB’s price action this week should be full of action as the week unfolds, with the bulls now retesting a resistance at $0.000028. According to IntoTheBlock’s “In/Out Of The Money” metric, 6.62 trillion SHIB tokens were bought at this price level, with 28,760 addresses waiting to make a profit. A break over this price level indicates further resistance levels at $0.000029 and $0.000030.

Shiba Inu price chart from Tradingview.com

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Whale Alert: MATIC Poised For Epic Surge – Time To Dive In?

In the ever-volatile landscape of the cryptocurrency market, recent days have seen a surge in turbulence, with Bitcoin and leading altcoins struggling to maintain stability. Among them, MATIC, the native token of Polygon, hasn’t been immune to the downward pressure, experiencing a drop of nearly 2% in the past 24 hours alone.

As of the latest data, MATIC is trading at $0.69, marking a 21% decrease compared to the previous week.

MATIC: Whales Seize The Opportunity

Despite the market downturn, some seasoned investors are viewing this as an opportunity to stockpile MATIC at lower prices. Large holders, colloquially known as whales, have been particularly active during this period of volatility.

Notably, there has been significant accumulation of MATIC by whales, with one notable investor scooping up nearly 2 million tokens. This trend of accumulation is further evidenced by an uptick in the number of wallets holding substantial amounts of the altcoin, ranging from 1,000 to 10 million coins.

Additionally, large transactions worth more than $100,000 have increased significantly, indicating a concerted effort by whales to buy the dip.

Bullish Sentiment Prevails Among Whales

Whales remain steadfast in their bullish outlook for MATIC. Data shows that more than half of all whale positions for the crypto on Binance are long. This suggests that large investors are confident in the token’s potential for a short-term rebound. Their optimism is rooted in their belief in the underlying fundamentals of MATIC and its role within the Polygon ecosystem.

However, amidst the backdrop of price volatility, there has been a surge in negative commentary surrounding the coin. The Weighted Sentiment indicator reflects an increase in bearish sentiment, potentially influencing retail investors’ participation.

Negative discourse, particularly on social media platforms, can have a significant impact on market sentiment and investor behavior. Retail investors, often swayed by discussions and sentiment online, may be cautious in their approach to MATIC amidst the prevailing negativity.

Furthermore, Santiment’s data analysis corroborates the uptick in whale activity and accumulation of MATIC during the market downturn. Santiment’s insights provide additional context to the trends observed in whale behavior, offering valuable information for market participants.

While the cryptocurrency market grapples with uncertainty and price fluctuations, MATIC stands out as a focal point of activity. Whales are leveraging the market downturn to accumulate MATIC, expressing confidence in its future prospects.

Despite challenges posed by negative commentary, the bullish sentiment among whales underscores the resilience of MATIC within the broader crypto landscape.

Featured image from Pexels, chart from TradingView

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Ethereum Whales Go On Buying Spree As Market Crash Leaves Retail Panicking

Ethereum, one of the leading cryptocurrencies, finds itself amidst a price decline alongside the broader crypto industry. This downturn has been exacerbated by escalating tensions in the Middle East, casting a shadow of uncertainty over the market. As the majority of cryptocurrencies experience a bleed in value, Ethereum is not immune to the trend. However, while retail investors panic-sell their holdings, on-chain data presents a different picture. Big player whales in the market are seizing the opportunity to accumulate assets, displaying a bullish sentiment amid the turmoil.

Particularly, on-chain data from Lookonchain has shown an Ethereum whale accumulating during the price decline. Interestingly, the timeline of accumulation suggests that this whale has been in action even before the escalating tensions in the Middle East.

Ethereum Whales Accumulate During Market Downturn

On-chain transaction tracker Lookonchain has noted both a selloff and accumulation trend from different Ethereum whales in the past few days. One of the latest accumulations came from a whale that has been on constant withdrawals from crypto exchange Binance.

As revealed by Lookonchain, whale “0x4359” has withdrawn 62,141 ETH worth $202.6 million from Binance in the past five days. This whale’s latest withdrawal from Binance was less than 12 hours ago, where they withdrew 37,018 ETH worth $120.7 million.

Ethereum on the other hand, has fallen from $3,722 to as low as $2,866 in the last five days, representing a 23% price decline. In a similar manner, 7,300 ETH worth $23.8 million were transferred from Binance into “0xE347,” a newly created whale wallet. 

That said, Lookonchain also noted a trend of whales selling off their holdings. One example of such selloffs came from whale address “0xaF35” who deposited 6,700 ETH worth $23.65 million into Binance immediately before the price drop. It’s important to note that this same whale withdrew 26,698 ETH worth $94.3 million from Binance between Feb. 7 and April 1.

In another social media post, Lookonchain revealed four whales dumping 31,683 ETH worth $106 million during the price drop.

What’s Next For Ethereum?

The ETH accumulation and selloffs from different whale cohorts highlight the contrasting trading strategies between large holders of the crypto asset. While some are selling off, others are taking advantage of the low prices and buying the dip. 

It would seem the whale accumulation is still outweighing selloffs from their counterparts at the time of writing. Despite this, a selloff from retail investors has tipped the price action in favor of the bears. As a result, Ethereum now finds itself trading around the $3,000 price level, which remains a crucial price level.

A continued accumulation from whales could eventually tip the price of Ethereum to the side of the bulls as tensions in the global market start to subside. We could then see Ethereum hold up above $3,000 and surge upwards at least till it reaches $3,200. A continued selloff could lead to a further price decline, causing Ethereum to break below $3,000.

Featured image from Pexels, chart from TradingView

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$115-Million Bitcoin Whale Wakes Up From 10-Year Slumber – What’s Next?

Bitcoin is still pushing a price recovery on its quest to return to the $70,000 price level. This has seen the cryptocurrency now trading above $69,000, up by 1.6% in the past 24 hours. This price fluctuation has occurred in the middle of increased accumulation activity from some whales and some short-term holders. 

Blockchain analytics platform Lookonchain has revealed an instance of whale activity on social media. An interesting transaction came from a whale wallet which recently woke up after 10 years of dormancy to transfer 246 BTC worth $16.73 million.

Bitcoin Whale Wakes Up From 10-Year Slumber

The Bitcoin blockchain is home to a vast number of early investors with large amounts of BTC that have remained dormant for many years. In fact, the re-ignition of dormant Bitcoin addresses has been sporadic for the past six months, particularly as the price of Bitcoin surged to new all-time highs and with most causing a stir and rising interest amongst Bitcoin investors.

According to Lookonchain, a new Bitcoin whale address has been added to the roster of wallets raised from the dead. The whale address “1CLxmH” which held 1,701 BTC (worth $115 million at the time of writing) during its 10-year period of dormancy, recently woke up and transferred 246 BTC worth $16.73 million into another wallet. Interestingly, on-chain data shows the whale address received 4,272 BTC throughout 2013 at an average price of $29.39. 

Incoming Sell Pressure?

Reactivations of old dormant wallets are often driven by whales looking to sell all or some of their holdings. Massive selloffs like this often lead to a price slump and increase the selling pressure from short-term investors. However, the motive behind the reactivation of dormant addresses is impossible to predict and not all of them indicate profit-taking. 

In this case, transaction data shows the assets were transferred into two new private wallets. 50 BTC were transferred into address “1PRREb,” while 195 BTC were transferred into address “bc1qga.” At the time of writing, address “1CLxmH” still holds 1,455 BTC worth $100.89 million. 

In the ongoing spirit of an accumulation from whales, Lookonchain outlined a new purchase from another whale address. This address, which has accumulated 1,308 BTC worth $89.75 million at an average price of $68,617 since March 6, purchased another 113.735 BTC worth $7.85 million from Binance less than 12 hours ago. With Bitcoin trading at $69,348, this wallet now holds $90.7 million worth of the cryptocurrency.

Blockchain analytics platform Santiment noted this accumulation pattern by the whales, revealing wallets holding between 100 and 100,000 BTC have purchased $21.6 billion worth of the cryptocurrency in the last three months. 

Featured image from Pexels, chart from TradingView

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Bitcoin Whales Are Cashing Out Amid Push To New All-Time High

As the Bitcoin price continues on an upward trajectory that has sent it toward new all-time highs, breaking above $73,000 this week. With this increase, the vast majority of BTC holders are currently seeing a profit, and large whales are taking advantage of this to cash out some profit.

Large Bitcoin Whales Sell-Off Coins

Crypto analyst Ali Martinez took to X (formerly Twitter) to share a chart that showed that large Bitcoin whales were selling off some of their coins. These large whales are those that hold at least 1,000 BTC in their wallet, which means on the lower end, these whales are holding at least $73 million worth of Bitcoin on their balances.

As the chart shows, there has been a decline in the total number of BTC held by these large wallets and this signifies that they have been selling their coins. After the price first ran toward its 2021 all-time high of $69,000, these whales began reducing their allocation.

The selling began in the month of February and has continued on into the month of March. Over this time, their total balances have reduced, leading to a decrease in the number of wallets that hold more than 1,000 BTC.

As of February, there were around 2,150 wallets holding more than 1,000 BTC. However, in March, this figure has dropped toward 2,040 as the whales shave off their balances to secure some profit during the rally.

Impact Of Whale Selling On BTC Price

Given the size of these wallets, a decision to sell from them can have a notable impact on the BTC price. This is because they are able to dump a large amount of supply on the market in a short time and if there is not enough demand to soak it up, then it leads to a crash in the price.

The whale selling could be behind the flash dips that have plagued Bitcoin as it has surged to new all-time highs. One example of this was on Tuesday, March 12, when the price of Bitcoin touched $73,000. What followed was a flash crash that sent the price toward $68,000 before it recovered.

So, while the whales dumping their holdings could have an adverse effect on the price, the performance of BTC in response to this flash crash shows that there is enough demand to meet this supply. In the case of Tuesday, the price would recover quickly to reach a new all-time high of $73,600.

At this time of this writing, the BTC price is still maintaining its hold on $73,000 with a 7-day increase of 10.49%.

Bitcoin price chart from Tradingview.com

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Shiba Inu Whales Are Accumulating SHIB, Do They Know Something You Don’t?

Shiba Inu (SHIB) whales have been busy in the market lately, as on-chain data suggests that they are positioning themselves for more moves to the upside from the meme coin. This development comes as the crypto token inches close to its all-time high (ATH). 

Shiba Inu Whale Accumulates 332 Billion SHIB Tokens

On-chain data shows that over 332 billion SHIB was sent from the trading firm Cumberland to a wallet linked with the crypto trading platform Robinhood. While the nature of the transaction remains unclear, further data from Etherscan shows that the Robinhood-linked wallet has been accumulating SHIB on a large scale these past few days. 

Besides the single transaction of 332 billion SHIB, the wallet has also seen millions of SHIB tokens flow into it. A plausible explanation is the fact that the trading platform is seeing increased interest in the meme coin from its customers and has had to stack up on its SHIB holdings. Data from Arkham Intelligence shows that Robinhood holds almost 40 trillion SHIB tokens.  

Meanwhile, Robinhood looks to be just one of many platforms on which SHIB trading has heightened. On-chain data shows that crypto exchange Crypto.com has significantly increased its SHIB holdings in the last 24 hours. Notably, there was an inflow of 2 trillion SHIB tokens sent from one of the crypto exchange’s hot wallets to another. 

NewsBTC had recently reported that SHIB had seen a 20 times increase in March from its February average of daily new addresses. Therefore, it is not surprising that there is an increase in SHIB trading on these platforms. 

This explosion in SHIB’s adoption is believed to be due to the parabolic surge in the meme coin’s price this month, with investors looking to position themselves ahead of more potential price surges. 

Shiba Inu’s Price Expected To Keep Rising

Crypto analyst Ali Martinez recently laid out a scenario where SHIB’s price could rise to as high as $0.000052. Moreover, the crypto token looks to be reclaiming the support level of $0.000033, which the analyst highlighted as critical. SHIB’s bullish momentum is buoyed by the fact that meme coins are gaining traction as one of the leading narratives in this bull cycle.

Crypto analyst Michaël van de Poppe also mentioned that altcoins like SHIB are still undervalued, meaning there is still room for a further upward trend. The analyst expects these crypto tokens to break their ATH or move close to it when they make their next run. 

At the time of writing, SHIB is trading at around $0.00003256, up in the last 24 hours according to data from CoinMarketCap.

Shiba Inu price chart from Tradingview.com

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94 Million XRP Exits Binance As Bulls Reclaim Control, What’s Going On?

Crypto whale transaction tracker Whale Alerts has revealed various large XRP transactions in the last 24 hours as bullish momentum returns to the market. Interestingly, five of the large transactions in the past 24 hours have come from crypto exchange Binance, with the latest occurring in the past hour. In fact, 94 million tokens were recently transferred from Binance into unknown wallets, prompting investors to contemplate the reasons behind the transfers and possible outcomes.

Large Transactions From Binance

Data from Whale Alerts reveals that the transfers, worth over $57 million, were sent out of Binance in five transactions of 18 million XRP each. This huge transfer could signal big investors are buying the altcoin in droves, but the pattern of accumulation also points to the transactions being carried out by one entity.

The transfers occurred throughout Sunday, starting with a transfer of 18.76 million tokens worth $11.7 million from Binance into an unknown wallet. Subsequently, 18.4 million tokens, 19.2 million tokens, 18.8 million tokens, and 18.7 million tokens worth $11.26 million, $11.47 million, $11.19 million, and $11.69 million were sent into private wallets.

Investors can only speculate as the identity of wallet addresses is mostly unknown. But shifts of this magnitude often foreshadow market sentiment. These enormous transactions in such a short time span negate a random pattern and suggest accumulation from the parties involved. 

However, the transfers could have also been carried out by Binance itself, as on-chain data shows all recipient addresses were activated on the same day by the exchange. Furthermore, this pattern of 18 million XRP tokens departing Binance in each large transaction began on Friday. Essentially, the transfers could have been due to wallet maintenance or liquidity factors. 

What’s Next For XRP?

XRP has majorly underperformed other large market-cap cryptocurrencies. At the time of writing, the token is trading at $0.6219 and is up by 18% in 30 days. For comparison, Bitcoin, Ethereum, and BNB are up by 49%, 58%, and 63% respectively in the same timeframe. 

However, XRP enthusiasts continue to remain strong and anticipate a strong bullish run. According to attorney Bill Morgan, XRP is set to surpass its all-time high of $3.4 this cycle. Right now, XRP is showing other signs of building momentum, like a recent breakout above a long-term downtrend line. 

A popular crypto analyst known as Ash Crypto noted that the altcoin is on the verge of a multi-year breakout. The last time this happened, XRP went on a surge throughout 2017 and 2018 to reach its current all-time high. 

According to the analyst’s XRP chart, a repeat of this breakout would lead to a surge of epic proportions to $18.

XRP price chart from Tradingview.com

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Ethereum Bulls Get Aggressive As Traders Set Sights on $4,000 Amid Market Frenzy

Ethereum has been exhibiting a robust and sustained upward trend, showing its mettle in the volatile cryptocurrency market. At the time of writing, the price of ETH was hovering around $3,743, surpassing its moving averages with considerable bullish momentum.

The cryptocurrency community is now eagerly anticipating the breach of the significant $3,500 price threshold, marking a potential milestone for Ethereum’s continued ascent to the highly-coveted $4,000 price tag.

Notably, the current price has surged well above the 50-day moving average, which stands at approximately $2,700, underscoring the strength of the ongoing bullish trend. Furthermore, the 100-day moving average, situated at $2,400, serves as another crucial support level. Historically, these key supports have proven instrumental in propelling Ethereum prices higher upon retesting.

ETH Surge: Price Correction In The Offing?

Ethereum (ETH) surged alongside Bitcoin (BTC) on February 28th, reaching within spitting distance of its all-time high of $3,500. While bulls celebrate, a technical indicator hints at a potential pause in the rally.

The CryptoQuant Funding Rates metric, reflecting fees paid in perpetual futures contracts, reveals a significant spike for ETH on February 28th. Reaching 0.07%, it marks the highest level since April 2021, exceeding the 0.06% peak observed before ETH’s previous peak of $4,800 in November 2021. Historically, such surges in funding rates have often preceded price corrections.

The high CryptoQuant Funding Rates not only suggest a potential pause in the rally but also raise concerns about the sustainability of the current momentum. Typically, such dramatic surges indicate excessive bullish sentiment and overheated markets fueled by highly leveraged long positions.

There are two reasons why this scenario is extremely complex. First off, in the event that prices turn around, it exposes bulls to significant losses. Second, it raises the possibility of a long squeeze, an uncommon situation in which strong short-term selling pushes holders of long positions to liquidate, thus quickening the price decrease.

Imagine a domino effect: leveraged long positions get called upon margin calls, forcing liquidation, which triggers further selling, pushing prices down further, and causing more margin calls. This cascading effect can lead to panic selling and significant losses for overly optimistic investors.

Although there is no assurance that a prolonged squeeze will occur, the increased funding rates serve as a harsh reminder of the inherent risks that are associated with chasing a highly stretched rally.

Old Ethereum Whales Reappear, Sparking Crypto Speculation

In another development, a pre-mine Ethereum wallet that had remained inactive for almost nine years has been reopened, according to data released by the cryptocurrency tracker Whale Alert. It has 72 ETH valued at $243,771 in it.

This tracking platform discovered that these 72 ETH funds had been moved to another anonymous cryptocurrency wallet. In addition to this wallet, according to recent sources, a number of dormant Ethereum whales awoke in February and held premined Ethereum worth 100 ETH, 429 ETH, 3,465 ETH (valued at roughly $10.4 million), and 100 ETH. They had all been dormant for about nine years.

Featured image from Pixabay, chart from TradingView

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These Are The Altcoins Drawing Whale Interest, Santiment Reveals

The on-chain analytics firm Santiment has revealed some altcoins currently witnessing high interest from the whales.

Whale Transactions Have Spiked For These Altcoins Recently

In a new post on X, Santiment has discussed how several altcoins have been showing interest from the whales. The on-chain indicator of relevance here is the “Whale Transaction Count,” which keeps track of the total number of transfers carrying a value of at least $100,000 taking place every day on the blockchain for any given cryptocurrency.

Such large transfers are generally assumed to be coming from the whale entities, as they can only move around amounts this large with single transactions.

When the metric’s value is high, the whales make many transfers. This trend implies that these humongous investors are highly interested in trading around the asset in question.

On the other hand, the low indicator suggests the whales may not be paying attention to the cryptocurrency as they aren’t making that many moves on the network.

Now, here is the chart shared by the analytics firm that shows the trend in the Whale Transaction Count for some altcoins over the past month:

Altcoins Whale Transaction Count

As displayed in the above graph, these five altcoins have all seen some boost in their Whale Transaction Counts recently: Injective (INJ), Rocket Pool (RPL), PlayDapp (PLA), STP (STPT), and Basic Attention Token (BAT).

Given this close surge in the indicator for all of these assets, it would appear possible that the whales have now started playing around with alts after gaining confidence from the sharp rally that Bitcoin has enjoyed.

Now, what does this fresh whale interest mean for these altcoins? Usually, a high value of the Whale Transaction count is a predictor of volatility for any cryptocurrency.

This is because the whales’ transfers carry a significant value. Of course, any single transaction will likely not be big enough to move the market appreciably on its own, but if many such transfers occur at once, the asset could feel some turbulence.

However, any such volatility that may arise out of this high whale trading activity can theoretically go in either direction. The Whale Transaction Count only measures the pure number of large transfers happening on the network and doesn’t provide any information about whether these are buying or selling moves.

As such, the only thing that can be said about these altcoins observing high interest from these humongous holders is that they are now more likely to display some volatility, the direction of which is uncertain.

INJ Price

The 31st-placed coin in the market cap list, Injective, is trading around $35 after going up more than 4% in the past week.

Injective Altcoins Price Chart

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Binance Stirs The Waters With A 200 Million XRP Transfer – What’s The Plan?

Cryptocurrency exchange giant Binance made a bit of a headline by transferring a substantial amount of XRP tokens—200 million to be exact. The massive amount of the transfer has made nearly everyone in the crypto community come up with guesses as XRP tallied notable 4% increase in value following the transfer, which added an extra layer of intrigue to the situation.

The recent struggles of XRP, reflected in its monthly losses and declining network fundamentals, have created an air of uncertainty around the coin. Santiment data analyzed by NewsBTC indicates a steady drop in daily active addresses and a decrease in the rate of new address creation over the past month. Additionally, XRP’s supply in profit has seen a sharp decline since the beginning of the year.

Whale Alert Detects Binance XRP Movement

Investors’ pessimism about the payment-linked cryptocurrency has been further accentuated by the lack of profitability, evident in the consistently negative Weighted Sentiment for XRP in 2024. As the crypto market evolves, these factors contribute to the dynamic landscape and impact the sentiments of investors and market participants.

One platform that tracks high-value transactions, Whale Alert, made the flow of XRP tokens visible. At around 6:40 am UTC, Binance started three different transactions totaling 64.41 million XRPs. Trade observers took notice of the subsequent large transfer of 200 million XRP to a “unknown wallet.”

The 200 million token transfer represents almost $105 million at the current XRP selling price, highlighting the importance of this operation. After more research, we discovered that the beneficiary address of the $200 million transfer quickly transferred $4.28 million in XRP to a different address.

XRP Price Trades Higher After Binance Transfer

The real intent of these moves is still unknown at this point. But the cryptocurrency community has been quick to conjecture, with conversations centered on the potential for whale buildup. The transfers’ timing, which coincided with an increase in XRP’s price, has fueled conjecture even more.

With a respectable rise in value today, XRP, which had been in a protracted downturn, saw some hope. Notably, it traded at $0.53, increasing in value over the previous day and week to 0.6% and 4.1%, respectively, according to Coingecko data.

It’s possible that the enthusiasm surrounding XRP’s positive turnaround spurred major market participants—also known as “whales”—to take big action.

Related Reading: Solana Surges: Open Interest Hits $1.75 Billion, Price Up 8% Today

Featured image from Freepik, chart from TradingView

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Chainlink Breeds New Whales As $49.9 Million Accumulation Spree Cause Prices To Surge

Chainlink (LINK) has traders buzzing as its price has been up by 40% since the last week of January, massively outpacing the broader cryptocurrency market. Amidst this price spike, mysterious whale wallets have been topping up their holdings, as evidenced by on-chain data. 

According to blockchain tracker Lookonchain, there’s been a massive outflow of LINK from crypto exchange Binance in the past two days, particularly with 49 new wallets receiving 2,745,815 LINK within this timeframe. 

Massive LINK Accumulation Occurs On Binance Before Withdrawal

Details from Binance point to an ongoing accumulation of LINK from the crypto exchange. In the middle of this accumulation, a particular whale or institution has been going on a buying spree, gobbling up more than 2.7 million LINK tokens worth $49.9 million. This accumulation came days after the Lookonchain noticed that four new wallets had withdrawn over 119,583 LINK tokens worth over $2.15 million from Binance.

Similarly, Lookonchain noted that another whale address “0x2A19” has withdrawn 494,957 LINK tokens worth $9 million from Binance in the past 10 days. Notably, whale transaction tracker Whale Alerts has also noted some accumulation of LINK tokens from other crypto exchanges.

Analytics platform Santiment also noted that LINK whale addresses have upped their activity amidst the price surge as large amounts of coins were moved by previously stagnant wallets. This influx of tokens back into the network’s circulation, coupled with a minor liquidation of wallets, seems to have contributed to the price spike.

How Will New Chainlink Whales Impact Price Action Going Forward?

The crypto industry is currently going through a modest price gain led by Bitcoin recently breaking above the $44,000 level again. As a result, the industry is now up by 3.25% in the past 24 hours, with a 22.60% increase in trading volume. 

LINK hasn’t been left out of this price gain, registering a 4.30% gain in the past 24 hours. However, LINK has been on a sustained breakout since January, reaching as high as $19.68 on February 5. 

The price spike isn’t particularly surprising, as fundamentals of the Chainlink ecosystem point to a steady price growth for LINK. Chainlink’s role in DeFi and NFTs with its smart contracts oracles cannot be overstated. Chainlink also recently released its Staking v0.2 protocol in December, allowing investors to stake a minimum of 1 LINK for a base floor reward rate of 4.5% per year in LINK.

Consequently, the massive accumulation of LINK by whales is a very bullish signal for the token’s price action going forward. These large investors see LINK’s long-term value and potential and are loading up their bags in anticipation of higher prices.

LINK price chart from Tradingview.com (Chainlink whales)

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XRP Price Poised For Liftoff? Whale Holdings Soar Despite Ripple Hack

In a recent turn of events, Ripple faced a significant security breach resulting in the loss of $112 million worth of XRP. Despite this setback, the cryptocurrency community has witnessed remarkable resilience from XRP whales, who have chosen to maintain their coin holdings. This unwavering support, coupled with Ripple’s swift response, has instilled confidence in the platform’s long-term viability.

XRP Whales Display Unwavering Faith

On-chain data provided by Santiment reveals that XRPLedger experienced a surge in whale transactions following the hack. A total of 217 transactions involving $1 million or more in XRP were recorded, marking the highest activity since July 2022. This surge underscores the whales’ belief in XRP’s potential, despite the temporary market turbulence caused by the hack.

Furthermore, wallets holding at least 10 million XRP now collectively possess 67.2% of the available supply, a concentration not seen since December 2022. This consolidation of XRP among influential investors indicates their long-term commitment to the asset.

Ripple Leadership Assures Community

In the wake of the hack, Ripple co-founder Chris Larsen provided reassurances that the Ripple blockchain itself remained secure. The unauthorized access was limited to his personal XRP accounts, separate from Ripple’s operations. Larsen’s prompt action in notifying exchanges to freeze the affected addresses demonstrates Ripple’s dedication to protecting its users’ assets.

Moreover, Ripple is actively collaborating with law enforcement agencies, and a substantial portion of the stolen funds has already been frozen. The team is diligently pursuing the remaining funds to ensure a comprehensive resolution of the situation.

Binance’s Mysterious XRP Transfer

Amidst the Ripple hack incident, an unusual withdrawal of 20.62 million XRP tokens from Binance, the world’s largest cryptocurrency exchange, has raised eyebrows. While initial speculation pointed towards an external entity, further investigation revealed that the tokens were sent to an address associated with Binance’s hot wallet for storing XRP.

This development suggests that the $10 million transfer may be an internal operation within the exchange rather than a whale’s activity in the broader cryptocurrency market. Binance has yet to provide an official explanation for this movement, adding an element of intrigue to the situation.

A Tale Of Resilience

The Ripple hack incident has undoubtedly shaken the cryptocurrency community, but the unwavering support from XRP whales and Ripple’s proactive response have demonstrated the platform’s resilience. As the investigation into the hack continues and Binance sheds light on its mysterious XRP transfer, the Ripple ecosystem stands poised to emerge stronger from these challenges.

As the crypto community grapples with the intriguing dynamics surrounding the recent substantial XRP withdrawal from Binance, the broader question emerges: Is the current dip in XRP’s price merely a temporary setback or a prelude to a significant upward trajectory? Despite the recent setback and a price decline to $0.49, down 3.7% in the last 24 hours, the resilience of whale holdings amid the aftermath of the Ripple hack introduces a compelling narrative.

Featured image from Pixabay, chart from TradingView

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Bitcoin Whales Go On Buying Spree As Price Dips, Here’s How Much They Bought

A recent development shows that Bitcoin whales have refused to be deterred by the recent price action of the flagship cryptocurrency. Instead, they have chosen to see it as an opportunity to accumulate more BTC. This move could turn out to be really profitable based on a recent analysis by crypto analyst Ali Martinez. 

An Increase In Bitcoin Whales

Ali Martinez stated in an X (formerly Twitter) post that 46 new entities now hold 1,000 BTC or more, which represents a 3% increase in just two weeks. Data from BitInfoCharts further shows that there are now 1,898 wallet addresses holding this amount of Bitcoin or more. This is significant as it suggests that more people have become bullish on the crypto token despite the recent market correction. 

These whales no doubt have enough reason to be bullish on BTC, as Martinez’s recent Bitcoin analysis suggests that the tide could turn soon enough. The analyst highlighted in an X post how, historically, price corrections for Bitcoin have “consistently been followed by further upside gains” in bull markets. 

As such, he noted that dips like this might offer “strategic buying opportunities for those looking to capitalize on Bitcoin’s potential growth.”

Meanwhile, the Spot Bitcoin ETF issuers have helped contribute to the increase in this figure, considering they have had to accumulate BTC for their respective funds. Data from on-chain analytics firm Arkham Intelligence shows that the world’s asset manager, BlackRock, currently holds over 44,000 BTC for their Bitcoin ETF. 

Bitcoin price chart from Tradingview.com (BTC whales)

BTC Still Has More Bullish Momentum 

While many in the crypto community continue to speculate whether the bull market is back, there is reason to believe that BTC’s bullish momentum is not fading anytime soon. In his most recent X post, Ali shared how the next market peak could land around 2025 if Bitcoin is to mirror past bull runs. Going by this projection, Bitcoin is said to have 600 days of bullish momentum still ahead. 

In the meantime, Bitcoin bulls will have to overcome the selling pressure from Bitcoin whales like Grayscale. The asset manager had to offload a significant portion of its BTC holdings due to the amount of outflows it keeps recording from its Spot Bitcoin ETF. GBTC investors like FTX are reported to be taking profits, considering that the fund had traded at a significant discount to Bitcoin’s price before now.  

At the time of writing, Bitcoin is trading at around $39,000, up in the last 24 hours, according to data from CoinMarketCap. 

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XRP Crash Fears Mount As Whale Dumps 26 Million Tokens – Details

In the world of cryptocurrencies, XRP has once again captured the attention of market enthusiasts with a surge in whale activity. The movement of a staggering 26.8 million XRP tokens has sparked speculation among traders and investors alike.

Blockchain data tracked by Whale Alert, a renowned tracker of large cryptocurrency transactions, revealed that an unknown wallet, identified as r4wf7enWPx…5XgwHh4Rzn, transferred the substantial amount of XRP.

Ripple’s Strategic Moves Trigger XRP Transfers

The tokens, valued at approximately $14.75 million, were sent to Bitstamp, a prominent exchange based in Luxembourg City, Europe.

Interestingly, this is not the first time the mentioned wallet has made similar transfers to Bitstamp during periods of price dips. The recurrent nature of these transactions has piqued the interest of market participants, especially considering Ripple’s recent strategic stake acquisition in the exchange.

The correlation between Ripple’s involvement and the XRP transfers to Bitstamp has not gone unnoticed by astute traders and investors.

However, the recent movement of XRP tokens aligns with a downward trend in the token’s price. XRP’s value has experienced a decline of 2.34% in the past 24 hours, trading at $0.5389 at the time of writing.

The weekly chart also paints a dreary picture, showing a significant fall of 7.30%, while the monthly downturn stands at 12.61%. Both market capitalization and trading volume have also taken a significant hit.

Despite the prevailing market sentiment, XRP Whale, a reputable crypto market analyst, remains bullish on the token’s prospects. Contrary to the price decline, the analyst predicts that February will bring positive developments for the Ripple-backed cryptocurrency.

Investor Skepticism Persists Amid Market Volatility

Such optimism is met with skepticism, as investors grapple with the current state of the market and seek reassurance amid the ongoing volatility.

It is important to remember that the cryptocurrency market is highly unpredictable, and caution should always be exercised when making investment decisions.

While the whale activity surrounding XRP and the positive outlook from XRP Whale may spark intrigue, it is crucial to conduct thorough research and seek advice from financial professionals before making any investment moves.

Worries of an XRP crash are rampant, fueled by the recent whale sell-off and a confluence of negative technical indicators. The coming days and weeks will be crucial in determining whether XRP can weather this storm or succumb to the immense selling pressure.

Featured image from iStock

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Bitcoin Gearing Up For Recovery As Large Whales Stop Moving Old Coins

There may finally be light at the end of the tunnel for the Bitcoin price as selling has begun to subside for the cryptocurrency. So far, it seems that the large holders have been the main driving force behind the price decline, which could explain why the rally has been suppressed for so long. However, as these large investors start to scale back their selling, the Bitcoin price could be looking at another recovery.

Bitcoin Whales Stop Selling Old BTC

According to a report posted by Santiment, the reason for the suppressed Bitcoin price over the last week could be traced back to large Bitcoin holders. These holders who have a massive stash of old coins, which means coins that have not moved in a long time, had begun to move their coins after the price of BTC found its legs due to anticipation around the Spot ETF approvals.

Once these whales began to move these coins, there was a definite drop in the asset’s price that can be linked back to this move. As these whales moved these coins out of their wallets, the age of their BTC holdings went down, suggesting that they were selling these older coins.

On average, the age of their holdings went from around 640 days to around 624 days in the days following the Spot ETF approvals by the SEC. The on-chain tracker suggests that this was a sign that the market was back in the bull market.

However, after around a week of doing this, these whales seem to have come to a point where they are no longer moving coins. “There are mild signs that this continued movement of older coins is finally done for the time being,” Santiment said.

Now, while Santiment interprets this as a sign that the bull cycle may be over, there is also the possibility that these whales have stopped moving their coins in a bid to wait for the price to recover. In this case, selling pressure will recede, allowing Bitcoin the space to regain its footing once more.

Bitcoin price chart from Tradingview.com

BTC Struggles With $43,000 Resistance

The Bitcoin price is currently struggling with the resistance mounting at $43,000. Since the crash last week, bulls have continued to lag behind as bears have chosen this level to pitch their tents. The sell pressure also seems to be localized at this point, so it has become the next important level to beat.

If Bitcoin is able to surmount the $43,000 resistance, it could signal a return of the rally. At this point, $45,000 becomes the next major resistance as investors flock back in. However, failure to turn $43,000 into support could result in a further decline in the price.