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Bitcoin Sharks & Whales Do $2.2 Billion Selloff, But BTC Hangs On At $37,000

On-chain data shows the Bitcoin sharks and whales have participated in a selloff of around $2.2 billion during the past week.

Bitcoin Wallets With 100 To 10,000 BTC Have Been Selling Recently

As pointed out by analyst Ali in a post on X, the large BTC investors might have been harvesting their profits recently. The indicator of interest here is the “BTC Supply Distribution,” which keeps track of the total amount of Bitcoin the different wallet groups in the sector are holding.

The addresses or investors are divided into these groups based on the total number of coins they currently carry. For instance, the 1 to 10 coins cohort includes all wallets with a balance of at least 1 and at most 10 BTC.

In the context of the current discussion, the 100 to 10,000 BTC range is of focus. The 100 to 1,000 coins group is popularly called the “sharks,” while the 1,000 to 10,000 cohort includes the whales.

Both groups carry significant amounts, so their behavior can be relevant for the wider market. Though the whales are much larger of the two, and thus hold much more influence on the network.

Now, here is a chart that shows the trend in the combined Supply Distribution of the Bitcoin sharks and whales over the past couple of months:

Bitcoin Sharks & Whales

As displayed in the above graph, the 100 to 10,000 coins Bitcoin investors have seen their supply go through a steep drawdown during the past week. During this drop, these humongous entities have sold around 60,000 BTC, worth about $2.2 billion at the current asset price.

This is a notable amount, and considering that the timing of the distribution has coincided with BTC’s latest break above the $37,000 level, it would appear possible that these key holders have participated in this huge selloff to harvest the profits that they would have amassed in the rally.

The sharks and whales also took part in some selling when BTC had broken above $35,000 last month, but both the rate and the scale of the selloff were lesser when compared to the one now, as the Supply Distribution for these cohorts has plunged rather steeply this time around.

So far, however, despite this large selloff, Bitcoin hasn’t had much trouble maintaining around the $37,000 mark. The asset initially saw a pullback when the selling started, as it retraced towards $36,000, but it rebounded back quickly enough.

That said, BTC may not be able to break out of its sideways movement toward the upside without the backing of the sharks and whales. The aforementioned surge towards the $37,000 had also occurred just after these investors had made some huge buying moves.

BTC Price

Bitcoin has continued to consolidate around the $37,000 level during the past few days as the chart below shows.

Bitcoin Price Chart

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Crypto Expert Reveals One Major Reason The XRP Price Will Do Well In The Bull Run

A crypto expert has disclosed a bullish outlook for the XRP price during the upcoming bull run, highlighting XRP’s advantage over other altcoins due to its lack of ties with China’s CCP.

Crypto Influencer Predict XRP Bull Success

A crypto influencer on X (formerly Twitter) called BoringSleuth has expressed his sentiment about XRP’s potential success in the eagerly anticipated bull run. 

BoringSleuth has stated that the XRP price could stand to benefit considerably from the bull market due to its lack of affiliations with the Chinese Communist Party (CCP). He said that other cryptocurrencies like DAG which have no links with the CCP may also experience a successful bull run. 

“The protocols that weren’t in bed with the CCP will be the benefactors of future bull cycles. A protocol like DAG, which works with the DOD is one example of a well-positioned protocol. XRP is another,” BoringSleuth stated. 

Responding to BoringSleuth’s declaration, an X (formerly Twitter) user posted a screenshot stating that Ripple had deep ties with the IDG which is strongly backed by the CCP. 

“The Protocol may or may not be clear…but Ripple has deep ties to IDG, which has strong support from the CCP. IDG are also investors in Coinbase and KuCoin,” an X member, AltarofEgo stated.

Additionally, when asked by a crypto member on X what he meant by “well positioned,” BoringSleuth responded by saying that crypto companies that have no links to the CCP are strategically positioned to become the prime beneficiaries position of retail and investment cash flows in the case CCP-linked companies ever faces scrutiny. 

“If there is a crackdown on CCP-affiliated companies, then that investment and retail money will flow somewhere. The companies well positioned to get those dollars will be the ones not in bed with the CCP,” BoringSleuth stated. 

XRP price chart from Tradingview.com

XRP Price Maintains Bullish Momentum

Recently, the crypto market seems to be on a rallying trend and XRP has taken advantage of the market sentiments to push its price higher. According to a crypto analysis by ProSignalsfx on TradingView, the XRP price is on an upward trend and may continue rising. 

“RIPPLE is trading in an uptrend along the rising support line and after the retest of the said support. We will be expecting a further move up,” ProSignalsfx stated. 

According to CoinMarketCap, the price of XRP at the time of writing is $0.65 with a 24-hour trading volume of over $101 billion. The cryptocurrency’s value has recovered steadily following several partial victories during its intense legal battle with the United States Securities and Exchange Commission (SEC). 

Many investors and XRP community members are looking forward to a bullish rally for the token following the conclusion of its court case with the SEC.

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Solana (SOL) Shines 40% Toward $60 As Whales Make Big Moves

Undoubtedly establishing itself as a standout performer in the expansive altcoin market, Solana has achieved exceptional growth over the course of the past year, marking an impressive surge of nearly 300%.

This remarkable ascent underscores Solana’s resilience and appeal within the cryptocurrency landscape. The cryptocurrency has not merely kept pace but has outpaced many of its counterparts, solidifying its status as a noteworthy investment choice.

Presently exchanging hands at approximately $58, Solana exhibits an impressive display of relentless upward momentum, notably experiencing a noteworthy 40% surge in value within the last seven days alone.

This surge not only reflects the cryptocurrency’s immediate strength but also contributes to its status as a formidable player in the digital asset arena.

Solana Price Gets Boost From Whales

As of the current moment, Solana proudly holds the prestigious position as the 7th largest cryptocurrency, fortified by a substantial market capitalization that has exceeded the impressive milestone of $24 billion.

Whale Alert revealed two significant Solana trades on November 12th, each worth more than $30 million. Transferring 325,222 SOL—worth more than $18.6 million—to the Binance exchange was the initial transaction.

Solana whales have been engaging in a higher volume of huge transactions lately, transferring a considerable portion of the tokens to exchanges. Given this recent behavior, is it feasible that SOL’s gains would gradually decline?

Taking long positions, traders are now witnessing a notable shift in behavior due to Solana’s highest positive funding rate of the year, reaching 0.07% on November 12.

This optimistic outlook reflects their confidence in the continued upward movement of the price.

Meanwhile, the surge in Open Interest (OI) signifies a capital influx into Solana, with traders actively opening new positions.

Coinglass’ data reveals that Solana’s OI volume has been on a consistent upward trend since the beginning of November, reaching over $760 million at the time of writing.

Notably, the last instance of SOL experiencing such a high OI volume was around May 2022. This historical context emphasizes the significance of the current surge in OI and its implications for Solana’s market dynamics.

The rate of SOL is near the resistance on the hourly chart, indicating that buyers have some degree of influence over sellers. By the end of the day, if nothing changes, the growth may go pas the $60 level.

According to the weekly chart analysis, the rate of SOL is poised to conclude within the positive zone. Currently, there is a lack of negative indicators.

In the event of the bar’s closure in proximity to the $60 range, it is plausible that an upward movement might ensue, potentially culminating in an examination of the $65 range in the near future.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Pixabay

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Polygon (MATIC) Price Fueled By Increase In Whale Activity

Polygon’s native coin MATIC continues to gain traction as the cryptocurrency experienced an impressive increase in whale transactions over the past 30 days, bolstering price growth for the digital asset and the ecosystem.

Whale Activities Propels Polygon MATIC’s Growth

Recently, Polygon MATIC’s whale transaction volume significantly increased over the past 30 days, which has sparked increased interest in the crypto asset. Whale transactions are classified as transactions that are over $100,000.

Data from on-chain analytics firm IntoTheBlock has revealed a 3,800% increase in whale transactions within the Polygon network. The increase in whale transactions might indicate the presence of active buying and selling maneuvers from institutional and large-scale investors.

“Institutional and whale demand has picked up strongly, with Bitcoin seeing an 80% increase in the volume of transactions of over $100k, Ethereum 170%, and Polygon over 3,800% compared to 30 days ago,” IntoTheBlock stated.

Initially, whale transactions from major players can influence the market dynamics of a cryptocurrency asset. This is one reason why MATIC’s price has experienced a significant uptick in recent weeks.

Furthermore, it was also revealed that wallets holding 100,000 to 1 million MATIC have amassed over 42.88 million of the token since October 24. In addition, 161 transactions totaling $100,000 or more were conducted in a single day—the most since July 2023. 

MATIC’s price is not the only asset this increase in whale activity has positively impacted in the last 30 days. The crypto’s market capitalization has also increased significantly following the whale activities and accumulation, recording a 62% increase in the past 30 days.

MATIC’s Performance Over The Past Week

Just last week, the cryptocurrency went past the $0.75 price mark, indicating an over 50% increase in price surge in the last 20 days. This means the crypto is showing significant strength, which could see it reaching the $1 mark by the end of the year. 

MATIC experienced a 33% year-to-date (YTD) decline in September but recovered within a month. The MATIC’s price rally puts it in a profit-making position.

Currently, the price of MATIC is $0.87, with a 24-hour trading volume of $943,748,349 as of the time of writing. Its market capitalization is valued at $943,748,349, with an over 4% increase in the past 24 hours, according to CoinMarketCap. 

In addition, the web3 gaming platform Immutable recent partnership with Ubisoft might also significantly affect the price of MATIC. This is because the platform is the first to establish a zero-knowledge (zk) scaling solution for the Ethereum (ETH) community, and Polygon will power the platform’s zkEVM. 

Polygon MATIC

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Crypto Analyst Says One Day Left Until XRP Price Blast-Off, What To Expect

The XRP price has had a mixed flow this month in terms of price action. The crypto surged by 25% in the first week of November to cross over $0.73, marking the first cross over this price point since June. However, XRP has since lost some of these gains. The crypto is now trading at $0.6574 at the time of writing and is down by 5.04% in a 7-day timeframe. 

According to crypto analyst and enthusiast Will Taylor, known as Cryptoinsightuk on social media, this is quite normal for XRP, and price history has shown it’s only a matter of time before it catches up. 

The analyst made this known while sharing his technical analysis on X (formerly Twitter). According to him, technical indicators point to liquidity rolling into XRP very soon, and a price takeoff is expected in less than two days.

Liquidity To Rotate Into XRP

Cryptoinsightsuk has predicted a further increase for XRP in the near term, resonating with other analysts observing a positive trajectory for XRP. The asset has mostly interlinked with the wider movements within Bitcoin and Ethereum since October’s lows. It has now lagged behind, with liquidity flowing to other altcoins like Solana and Cardano.

Technical analysis using the RSI indicator shared by Cryptoinsightsuk showed that XRP recently entered overbought territory since it rose a lot in a short period of time. The analyst pointed out that the last time the asset entered the overbought territory on the RSI, it continued to rally around 36%. 

Cryptoinsightsuk thinks we’re seeing the same pattern play out now, and a blast-off is imminent in the next 24 hours. A repeat of this rally from the current price puts a price target of $0.90 for XRP. 

Technical Points To Look At For XRP Price Rally?

XRP is ready for a strong rally now that its growth is no longer suppressed by the SEC lawsuit. It has now formed support at the $0.65 level, and the first step will be to break over $0.70. The next resistance is at its yearly high of $0.80. Other bullish analyses have come in for XRP in recent days. A previous X post by Cryptoinsightsuk predicted a strong rally to $10 at least.

According to analyst ERGAG CRYPTO, XRP appears poised to reach at least $1.3 after breaking out of the current ascending triangle. Then a stronger price move to at least $5.5 dollar before retail investors start to sell off. 

There is a good possibility that XRP’s price may surge above $1 in the near future. However, this might not come to reality until a US judge finally addresses all regulatory uncertainties surrounding Ripple and XRP. The good news is that Ripple seems to have the upper hand at the moment.

XRP price chart from Tradingview.com (Crypto analyst)