- Growth in Large Bitcoin Transactions
- Growth in Large Ethereum Transactions
- Tether Accumulation by Whales
Data indicates that Bitcoin and Ethereum whales have started to accumulate these cryptocurrencies more actively, despite the bearish market trend.
Growth in Large Bitcoin Transactions
According to IntoTheBlock, the number of large Bitcoin transactions worth at least $100,000 started to increase on Sept. 1 after a set of constant declines in the last week of August. The number of such transactions surged from 13,100 on Sept. 1 to 18,000 on Sept. 3.
Growth in Large Ethereum Transactions
Ethereum experienced similar trends. The number of transactions worth at least $100,000 rose from 2,150 on Aug. 31 to 4,530 on Sept. 3, according to ITB data.
Tether Accumulation by Whales
Whales have also started moving the largest stablecoin by market cap, Tether (USDT). The number of large USDT transactions increased from 2,260 on Aug. 31 to over 5,000 on Sept. 3, according to ITB data. On the same day, Sept. 3, the two largest cryptocurrencies showed exchange net outflows of 7,290 BTC and 71,370 ETH, worth over $585 million combined.
These data indicate increased accumulation of cryptocurrencies by whales amid market uncertainty. On the same day, Tether registered approximately $66 million in exchange net inflows, which might indicate potential Bitcoin and altcoin purchases.
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