This week saw significant transactions by crypto whales that caught the attention of analysts and traders. Notable movements in Bitcoin and Ethereum have triggered market volatility.
Major Bitcoin Transactions
The week witnessed a substantial amount of Bitcoin whale activity. Whale Alert reported a 442.91 BTC transfer ($52.8 million) from an unknown wallet to Coinbase's institutional account. Additionally, an ancient wallet holding over 80,000 BTC for 14 years moved 10,000 BTC ($1.18 billion).
Over the following days, nearly 20,000 BTC ($2.42 billion) accumulated at that same address. These large transfers indicate a reorganization of holdings rather than liquidation.
Sources noted that a Satoshi-era whale executed two significant transactions of 9,000 BTC ($1.06 billion) and 7,843 BTC ($930 million) to Galaxy Digital, coinciding with a 5% drop in Bitcoin price.
Ethereum Whale Activity
A large volume of activity was also observed in the Ethereum sector. Cumberland sent 31,775 ETH ($101 million) to Coinbase, followed by another transaction of 44,000 ETH ($152 million), totaling over 75,000 ETH in just two days. While deposits to exchanges can indicate selling, Cumberland typically acts as a liquidity provider.
On-chain data reveals that Ethereum whales displayed significant accumulation behavior, with IntoTheBlock reporting a 95% increase in net inflows among large holders, signaling a bullish trend.
Whale Movements in Altcoins
Whale activity was not limited to Bitcoin and Ethereum. One whale transferred 25,526,865 XRP ($73.6 million) to Coinbase amidst a broader XRP rally. Reports suggest that whales have accumulated approximately 2.2 billion XRP over the last two weeks.
Other altcoins, such as ONDO, also experienced whale interest, with mid-tier whales buying 3 million tokens, anticipating a bullish breakout. Chainlink also saw increased whale activity as high-value transactions surged recently.
Overall, the significant transactions by crypto whales this week highlight market activity and interest, impacting short-term price volatility. Particular attention was drawn to movements in Bitcoin and Ethereum, along with altcoin activity showing signs of accumulation. These whale actions could potentially set the stage for further growth in the cryptocurrency market.
