The past few days have seen a significant increase in large transactions involving leading cryptocurrencies as the market experienced a notable correction.
Increase in Bitcoin Transactions
According to IntoTheBlock, Bitcoin's large transactions amounted to $43.63 billion on October 21. The leading crypto asset declined by 2.2%, trading at $67,500. Despite the price drop, addresses holding Bitcoin for over a year increased their balance by 0.05%, reaching $856.23 billion.
Trends in Toncoin and Cardano
Toncoin witnessed a 93% surge in whale transactions yesterday, reaching $8.21 billion. Considering TON's $13 billion market cap, such activity could indicate panic and uncertainty among investors. Similarly, Cardano's whale transactions saw a 28% increase, reaching $7.23 billion. Wrapped Ether also experienced a 117% rally in whale transactions, reaching $6.16 billion.
Overall Market Picture
Whale activity around Ethereum doubled to $6 billion. Unlike BTC, ETH recorded a slight increase in its long-term holder balance of 0.04%, with a current balance of $288 billion. There is also a significant increase in stablecoin whale activity, including USDC and DAI. CoinGecko data shows that the total crypto market capitalization dropped by 3.1% in the past 24 hours, but daily trading volume rose from $90 billion to $118 billion.
The current correction in the cryptocurrency market seems natural despite the previous bullish 'Uptober' trend. Whale activity serves as an indicative factor highlighting existing trends and potential opportunities.