Recent whale activity in the cryptocurrency space has led to significant market fluctuations. A whale has deposited over $50.5 million USDC, betting against Bitcoin, Ethereum, and Solana.
Whale Activity in Cryptocurrency Markets
The market is experiencing high whale activity, with their actions causing strong price fluctuations. Last week, one whale placed over $50.5 million in USDC on Hyperliquid, betting against BTC, ETH, and SOL with 5x leverage.
Bitcoin Tests Key Levels
Bitcoin continues to test crucial support near $102,000 after a sharp pullback from $106,000. Despite a 0.69% daily drop, BTC remains in a firm uptrend. Trading volume indicates a clear recovery phase after hitting a low in April.
Ethereum Breaks Downtrend
Ethereum has also shown positive momentum after breaking out of a multi-month descending channel. ETH currently trades at $2,521.92, reflecting a modest 0.29% gain. This breakout marks Ethereum's first major reversal after months of bearish movement.
Whale activity and fluctuations in the cryptocurrency market highlight the importance of monitoring key price levels. Bitcoin and Ethereum show signs of recovery, while Solana faces pressure.
