In the world of cryptocurrencies, there are certain players who wield considerable power due to the sheer size of their holdings. These individuals, known as “whales,” are once again making waves as they move millions of dollars worth of Bitcoin (BTC) and Ethereum (ETH) in the span of a day.
According to Whale Alert, a popular on-chain address tracker, crypto whales have transferred a total of $748 million worth of BTC and ETH in less than 24 hours. These transactions include both inflows and outflows from exchanges, where the cryptocurrencies could potentially be sold on the open market.
The largest single transaction involved 9,756 BTC, worth a staggering $231.44 million, moved between two wallets of unknown origin. The whale responsible for this transfer paid just $9.18 in transaction fees, highlighting the low cost of moving such a large amount of money via cryptocurrencies.
Another whale moved 1,999 BTC worth $47.05 million from the crypto exchange Gemini to a wallet of unknown origin. Meanwhile, a third whale transferred 920 BTC worth $21.29 million from an unknown wallet to the crypto exchange Bitfinex.
Ethereum whales were also active, transferring 272,978 ETH worth $448.45 million in the last day alone. The largest transfer involved a whopping 237,979 ETH, worth $390.17 million, moved from a wallet of unknown origin to another wallet of unknown origin. The fees for this transaction were less than $5.
These moves by whales could have a significant impact on the cryptocurrency market, as they could potentially signal a shift in sentiment. However, data from CryptoQuant suggests that long-term holders continue to hold a significant amount of BTC, with 89% of UTXOs (unspent transaction outputs) in their possession. Short-term holders, on the other hand, have sold only a small amount of their BTC holdings, indicating that they are optimistic about future price growth.
It remains to be seen how these whale movements will impact the cryptocurrency market in the long term, but one thing is clear: the power lies with long-term holders, and their sentiment will be a key factor in shaping the market outlook.
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