The crypto market is making waves. Because the whales – a metaphor for powerful investors – are moving again. A total of $650 million in cryptocurrencies is in motion, according to Whale Alert. They are mostly moved from unknown wallets to crypto exchanges like Binance or Coinbase. That indicates a sale.
The largest amount of this is being moved in bitcoin, almost half a billion US dollars. $300 million alone went from an unknown wallet to another wallet.
This wallet is completely new and goes straight to number 72 of the top 100 largest Bitcoin hodlers, her owner unknown. Around 100,000 million US dollars were awarded in total Coinbase and binance transferred.
Incidentally, the number of Bitcoin whales is growing: since the beginning of May 2023, 30 new addresses with a total of more than 1,000 Bitcoin have been added.
But you can also see big whale movements in other cryptocurrencies: A total of 50 million US dollars are in Doge flowed from one unknown wallet to another and at one point nearly $40 million Ripple from an unknown wallet to Binance and another $12 million to Bitstamp. A whale pushed around $36 million in Ethereum to Coinbase.
Whales are individuals or companies like MicroStrategy that hold very large amounts of cryptocurrencies. With Bitcoin, you are considered a whale from a quantity of 1,000 BTC. They play an important role in the market and can strongly influence prices with their transactions when they trade on exchanges. However, whales typically execute their trades Over-The-Counter (OTC), so prices are little(er) affected or not affected at all. You can find out more about the topic on our educational platform, the BTC-ECHO-Academy.
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