It is clear that Bitcoin and Ethereum whales have been on the rise recently. Data obtained from BTCBlockbot, a crypto analytic tracker, shows that a Bitcoin whale moved 11,230 BTC in block 647,817 estimated to be worth $116 million, just a few hours ago. On the other hand, it seems that large entities are getting more interested in moving the second most valuable cryptocurrency asset more frequently as Ether prices rebound.
Bitcoin whales have definitely been moving large stacks of cryptocurrency recently, triggered by the recent rush by crypto users, and global investors to have a stake in this fast-growing flagship cryptocurrency.
At the time this report was drafted, Bitcoin traded at $10,342.99 with a daily trading volume of $20.4 billion. BTC price is up 0.6% in the last day.
Global investors and crypto-traders are now cashing in on some of their profits, as the crypto market is awash with cheap money coming from stimulus packages from central banks all around the world, and global inflation hitting a record high. While it is impossible to predict market movements, BTC whales have shown historically that they often determine the BTC trend.
At the cryptocurrency market, investors or traders who have large amounts of Bitcoins are known as Bitcoin whales. This means that a BTC whale would be an individual or business entity (with a certain Bitcoin address) possessing around 1000 Bitcoins or more.
Data from advanced crypto tracker, Whale Alert, revealed that two unknown ETH whales separately moved 250,908 Ether coins worth about $92.993 million transferred from anonymous wallets, a few hours ago.
Nairametrics says that the recent whale movements are triggered by the recent rebound in Ether prices. Ethereum’s price is $358.66, with a daily trading volume of $5.3 billion.
It has a circulating supply of 110 million coins and a max supply of ∞ coins. It’s important to know that the recent rise of DeFi has exponentially amplified the rise of the whales.