Crypto Whales are Doubling Down, Block-Buying Spikes

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Crypto Whales are Doubling Down, Block-Buying Spikes

According to on-chain analysis and market intelligence firm, Santiment, crypto whales making block sales of over $100,000  have markedly increased.

Furthermore, the market intelligence firm added that the “most significant” transactions are Tether (USDT) and USD Coin (USDC). Santiment expects “major market movements,” according to a tweet on the firm’s official page this morning.

What to Expect As Crypto Whales Flow Back

In the cryptocurrency marketplace, the term whale is used to describe any individual or group that controls a large amount of Bitcoin or cryptocurrencies. Just like the size of the whale distinguishes it in the ocean, the portfolio size of these individuals or groups sets them apart in the crypto industry

Data shows that the whales could manipulate ETH’s price by depositing the token onto exchanges and selling at certain points while the prices are elevated. Earlier this month, data provided by the blockchain analysis firm CryptoQuant showed that Ethereum (ETH) whale investors have been influencing the asset’s price for a long time.

On Oct. 30, a huge Ethereum whale transferred 19,999.9985 ETH worth roughly $31.6 million to the largest crypto exchange by trading volume, Binance. Similar whale movements could possibly show signs of another bearish market trend. One of the reasons why whales move massive amounts of crypto assets to centralized exchanges might be that they are looking for liquidity.

However, it’s not just altcoin whales that are making big moves. According to a Benzinga report, a Bitcoin whale moved a whopping amount of roughly 2,181 BTC, worth approximately $44.7 billion at the time of writing.

Ethereum Continues to Rally Upward 

The active accumulation of Ethereum is still in progress, as the top 10 largest non-exchange addresses have been actively accumulating more ETH leading up to September’s merge. The biggest addresses added 6.7% to their existing holdings, which explains why the Ether rally is still strong. At the same time, the chart shows that Ethereum’s top 10 exchange addresses recorded only a 0.2% increase in accumulation during the same period, currently holding 8.7 million ETH.

The 20% rally that originated on Oct. 25 has decelerated significantly, and the second-biggest cryptocurrency on the market is now moving downward. However, we cannot conclude yet that Ethereum has come to the end of its uptrend. 

According to a recent report from the crypto analytics website Santiment, an increase in activity on the Ethereum network has once again predicted an increase in the price of ETH. Based on data from the end of the first decade of October, when the Ethereum network reported its highest rise in new addresses, 135,780, which occurred 20 days later, Santiment predicted a likely bullish ETH price movement.

Ethereum still has not lost at least 30% of what it has gained in the recent rally. The lack of selling pressure still leaves the possibility for yet another spike upward. Despite being heavily overbought, a short-term correction will most likely put Ethereum back in its “normal” state, which could signal the continuation of the rally. Since December 2021, the price of ETH has risen by more than 22% due to the increase in new addresses. However, the Ethereum network’s activity had significantly decreased by this point.