The world of Bitcoin and altcoins has had a turbulent journey over the past two years as the leading cryptocurrency BTC dropped from $69,000 to $15,000. This drop is having a cascading effect on altcoins. On the other hand, it caused significant depreciation. During the previous bull cycle, ETH rallied as high as $4,900. But in the current bear season, it has dropped below $1,000.
Altcoin recovery amid Bitcoin’s resurgence
Altcoin Ethereum (ETH) has shown resilience amid these challenges, currently trading at $1,700. Both Bitcoin and Ethereum are starting to show signs of recovery in recent days. Thus, market sentiment changes. It also potentially allows other altcoins to gain value as well. On the other hand, whale activity leads to speculation. Look On-Chain, a respected data provider in the crypto space, is on the agenda. He shares interesting information that has caught the attention of the cryptocurrency community.
According to Look On-Chain, a whale is on the move. Accordingly, there is a move from a large investor holding a significant amount of altcoin Ethereum. Moreover, after a long time, he made an important decision. Inactive for two years, this whale started a transaction by depositing 6,087 ETH (equivalent to $10.4 million) on the Binance exchange. This move raises question marks and speculation among both cryptocurrency enthusiasts and investors.
Implications for the future of altcoin Ethereum
The sudden revival of the activities of this previously dormant whale draws attention. Accordingly, the altcoin is fueling discussions about the potential implications for Ethereum’s price trajectory. The entry of such a large amount of ETH into the market raises concerns that selling pressure will increase.
Market concerns are rising as large investors like this whale potentially sell their holdings. According to this moment, there could be a subsequent impact on Ethereum’s price. The cryptocurrency market is still showing signs of volatility and uncertainty. Therefore, the actions of leading players such as whales affect market sentiment. It also charts the direction of altcoins.
Whale attacks continue
The latest data from Lookonchain reveals a significant move by an unidentified whale that has taken a prominent position in Wrapped Bitcoin ($WBTC) on two leading decentralized finance platforms (Compound and Aave). This strategic move highlights the growing reliance of high-net-worth investors in decentralized finance and its potential impact on the crypto market.
An unnamed investor is making moves through major players in the DeFi industry, Compound and Aave. Accordingly, it is organizing a significant accumulation of Wrapped Bitcoin (WBTC). A staggering 3,107 WBTC withdrawals were made from leading exchanges Binance and Bitfinex, totaling around $92.2 million. These transactions have taken place since 6 July. Looking at Kriptokoin.com, the average purchase price was $29,672 per WBTC.
