Recent data on the chain presents a different situation. After the recent drop in the crypto market, whales are on the move again. Several prominent Ethereum whales are reported to have made significant sales in Wrapped Bitcoin (WBTC) and Ethereum (ETH). These large-scale transactions caught the attention of market watchers. On the other hand, he shed light on the behavior of big players in a period when the market was weak.
Big transactions and asset drops in the crypto space
It was observed that a whale sold 150 Wrapped Bitcoins (WBTC) worth $4.36 million and the price of each WBTC was $29,053. In another example, a different whale sold 3,967 Ethereum for $7.32 million at $1,846 per ETH. Also, a third whale sold 7,115 ETH worth $13.12 million for $1,844 per ETH.
Both Ethereum and Wrapped Bitcoin suffered price drops on Monday. Ethereum’s price fell from the Sunday high of $1,904. Accordingly, it fell to $ 1,842, the lowest level of the day. On the other hand, the value of Wrapped Bitcoin slid from $30,202 to $29,031 in the same time frame.
A mix of whales’ actions
While some whales were busy selling their assets, not all whales followed the same path. On Monday, a whale bought 2,802 Lido Staked Ether (stETH) with a purchase of 5.17 million USD Coin (USDC). In addition, the same whale exchanged 10 million USDC for 5,421 ETH. Also, this coin was later completely converted to stETH.
A smart whale spent 5.17M $USDC to buy 2,802 $stETH at $1,844 an hour ago.
The whale also exchanged 10M $USDC for 5,421 $ETH an hour ago, then exchanged all $ETH for $stETH.https://t.co/43h62Uudnw pic.twitter.com/9SVoC99MiF
— Lookonchain (@lookonchain) July 24, 2023
The movements of whales continue to be watched closely as the crypto market remains dynamic and fluctuates. These large-scale transactions provide insight into the current sentiments and behavior of major investors during market downturns.
Meaning of gestures
In recent years, whale movements have been an important and closely watched aspect of the cryptocurrency space. Whales refer to individuals or institutions that hold large amounts of cryptocurrencies. On the other hand, their movements have a significant impact on the market. These whales usually control a significant portion of the total coin supply. On the other hand, this gives them the power to influence prices through their trading activities.
At times of increased market volatility, whale movements become even more pronounced. Also, large buy or sell orders trigger sharp price fluctuations. For example, a whale’s decision to liquidate a significant portion of its holdings leads to a sudden price drop. This too cryptocoin.com When we look at it as a result, it causes panic among individual investors. It also triggers a wider market sell-off. Conversely, a well-timed buy by a whale ignites a bullish rally, attracting more investors and pushing prices higher. Due to the potential impact of whale actions, their movements are closely watched by traders, analysts and the media. On the other hand, it often leads to speculation and discussion about their motivations and potential market effects.
