Whales play a major role when the price value of cryptocurrencies is dipping towards a lower level. Since last week, Bitcoin’s price action depicts a bullish rally that resulted in BTC outflows. Whale Alert is an analytics system and blockchain tracker that shares interesting transactions as they occur via a Twitter account.
The Crypto market has witnessed several anonymous transactions between unknown wallets and some with details. Interestingly, a Bitcoin outflow has been tracked where 2,011 BTC are transferred to Coinbase on February 9. As mentioned in the post from Whale Alert, the worth of 2,011 BTC is $90 million which is transferred from Xapo to Coinbase.
Recently, whale movements have surged and several transactions of mainstream cryptocurrencies are done to unknown wallets. ETH is one of the frequently shifted cryptocurrencies from its storage to major exchanges. On February 10, the ETH address moved 51,151 coins worth over $163 million from an unknown wallet to FTX.
Whale Transactions Of BTC And ETH
As a matter of fact, Bitcoin and Ethereum are two major cryptocurrencies that huge investors would focus on. Moreover, these two crypto-assets have surged in price value since last-week while BTC is 29.98% up and ETH is 26.87%. Meanwhile, Ethereum reached $3,250 and Bitcoin reached above $44,500 on Wednesday.
Significantly, the Bitcoin network activity has risen following the growth in the number of new BTC entities. According to Glassnode, the price range between $30,000 and $40,000 served as a strong support zone for BTC in 2021. As a result, the drop in BTC’s price value was merely a pause before the cryptocurrency’s resurgence this year, which will be aided by a high resistance level.
Furthermore, many investors anticipated that mainstream cryptocurrencies would rise in value in 2022, so they positioned themselves to profit while the market was still cheap. Whales carry out transactions to protect cryptocurrencies when the value of the tokens is low, and it’s a win-win situation when the value of the tokens rises.
