As Bitcoin keeps flickering up and down, so does the heartbeats of bulls and bears. In the span of the last few hours, short positions worth $344.4 million in BTC have been liquidated. The bulls keep cheering on, and the bears keep biting the dust. According to expert market analysts, the inflow of stablecoins, retail stakeholders, and whale investors are expected to drive the price of flagship currency to usurp even further. Santiment puts together some insightful data projections on the effects of major whale activity.
The highly sought-after chain analysis company, Santiment analytics, show frequent sightings of whales in different crypto coin markets like BTH, ETH, LINK, and BNB. The crypto market’s general feeling is that whales are attempting to pump the price values of cryptocurrencies. In a recent tweet, @santimentfeed shared data charts prepared to measure the numeric volume of recent whale activities in the crypto-verse. These infographics included any singular transaction greater than $100,000 to the whale category.
Whales Moving Silently in the Bitcoin Ocean
All types of whales have come into action at the crypto exchange platforms to put the price anchor in effect. Major activities from crypto wallets that have been inactive for as long as two years have started to make splashes on the cryptocurrency ocean. The analytics by Santiment show a count of 23108 whale transactions made on BTC alone on Feb 2021. However, the quantitative volumes of these behemoth transactions are more drastic.
A dormant BTC wallet that has been inactive for several years moved 5,000 BTC on March 11th, 2021. In fiat currency, translation of this transaction is valued at $280 million. A bigger whale movement amounting to 31,010 BTC worth $1 billion was made from an anonymously owned BTC wallet in January 2021. As of now, only 42 BTC wallets in total retain such a massive volume of Bitcoin holdings. The owners of these Bitcoin wallets and the new recipients of BTC are unknown.
Big Splashes of Visible Whales Activities to make Ripples in the Crypto Ocean
The movement of well-known corporate giants like Tesla, Grayscale, and MicroStrategy is certainly worth mentioning when discussing whales. In general, most whale transactions are expected to be made by corporations rather than individuals. When Tesla purchased $1.5 billion worth of Bitcoin via Coinbase, BTC jumped by 10%. It shows that the effects of well-known whale activities are much more far-reaching than anonymous whale espies.
At the moment, Grayscale has the largest known BTC deposit in the world, valued at $30 billion. Meanwhile, another big player MicroStrategy sold convertible bonds to raise funds for purchasing BTC. For now, the company BTC holdings amount to 90,859 with an aggregate purchase price of $2.19 billion. All of these whales keep creating massive tides in the volatile crypto market.
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