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June 18, 2024
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Big Crypto Moves: Whales Transfer $800M in BTC, ETH, XRP, and MATIC

The post Big Crypto Moves: Whales Transfer $800M in BTC, ETH, XRP, and MATIC appeared first on Coinpedia Fintech News

Crypto whales have made multiple transactions in Bitcoin (BTC), Ethereum (ETH), XRP and Polygon (MATIC) worth over $800 million, according to Whale Alert. Blockchain-tracking platform Whale Alert reported that BTC investors transferred 25,820 BTC worth approximately $574 million in four transactions. 

Meanwhile, in two ETH transactions, whales transferred 120,304 ETH worth over $188.5 million, with the source wallets either unknown or to Coinbase. Two XRP transactions saw the transfer of approximately $26.8 million worth of the digital asset, with the source wallet either Bitso crypto exchange or unknown. 

And the destination wallet is either Bitstamp crypto exchange or unknown. The fourth digital asset, Polygon (MATIC), saw a transfer of a little over $11 million from an unknown wallet, with one transaction involving a transfer of $6.8 million to Coinbase, and the other involving a transfer of MATIC worth a little over $5 million to the institutional crypto trading platform FalconX from an unknown wallet.

Whale Watchers on Alert as Crypto Market Awaits Developments

Crypto market watchers are on alert as the movement of such large amounts of digital assets by whales often leads to market volatility. While the transfers themselves do not necessarily indicate anything about the current or future direction of the market, they are closely watched by traders and investors.

These latest moves by crypto whales come amid heightened uncertainty in the market, with recent events such as Silvergate Bank’s collapse causing a drop in trading volumes. Despite this, analysts suggest that the market is in a ‘calm before the storm’ phase and that anything can happen in the near future.

Crypto Whales Playing a Key Role in Market Movements

Crypto whales have become an increasingly important force in the crypto market, with their movements often having a significant impact on price movements. While the exact identities and motivations of these whales are not known, it is widely believed that they are institutional investors or high-net-worth individuals who can afford to make large trades that affect the market. As the market continues to mature, it is likely that the influence of crypto whales will only continue to grow.

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