Massive Whale Activity: $4 Trillion Crypto Rally Signals New Wave of Accumulation
Over the weekend, the cryptocurrency market maintained its upward trend, boosting its total worth over $4 trillion. The rise was further fueled by Bitcoin’s ascent to new heights, which improved sentiment generally. Whale activity increased, according to on-chain statistics, as huge wallets accumulated and redistributed across several valuable assets. A variety of strategies are shown by this action. Some whales are locking in profits, while others are setting up early for possible Q4 gains. Institutional trust in the market is still high despite sporadic sell-offs. As the year draws to a close, the steady demand for Bitcoin and Ethereum suggests that optimism will remain high.
Ethereum and Bitcoin Whales Make Bold Moves Amid Market Breakout
Ethereum (ETH) experienced a strong comeback above $4,500, resulting in a weekly gain of almost 10%. Whale interest was rekindled by the surge, as several sizable wallets amassed millions of Ethereum. While another whale grabbed 7,311 ETH at nearly $4,514 per token, Kraken gave 26,029 ETH (worth roughly $116 million) to one new address. However, some whales weren’t buying. After substantial increases, several older wallets that had lain dormant for more than four years moved ETH back to exchanges, probably to protect their gains. Rather than panic selling, this equilibrium between distribution and accumulation suggests intentional realignment.
On the other hand, Bitcoin (BTC) made news due to its historic rise above $125,000. Over $190 million in Bitcoin was transferred to Binance over the weekend as some whales took advantage of the opportunity to profit. Institutional inflows, however, paint a different picture. Last week, 14 companies raised their Bitcoin holdings, according to statistics from BitcoinTreasuries. Metaplanet bought 5,268 BTC, which was the largest rise. This demonstrates a strong belief in the long-term direction of Bitcoin.
Whale Moves Signal Next Phase of Bull Cycle Amid Rising Altcoin Activity
Not all whales were interested in Bitcoin and Ethereum. Aster (ASTER), Ondo (ONDO), and Chainlink (LINK) were among the major altcoins with a rise in activity. 1.69 million ASTER tokens, valued at about $3.1 million, were purchased by one whale, and 11.67 million ONDO tokens, valued at approximately $10.8 million, were transferred into exchanges by another. This could indicate profit-taking. Meanwhile, Binance received 700,000 LINK, valued at $15.5 million. This demonstrates the flow of capital between the various categories of the cryptocurrency market.
Whale behavior is still providing insightful information as Uptober picks up steam. Many are doubling down on core assets, according to the statistics, while some are securing profits. This implies that the bull cycle may be about to enter its next phase.
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