Crypto Whales Emerge as Markets Show Weakness: Massive Coin Transfers to Exchanges Detected
In the past 24 hours, the crypto whale community has sprung into action, making substantial transfers of coins to various exchanges amidst indications of potential market vulnerability.
Whale Alert, a trusted blockchain monitoring service, has reported multiple instances of prominent entities moving significant amounts of Bitcoin (BTC) and other digital assets to various crypto exchanges.
Whale Alert’s watchful eye observed two transfers of Ethereum (ETH), valued at over $40 million, originating from unidentified wallets and sent to the renowned crypto exchange Coinbase. Remarkably, these transfers occurred within a few hours of each other. Additionally, another wallet was noticed transferring $28 million worth of ETH to Gate.io.
In addition, an unknown wallet moved 1,865 Bitcoin, equivalent to $56,014,838, to Coinbase, coinciding with BTC’s drop below the $30,000 mark.
Significantly, just ahead of its highly anticipated halving event, a Litecoin whale was observed sending a staggering 500,000 LTC valued at $46 million to Binance, the world’s largest cryptocurrency exchange.
Meanwhile, Whale Alert also brought attention to two substantial transfers from the USDC Treasury, which serves as the origin of Circle’s stablecoins, to Coinbase.
Furthermore, smaller transfers within the same timeframe were identified, including a transfer of $7.4 million in Polygon (MATIC) from an unknown crypto wallet to Binance, and a $12.3 million transfer of 1Inch (1INCH) to the crypto exchange OKX.
As of the time of writing, Bitcoin has experienced a 1.3% decline in the last 24 hours.
