- Glassnode reports record Bitcoin movements by whales, adding 84,000 BTC in July, signalling strong confidence in the market recovery.
- : During Ethereum’s 20% price drop, whales bought over 126,000 ETH, showing a clear strategy to capitalize on dips.
- Whale holdings in XRP increased by 42%, reaching a peak of 7.06 billion coins, boosting the market cap by 23%.
During the recent fall in the cryptocurrency market, investors known as crypto whales have been updating their holdings in Bitcoin, Ethereum, and Ripple. These large-scale transactions show trust among these players that the market could soon rebound.
1. Bitcoin
Bitcoin, the leading cryptocurrency, has seen activity from whales in recent weeks. Data from Glassnode show that the volume of Bitcoin moved from exchanges by these investors has reached a nine-year high. In July alone, whales added 84,000 BTC to their accounts, indicating the fastest pace of Bitcoin volume since 2015. Despite the market’s ongoing trend, this increase in holdings shows that these investors hope for a possible market recovery.
2. Ethereum
Ethereum, the second-largest cryptocurrency, has also experienced notable whale activity. Over a recent weekend, Ethereum’s value dropped by 20%. However, this decline provided an opportunity for whales to increase their holdings. According to crypto analyst Ali Charts, these investors bought over 126,000 ETH, valued at approximately $440 million. One particular whale has been identified by Lookonchain as having purchased 2,424 ETH worth $7.22 million. Since May, this investor has accumulated 19,436 ETH, demonstrating a consistent strategy of buying at low points and selling at higher prices. This behaviour indicates a strong belief in Ethereum’s potential.
3. XRP
Recently, wallets holding between 1 million and 10 million XRP tokens have updated their holdings. This has led to a 42% surge in whale holdings over the last month. As a result, the total value held in these substantial accounts has reached a new peak of 7.06 billion coins, estimated to be around $4.42 billion.
According to Santiment in X space, the market response has been positive, with XRP’s market cap adding 23% in 24 hours. The surge in activity is not just limited to large investors; social media platforms are excited with discussions about XRP, reaching levels not seen since the beginning of the year. The interest is noted by WhaleAlert’s report, which pointed out that a crypto whale purchased 83.3 million XRP, worth roughly $49 million, in various transactions within a single day.
The accumulation of Bitcoin, Ethereum, and Ripple by crypto whales during the market decline highlights their optimism about a potential recovery. As these critical players continue to build their positions, the market may soon see a shift in direction.
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