The crypto market has seen remarkable correction over the past few days, with Bitcoin and Ethereum slipping off key support zones. This price drop caused a significant surge in whaling activity.
With every drop in Bitcoin and Ethereum price, whales collect more tokens. Some top Bitcoin investors bought more than $1 billion worth of BTC in the last 24 hours.
Similarly, a top Ethereum whale collected over $32 million in Ether in seven days.
Whale activity soars amid falling Ethereum and Bitcoin prices
Bitcoin lost its anchor at the $63,000 threshold, and Ether fell below $3,000. With the gradual contraction in the broader crypto market, selling pressure is increasing, with whales seizing the opportunity to buy more assets.
Data from Santiment, an on-chain market intelligence platform, has shown a remarkable surge in whaling activity for Bitcoin over the past 24 hours. According to the data, investors’ wallets with 1,000 to 10,000 BTC tokens accumulated $941 million in Bitcoin.
The buying frenzy represents a pullback to the whales’ highest bitcoin holding level over the past 14 days.
🐳 As #Bitcoin fluctuates tightly between $61K and $64K, big whales have made some rallying moves over the past 24 hours. Wallets with 1K-10K $BTC collectively accumulated ~$941M of coins, rebounding to their highest holding level in 2 weeks. https://t.co/NkYwRsc8Pd pic.twitter.com/LWAt03TgUP
— Santiment (@santimentfeed) May 8, 2024
Similarly, the chain data provider Lookonchain revealed a whaling activity involving the second largest crypto asset by market cap, Ethereum. According to the data, a top investor with a long Ether position withdrew 6,030 ETH worth about $18.09 million from Binance.
The massive whale transaction follows a consistent accumulation pattern from Binance since the beginning of May. On-chain data showed that since May 2nd, the whale has exchanged about 10,758 ETH worth $32.14 million from Binance.
A whale long $ETH withdrew 6,030 $ETH ($18.09M) from #Binance again 20 minutes ago.
This whale has accumulated 10,758 $ETH ($32.14M) from #Binance since May 2nd.
He exchanged $ETH to $stETH and deposited it into #Aave, then borrowed $28.5M of stablecoins from #Aave to buy more… pic.twitter.com/tbtXLDbvua
— Lookonchain (@lookonchain) May 9, 2024
Furthermore, the big investor completed several transactions from his wallet. He converted the acquired ETH coins to Ethereum (stETH) which he deposited with Aave, a DeFi lending platform.
The whale also borrowed $28.5 million in stablecoins from the leading platform to buy more Ether.
Crypto Market Outlook: Massive Bitcoin Rally Underway?
The massive whales’ accumulation of Bitcoin declines could signal an upcoming rally. Most crypto investors usually buy the dips and wait for a bullish reversal in sales and big profits.
Moreover, amid the ongoing downturn, some prominent crypto personalities have made bold predictions for the price of Bitcoin. In a recent X thread, Ji Young Ki, the CEO of CryptoQuant, said Bitcoin has strong fundamentals that will support a threefold increase in its market cap. He noted that BTC has what it takes to push its price to $265,000.
#Bitcoin network fundamentals could support a market cap three times its current size compared to the last cyclical top, potentially sustaining a price of $265K. pic.twitter.com/GnsrSIrtuY
— Ki Young Ju (@ki_young_ju) May 8, 2024
Meanwhile, as of 6:06 AM EST on May 9, Bitcoin trades at $61,163, representing a 1.91% drop over the past 24 hours. Its market capitalization now stands at $1.20 trillion, while its dominance over the altcoins is 53.18%.
The price of Ethereum is now glide around $2.976, after a slight decrease of 0.84% in the past day.
Disclaimer: The opinions expressed in this article are not financial advice. We encourage readers to do their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile asset class with high risk.
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