Bitcoin Whales on the Rise
The transaction volume of Bitcoin whales has reached new highs, according to data from crypto analytics platform IntoTheBlock. The value of large transactions carried out by these market traders increased by 14.32% to $14.32 billion in the past 24 hours. The number of transactions also rose from 11,870 to over 21,620 during this period. The corresponding transaction volume commanded by Bitcoin whales surged from approximately 407,730 BTC to 804,470 BTC. This surge in whale activity has contributed to a defined price growth in the Bitcoin market.
This surge in whale activity comes at a time when there is growing anticipation surrounding the approval of Bitcoin spot Exchange Traded Fund (ETF) products in January. Many market whales are shifting positions to acquire more Bitcoin before institutional firms make significant moves.
Bitcoin’s price has risen by 0.38% to $43,789.40 within the past 24 hours.
Ethereum and Shiba Inu Whales Join the Party
Ethereum and Shiba Inu whales have also seen an increase in their transaction volumes. Ethereum whales saw a jump of 51.01%, moving $6.79 billion worth of transactions. Shiba Inu whales experienced an even more significant increase of 186.4%, with a transaction volume of $73.28 million.
Shiba Inu whales frequently engage in large transactions with the memecoin, which is also reflected in its token burn rate. The re-emergence of whales in the Bitcoin, Ethereum, and Shiba Inu ecosystems has contributed to this recent surge in whale activity.
Currently, Ethereum is priced at $2,291.44 (down by 0.14%), while Shiba Inu is priced at $0.00001107 (up by 2.37%).
Hot Take: Whales Making Waves in the Crypto Market
Bitcoin, Ethereum, and Shiba Inu whales are making significant waves in the crypto market with their increased transaction volumes. The surge in whale activity has led to a defined price growth in these markets. This rise in whale transactions coincides with the anticipation surrounding the approval of Bitcoin spot ETF products, causing market whales to adjust their positions. The increased activity of Ethereum and Shiba Inu whales further adds to the momentum, demonstrating their influence on these ecosystems. As the crypto market evolves, it will be interesting to observe how these whales continue to shape its direction.
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