Last Week’s Whale Activity in Crypto Market
If you have been following the crypto market, you would have noticed a significant increase in whale activity last week. Whale addresses, which are large holders of cryptocurrencies, made purchases totaling over $58 million in Aave (AAVE), Ethereum (ETH), Arbitrum (ARB), and Pepe (PEPE) during the ongoing market surge. These purchases involved different whale addresses on various occasions throughout the week, indicating a cluster of massive whale activity amid the sustained uptrend that saw several assets reaching new yearly highs.
One whale address made a series of purchases involving AAVE, withdrawing $39 million worth of AAVE from Binance in just three days. Another whale address sold off Ethereum to acquire ARB and PEPE tokens and already saw a $339,000 profit on these bets. A newly activated wallet also withdrew $15 million worth of assets from Binance over seven days, including Illuvium, MKR, and ETH.
Market Trends Amid Whale Activity
During this same period, Solana rallied by nearly 50% despite FTX unstaking and transferring a significant amount of SOL. However, Tellor (TRB) collapsed over 30% due to selloffs from whales. Other assets like ORDI, OKB Coin (OKB), and Storj (STORJ) also experienced massive surges as whales moved substantial amounts on-chain. Bitcoin and Ethereum also witnessed gains with Bitcoin whales accumulating $536 million in BTC since January.
Hot Take: Whale Activity and Market Trends
Last week’s surge in whale activity provides insight into the impact of large holders on the crypto market. Despite notable gains in various assets, the actions of these whales led to both surges and collapses in different cryptocurrencies. This demonstrates the influence that whale addresses can have on market trends and emphasizes the importance of monitoring their activities when analyzing the broader crypto landscape.
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