The prices of many cryptocurrencies, including bitcoin (BTC) in ethereum (ETH), slumped considerably yesterday. As a result, it can be seen that so-called whales, people with huge amounts of crypto in possession are moving their funds en masse.
One such transaction was recently observed by Bitcoin Block Bot. 60,000 BTC, worth a whopping $ 624 million, was used by a single wallet address moved. It is the tenth largest wallet on the market and the transaction was only $ 14.50. According to Block Explorer data, the address may have come from the large one cryptocurrency-exchange Bitfinex.
Whale alert! ???? Someone moved 60,000 BTC ($641M) in block 646,583 https://t.co/MaTsi9YW0l
— Bitcoin Block Bot (@BtcBlockBot) September 3, 2020
Furthermore, Whale Alert reports a transaction of 20,000 ETH, worth 77.78 million. However, the sender and recipient addresses are unknown.
???? ???? ???? ???? ???? ???? ???? 200,000 #ETH (77,781,866 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) September 4, 2020
Whale Alert also reports that a large amount of new USDT stablecoins have been created by Tether, Bitfinex’s sister company. Whale Alert reports a series of large USDT trades to various exchanges such as Huobi, Okex, Binance and Bitfinex itself. Tether now has a market cap of more than $ 14 billion. Volgens Coin Metrics the growth of stablecoins is explained by the growing interest in decentralized finance (DeFi).
???? ???? ???? ???? ???? ???? ???? ???? ???? ???? 150,000,000 #USDT (150,785,973 USD) minted at Tether Treasury
— Whale Alert (@whale_alert) September 4, 2020
Whales have a major influence on the market and are more often accused of manipulating prices. There is currently a tense atmosphere in the market due to yesterday’s crash and this is reinforced by the news that whales are moving their funds. Some analysts fear these whales may be planning to dump their crypto on the market. However, not everyone is concerned, for example, Analyst Cole Garner reports that these whales are just ready to jump in on a BTC price of $ 8,800.
Nice to see you again #BitfinexWhale
Smart money has their bids sitting at $8800
I expect the bottom will likely be around there pic.twitter.com/DPBHUKrCFr
– Cole Garner (@ColeGarnerBTC) September 4, 2020
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