Since the inception of the crypto industry, trading is the main move that the whole industry depends on. Without trading, the concept of cryptocurrencies is useless, while trading huge volumes makes a bigger difference in the price action. Transferring funds are the major activity for traders while blockchain technology tracks all the transactions.
When traders don’t prefer to show their identity and transfer huge amounts of cryptocurrencies, they do anonymous trading. Here comes the play of whales, where whales are traders who transfer funds anonymously. BTC Whales and ETH Whales are the most popular and noticeable ones as the crypto-assets are mainstream.
Most probably whales focus on potential cryptocurrencies to store to generate more gains in the future. Whale Alert is a blockchain tracking platform that uses its Twitter account to share interesting transactions as they happen. Additionally, whales tend to shift the cryptocurrencies from one wallet to another wallet to store the assets.
Transfers $90 Million Worth of Bitcoin
The current market status is bullish though Bitcoin is still oscillating between the range of $44k to $48k. After dropping nearly $44k, BTC resurges to $46k which depicts a bullish run at the moment. According to the post from Whale Alert, whales have transferred 2,000 BTC worth $90 million from Coinbase exchange to an unknown wallet.
Coinbase is a crypto exchange that provides a secure way to buy, sell, and trade cryptocurrencies. It is a popular platform in the crypto industry and excels in providing its services to its users. Thus the recent whale activity is done from Coinbase exchange while whales usually utilize any exchange or wallets. Although the activities of whales have surged high in recent years following the growth in the adoption of cryptocurrencies.
However, BTC is the prominent cryptocurrency in the market that all the traders would focus on. Therefore whales target mainstream cryptocurrencies like BTC and ETH while these transactions might reflect in the price action. As of now, BTC is again moving towards the $48K level and if it breaks that level then will reach the $51K level as it’s the next resistance-zone.