Crypto Whales Are Back With November, Market Moves Expected
According to market and on-chain analytics firm Santiment, huge crypto whales – transacting over $100,000 – are coming from increase.
Additionally, the market intelligence firm added that the “biggest” transactions are Tether (USDT) and USD Coin (USDC). Santiment expects “major market moves,” according to a tweet.
🐳⬆️ Whales were busy on Monday following weekend volatility. Perhaps the most important assets that see whale trades increase by $100,000+ are #Attached and #USDCoin. With great buying power moving, the major market move is likely to continue. https://t.co/17NURw1OmT pic.twitter.com/wvEi7Jde8l
— Santiment (@santimentfeed) October 31, 2022
According to a U.Today report earlier this month, data provided by blockchain analytics firm CryptoQuant shows that Ethereum (ETH) whale investors have been influencing the price of the asset for a long time now.
The data showed that the whales could manipulate the price of ETH by depositing the token on exchanges and selling it at certain times when prices are high.
On October 30, a massive Ethereum whale transferred 19,999.9985 ETH – worth around $31.6 million at the time of writing – to the largest crypto exchange by trading volume, Binance, according to Etherscan. Data.
Similar whale moves could eventually show signs of another downtrend in the market. Another reason why whales move massive amounts of crypto assets to centralized exchanges could be that they are looking for liquidity.
However, it is not just the altcoin whales that are making big moves. According to a Benzinga reportone bitcoin (BTC) whale moved a whopping amount of around 2,181 BTC – worth around $44.7 billion at the time of writing.