Crypto whales moved $748 million worth of BTC and ETH in less than 24 hours, according to data from popular on-chain address tracker Whale Alert. These transactions include both inflows and outflows from exchanges.
The largest single transaction involved 9,756 BTC, worth a staggering $231.44 million, transferred between two wallets of unknown origin. The whale responsible for the transfer paid only $9.18 in transaction fees. This is a relatively low cost for transferring such large amounts of money via cryptocurrency.
Whale Alert: #cryptocurrency Whales moved $748 million in less than 24 hours @azcoinnews https://t.co/Ja62rIGg8Y
— Kyptos (@azcoinnews) March 2, 2023
Another whale transferred 1,999 BTC worth $47.05 million from cryptocurrency exchange Gemini to an unknown wallet. Meanwhile, a third whale transferred 9.20 BTC worth $21.29 million from an unknown wallet to cryptocurrency exchange Bitfinex.
Ethereum whales were also active, moving 272,978 ETH worth $448.45 million in the past day alone. The largest transfer involved a whopping 237,979 ETH, worth $390.17 million, from one wallet of unknown origin to another. The fee for this transaction is less than $5.
The actions of these whales could have a major impact on the crypto market, as they could signal a shift in sentiment. However, data from CryptoQuant shows that long-term holders continue to hold large amounts of BTC, and they own 89% of UTXOs. On the other hand, short-term holders are only selling a small amount of BTC, indicating that they are very optimistic about future price growth.
How these whale movements will affect the cryptocurrency market in the long-term remains to be seen, but one thing is clear: the power is in the hands of long-term holders, and their sentiment will be a major factor in shaping the market outlook.
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according to Kyptos