Crypto whales are back with November, market movements expected
According to the market intelligence and on-chain analysis firm Santiment, huge crypto whales — making transactions of over $100,000 — have just increased.
Furthermore, the market intelligence firm added that the “most significant” transactions are Tether (USDT) and USD Coin (USDC). Santiment expects “major market movements,” according to a tweet.
🐳⬆️ Whales have been busy Monday following the weekend volatility. Perhaps most significant of the assets seeing increased $100k+ whale transactions are #Tether and #USDCoin. With large buying power moving, major market movement should 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 the blockchain analysis firm CryptoQuant shows that Ethereum (ETH) whale investors have been influencing the asset’s price for a long time now.
Data showed that the whales could manipulate ETH’s price by depositing the token onto exchanges and selling at certain points while the prices are elevated.
On Oct. 30, a huge Ethereum whale transferred 19,999.9985 ETH — worth roughly $31.6 million at the time of writing — to the largest crypto exchange by trading volume, Binance, according to Etherscan data.
Similar whale movements could possibly show signs of another bearish market trend. Another reason for whales to move massive amounts of crypto assets to centralized exchanges might be that they are looking for liquidity.
However, it’s not just altcoin whales making big moves. According to a Benzinga report, a Bitcoin (BTC) whale moved a whopping amount of roughly 2,181 BTC — worth approximately $44.7 billion at the time of writing.