Whales Move $1,600,000,000 in Bitcoin and Ethereum, Crypto Quant CEO Says Activity Shows Bears May Be in Trouble

Crypto traders are tracking a series of massive Bitcoin and Ethereum transfers.

Several whales moved more than $1.6 billion in Bitcoin (BTC) and $570 million in Ethereum (ETH) over a 12-hour period, according to crypto tracker Whale Alert.

The largest Bitcoin transfer sent 10,000 BTC from multiple addresses associated with custodial services firm Xapo to the cryptocurrency exchange Binance.

At time of writing, the Bitcoin transfer is worth a staggering $394,325,100 based on a per-unit price of $39,432, according to CoinGecko.

Four other whales moved BTC between unknown wallets, transferring roughly equal amounts of crypto in each transaction. The largest of these transfers moved 7,835 BTC, and the smallest moved 7,819 BTC. The others sent 7,831 and 7,833 BTC.

CryptoQuant CEO, Ki Young Ju, is analyzing Bitcoin whale activity at large, and says that the swath of recent whale transactions involving BTC could be over-the-counter (OTC) deals.

“Someone is buying BTC a lot.

99% of transactions are happening outside of the exchanges. Possibly OTC deals. If big names announce their buying, bears could be in a trouble. I’m not sure about short-term price moving though.”

Over the same time period, large investors transferred more than 212,000 ETH, valued at over $570 million at time of writing. The ETH was moved between wallets of unknown origin.

The largest of these transactions moved 44,016 ETH, worth $110,985,704 at time of transfer, and another sent 40,297 ETH valued at $99,897,896 at time of transfer.

The whales also moved 34,224 ETH and another 34,224 ETH just minutes apart. A similar pattern was repeated with 30,000 ETH moving just a little over ten minutes after a previous 30,000 ETH transfer.

None of the cryptocurrency in the Ethereum transfers is heading to any known crypto exchange address, where it could potentially be sold on the open market.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Source: https://dailyhodl.com/2021/08/05/whales-move-1600000000-in-bitcoin-and-ethereum-crypto-quant-ceo-says-activity-shows-bears-may-be-in-trouble/