Crypto News

Whale Movements In Crypto Space Amidst Price Surge To Watch 

Recent on-chain reports have unveiled intriguing activities in the crypto space as Bitcoin ($BTC) and Wrapped Bitcoin ($WBTC) witnessed notable price movement.

Lookonchain data indicates that a savvy whale made strategic moves after Bitcoin surpassed the $45,000 mark. The whale deposited a substantial 1,000 $BTC ($22.47M) into Binance after the recent surge.

Impressively, over the past two weeks, this whale deposited a total of 4,000 $BTC ($178.7M) on Binance at an average price of $44,673, indicating a well-timed selling strategy at peak prices. Notably, this stash of 4,000 $BTC was withdrawn from HTX and OKX in June 2022 at an average price of $21,000, resulting in a staggering profit exceeding $90 million.

Simultaneously, another whale capitalized on the rising price of Wrapped Bitcoin ($WBTC). The whale executed sales of 355 $WBTC, fetching 15.9 million $USDT at an average price of $44,875, translating to a profitable venture yielding $5.6 million in profit within the past 24 hours.

More $WBTC And $ETH Whales Movements To Watch

Further insights from Spotonchain’s on-chain analytics revealed substantial movements by institutions FTX and Celsius. FTX and Alameda Research collectively transferred $35.1 million worth of $WBTC and $ETH to centralized exchanges (CEX) amidst surging prices. Notably, FTX and Alameda Research moved $11.72 million, including 200 $WBTC ($9.39M) to Binance at a price of $46,952 and 1,000 $ETH ($2.33M) to Coinbase at $2,330.

Celsius Network, on the other hand, unstaked and relocated 10,000 $ETH ($23.39M) to Coinbase and FalconX at an average price of $2,339. While Celsius still maintains a staked position of 556,927 $ETH ($1.28B), there are plans to unstake existing ETH holdings for creditors in the near future.

These strategic moves by whales and institutional players underscore the dynamic nature of the crypto market, with participants capitalizing on price fluctuations to maximize returns.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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