ETH and BTC Whales Trigger Massive Transfer Period Despite Market Sluggishness, Data Show

Ethereum whales are launching a significant transfer period for the Ether cryptocurrency, despite the present bear market for cryptocurrencies. Ethereum whales completed 2,956 transactions on Wednesday, May 11th, a five-month high. Each of these deals was worth over a million dollars (roughly Rs. 7 crores).

Santiment, a crypto analytics tool, gathered the information. Crypto wallets that store at least $10 million (approximately Rs. 77 crores) in a single asset are called “whale” wallets.

In terms of large-scale transactions, Bitcoin whales have expressed a similar attitude. According to Glassnode statistics, May 11 was also the day when the most BTC was transferred from whale wallets to exchanges in a single day.

Belobaba Crypto Asset Management’s Chief Investment Officer, Carlos Gomez, offered his thoughts.

“A huge accumulation event by whales occurred,” Gomez said, “and it might imply that the bottom is not far ahead.”

Meanwhile, screenshots of BTC and ETH transactions have been shared on social media.

While BTC remains the most valuable crypto asset in terms of valuation, ETH is getting a makeover termed the ‘Merge.’

Ethereum’s power usage is expected to be reduced by 99 per cent due to the change.

According to CoinMarketCap, the entire crypto market cap is at $1.17 trillion (about Rs. 91,01,968 crore). The value of the crypto market has continued to deteriorate since March. The cryptocurrency market value has increased to $2.14 trillion as of March 31. (roughly Rs. 1,62,77,490 crore).

Interestingly, the BTC/ETH pair has recently shown strength despite the volatility.

CoinTelegraph said the ETH/BTC pairing touched a three-week high on May 6.