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Whales move Bitcoin and Ethereum as market prices rebound

August 27, 2020

The price of Bitcoin and the major cryptocurrencies in the alternative decentralized financial market are starting to recover and the big players in this ocean like the “crypto whales” have already started to move their fortunes.

According to the website that specializes in monitoring large transactions of Bitcoin and other altcoins, In the past 24 hours, more than seven thousand BTC have been mobilized between wallets with unknown addresses and the major exchange, Binance.

Whales move Bitcoin and Ethereum as market prices reboundWhales move Bitcoin and Ethereum as market prices rebound

The recording of the first transfer for 3,000 BTC between the anonymous wallet and Binance was made on Wednesday, August 26th at 13:13:43 UTC. It is estimated that this Bitcoin whale raised approximately $ 34 million in funds for a Binance Exchange walletwith a price of only USD 8.21 where it could be sold or traded in the open market.

Minutes later, According to the blockchain, this large bitcoin holder has transferred nearly 4,500 BTC worth more than $ 50 million from Binance to an anonymous wallet. This creates more tension among cryptocurrency traders as the price of Bitcoin and other assets rises again.

Already last Tuesday, after the price of Bitcoin fell to levels below its key support of $ 11,400, market attention had peaked when Whale alert Since February 6, 4,500 BTC has been transferred from an active wallet, an amount similar to today.

On that occasion, the Bitcoin whale transferred the money to the Binance Exchange six hours after making another similar move for 2,500 BTC into the same wallet on the exchange. Overall, the crypto whale mobilized nearly $ 80 million for the exchange on Tuesday as the price fell slightly to $ 11,000.

With the entry into the Bitcoin whale scene, the price of the digital asset has regained the all-important support of $ 11,400 for the time being. It remains to be seen whether the whales have had a positive impact on the rebound in Bitcoin prices with their movements, as well as external events that take place in parallel with the traditional financial system.

Ethereum whales

Not only Bitcoin has been the subject of whale movements in the past few hours. The most important altcoin in the ecosystem also had its whale, which transferred money to the crypto room.

With a transfer of 176,699 ETH worth just over $ 68 million Whale alert reported an important transfer that took place this Wednesday afternoon.

The transfer was made between wallets with unknown addresses, from a six-day-old wallet that served as a bridge between several relatively new wallets that eventually attempt to hide the origin of a crypto whale that has had a sizable amount of Ethereum under its belt for just over 180 days, “~ 380k ETH”.

It is worth noting that, unlike earlier days, This time the transaction fees for the Ethereum blockchain seem to be returning to the “normal” level. after an unusual increase in the past few weeks, as shown by the transfer of the whale.

At the moment the price of Ethereum has increased by a + 1.01% in the past 24 hours after falling to the low of $ 377.

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