Bitcoin Whales drives massive large transaction volume

Bitcoin whales as well as those of Ethereum (ETH), and Shiba Inu (SHIB) are on the rampage today, as cumulative transactions carried out by this class of market traders have hit new highs in recent times.

Bitcoin Whales Defining the Momentum

According to data from the crypto analytics platform IntoTheBlock, Bitcoin whales’ transaction volume jumped by 14.32% at the time of writing to $14.32 billion. This metric denotes the dollar valuation of large transactions worth about $100,000 worth of Bitcoin over the past 24 hours.

Per IntoTheBlock, the number of transactions moved from 11,870 as of December 17 to more than 21,620 transactions as of the time of writing. The corresponding transaction volume commanded by these Bitcoin whales also moved from approximately 407,730 BTC or $17,043,158,850.3 to 804,470 BTC or $35,334,052,010.5 as of December 22.

From the trends observed, there was a defined price growth as driven by the market whales within this period. This underscores the importance of the Bitcoin network playing host to whales with massive sway over the market.

Though the connection is not immediately clear, this massive Bitcoin whales transaction comes at a time when there is a growing clamor surrounding Bitcoin spot Exchange Traded Fund (ETF) products. With anticipation of approval in January, many market whales have been shifting positions to land more of the flagship assets before the top institutional firms go all out on it.

Bitcoin’s price price amidst this rally has jumped by 0.38% to $43,789.40 in the past 24 hours.

Ethereum and Shiba Inu Whales Rides the Train

While Bitcoin whales moved the biggest volume in large transactions, Ethereum and Shiba Inu whales also pulled an impressive feat in the past week. While Ethereum Whales transaction volume has jumped by 51.01% and moved $6.79 billion, Shiba Inu whales volume is up by a massive 186.4% to $73.28 million.

This trend is not uncommon as Shiba Inu whales are often moving large amount of the memecoin, a trend that is also reflected in its token burn rate. Overall, the re-awakening of whales in the Bitcoin, Ethereum, and Shiba Inu ecosystems has also complemented this parabolic whale boost in recent times.

At the time of writing, Ethereum is changing hands at a price of $2,291.44, down by 0.14% while Shiba Inu is up by 2.37% to $0.00001107.

✓ Share:

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.