The crypto trading volume has risen by 25.9% over the past 24 hours. The high number of transactions could have been highly attributed to whales making big trades in BTC, ETH and major altcoins.
Ethereum whales buying crypto as optimism grows
Ethereum (ETH) whales have been quite active over the past 24 hours. There have been major transactions, such as a whale that bought 620 $weth ($1,018,629), according to WhaleStats. Another whale bought $ 1,012 $weth ($1,640,209), and another bought $ 2,003 $weth ($3,246,382).
ETH has had an exciting week as it battled to reach $1,700. Its recent surge over the past week has created optimism in the market, and many hope the bear market is finally over. However, this week has started with a correction back to $1,630, a 2.24% drop over the past 24 hours. However, it’s a 0.76% gain over the past week.
BTC crossed the $23K mark prompting whale activity
BTC recently crossed the $23,000 mark and has caught the attention of whales in the crypto market. In just three transactions, the whales moved $743 million in crypto.
On Feb. 3, one whale moved 13,369 BTC ($311 million) from an unknown wallet. The holder was among the top 65 BTC wallets, BitInfoCharts show. The next day, ETH worth $309 million was moved, followed by a $123 million transaction from Gate.io to an unknown wallet by a single entity, making it the second largest in its history.
BTC is currently trading at $22,884.26, a 2% drop in the past 24 hours. However, over the same time, its daily trading volume has grown by 40% to $21.64 million.
Even with confusion among investors on how the US macroeconomic data may affect market sentiment, experts say there is a high chance that the crypto and stocks market will see a rebound; hence the year may turn bearish.
XRP, SAND, and SHIB whales are also active
XRP reached a $0.41 high on Feb. 5 before starting a retrace on Feb. 6. Whale activity in XRP has been rising this year. Over the weekend, the whales moved 319,500,000 XRP tokens ($126 million).
One whale moved 205,500,000 XRP($81.7M) from an unknown wallet to another unknown one in one transaction yesterday.
Another whale moved 40,000,000 XRP worth $15.9M from Bitson, a crypto exchange, to an unknown address. They made two more transactions, one from Binance worth $13.0M and another from Bitstamp, worth $16.2M.
At the time of writing, XRP was trading at $0.3985 with a 96.10% rise in daily trading volume at $952M.
There were also SAND whale transfers worth $75.8M in the past 24 hours. According to Whale Stats, 0.74% of the 1000 largest ETH wallets now hold SAND.
Whale Alert shows that 1,999,998,709,228 SHIB worth $24.20M was moved over the past 24 hours. They made the transactions in just 5 minutes, suggesting that one person made a massive SHIB trove. The transactions were four, each of the same value, $6.05M from Binance to an unknown wallet. SHIB is now trading at $0.00001448, a 4% drop in the past 24 hours.
Source: https://crypto.news/crypto-trading-volume-rises-by-25-9-due-to-whale-moves/