The crypto market experienced a modest downturn, declining 0.49% over the past 24 hours following a volatile weekend.
Bitcoin (BTC) fell to $115,511, while Ethereum (ETH) dropped below $4,500. Amid the volatility, whales made mixed moves, some selling into the dip and others accumulating at lower levels.
Whale Trading Patterns Split the Market as Crypto Retreats
Similar to past weeks, whales widely traded Ethereum. According to data from Onchain Lens, two new wallet addresses, suspected to be controlled by a single entity, received over $115 million in ETH (25,684 ETH) from FalconX. This significant influx suggests potential strategic positioning by a major player.
Separately, another whale increased its ETH holdings by 3,333 tokens, worth nearly $14.93 million. The newly created address had previously acquired 9046.23 ETH over the weekend from Kraken.
“A total of 16,872 ETH (74.99 million USD) has been withdrawn from Kraken, with an average price of $4,444.76,” an on-chain analyst posted.
In contrast, a crypto whale deposited 3,492 ETH, valued at $15.57 million, into Binance, securing a profit of $17.37 million.
“Initially, the whale withdrew 5,800 ETH, worth 10.25 million, from Binance 2 years ago. The whale still holds 2,650 ETH, worth $12 million,” Onchain Lens added.
Another major Ethereum whale, identified as wallet address 0x69b…0e378, also booked profits. Two months ago, the investor bought 2,437 ETH at an average price of $2,448.
Today, the address transferred 2,437 ETH to Binance and withdrew a portion of Tether (USDT). The move is estimated to have generated approximately $5.05 million in gains.
“This may suggest he didn’t sell everything due to the price drop, or he simply left the USDT on the exchange,” an analyst highlighted.
Besides ETH, Chainlink (LINK) also attracted whale attention. This could be because the altcoin bucked the broader market decline, rising 5.9% over the past 24 hours. Amid this uptick, four whales pulled out over 400,000 LINK, worth approximately $9.82 million, from Binance.
Then, one of the four whales (0x4eb…3d5af) transferred out another 211,346 LINK, valued at $5.3 million. This suggested strong confidence in Chainlink’s future performance.
“Now, the whale holds 932,640 LINK, worth $23.55 million, accumulated over the past 3 days,” Onchain Lens noted.
In another development, Pump.fun’s token distribution address sent 2.5 billion PUMP tokens to OKX. Furthermore, Arkham data revealed that an address likely linked to crypto investor Rudy Kadoch transferred approximately 1.976 million Curve DAO (CRV) to Binance, hinting at potential selling pressure on Curve Finance’s native token.
Meanwhile, a newly created wallet took out 450 BTC, worth $53.22 million, from Binance, marking a significant entry by a new or rebranded whale into the market.
Sky Protocol (formerly Maker) co-founder also executed a notable transaction. He used 1.77 million ENA to repurchase 16.38 million SKY, reflecting a strategic buyback to bolster its ecosystem.
“Since early June, he has used the proceeds from staking SKY (USDS and SPK) along with today’s ENA, totaling $10.21 million, to repurchase 122 million SKY at an average price of $0.0836,” EmberCN pointed out.
Lastly, in a more unconventional move, a crypto whale retrieved 1.72 million USDC (USDC) from Binance and used the funds to purchase 1.79 million Fartccoin (FARTCOIN).
These transactions highlight the active role of whales in the market. The concentration of large-scale movements in ETH and LINK, alongside diverse activities in other tokens, suggests a mix of profit-taking, accumulation, and speculative plays.
The post What Are Crypto Whales Buying and Selling Amid a Market Dip appeared first on BeInCrypto.
Source: https://beincrypto.com/crypto-whale-movements-eth-link-strategies/