High-net-worth crypto traders are conducting large transactions of Bitcoin (BTC), Ethereum (ETH), and other digital assets between major exchange platforms, as evidenced by the latest data from whale-tracking platform Whale Alert. The total value of these transactions exceeds $400 million for BTC and ETH combined, along with over $70 million for other top altcoins.
Among the notable transactions are the transfer of 3,979 BTC worth $175,237,686 from an unknown wallet to Coinbase. Additionally, 2,244 BTC worth $97,937,208 were transferred from an unknown wallet to Coinbase, while 1,040 BTC worth $45,608,237 were moved from Coinbase to a new unknown wallet. Furthermore, 1,999 BTC worth $87,662,421 were transferred from Kraken to Bitfinex. At the time of writing, the value of Bitcoin stands at $43,543, while Ethereum is trading at $2,318.
Whale Alert’s data also shows movement of non-ETH altcoins, including Solana (SOL), Polygon (MATIC), and XRP. This includes the transfer of 500,000 SOL worth $47,042,615 from an unknown wallet to Coinbase, as well as the movement of 113,714 SOL worth $10,709,941 from Coinbase to another unknown wallet. Likewise, 48,131,458 MATIC worth $40,822,698 and 33,471,499 MATIC worth $28,310,047 were transferred between unknown wallets, while 32,619,804 MATIC worth $27,542,219 were moved from Polygon Staking to an unknown wallet. In addition, 20,000,000 XRP worth $12,294,187 were transferred to Bybit, and 25,200,000 XRP worth $15,540,992 and 24,900,000 XRP worth $15,344,041 were moved to Bitso and Bitstamp, respectively. Currently, SOL, MATIC, and XRP are trading at $94.69, $0.854, and $0.618, respectively.
The prominent movement of such significant sums by high-net-worth individuals in the crypto space demonstrates the ongoing activity and interest in digital assets. This pattern offers valuable insights for market participants and industry observers, shedding light on the dynamics of crypto trading and investment. The implications of these large transactions and the subsequent market movements should be carefully considered by anyone involved in the crypto and NFT industry.
