Whale Activity Accelerates in Crypto Markets: Bitcoin, Toncoin, and Cardano Whales Make Waves
In recent days, a noticeable increase in large investor activities in the cryptocurrency markets has been reported. Significant transactions involving high-market-cap crypto assets are enhancing market volatility and creating uncertainty for investors. As the markets give mixed signals in response to these developments, the impact of whale movements on prices is being closely monitored.
Increase in Bitcoin and Ethereum Whale Activities According to IntoTheBlock data, as of October 21, Bitcoin has led whale movements with a large transaction volume of $43.63 billion. Despite falling by 2.2% in the last 24 hours to below $67,500, there has been a 0.05% increase in the balances of addresses holding Bitcoin for over a year. This suggests that long-term investors are seizing the opportunity of declines to increase their positions.
Similarly, Ethereum (ETH) whale activities doubled, reaching $6 billion. ETH recorded a 0.04% increase with a long-term holder balance of $288 billion. This momentum is interpreted as Ethereum following a similar trend to Bitcoin and maintaining investor confidence.
Toncoin and Cardano in the Focus of Whales Toncoin (TON) emerged as another noteworthy crypto asset, with a 93% increase in whale transactions, reaching a significant transaction volume of $8.21 billion. Given TON's market cap of $13 billion, this level of whale activity might generate panic among investors. Cardano (ADA) also showed a similar pattern, experiencing a 28% increase to reach a whale transaction volume of $7.23 billion.
As major investor transactions increase, the price target for Bitcoin rises Fluctuations in Bitcoin prices are in line with an increase in futures markets and whale activities. Popular crypto analyst Michael van de Poppe observes that, despite rising whale activities, major investors are making more purchases within the current price range.
Van de Poppe states that this trend is a positive indicator for Bitcoin. According to Poppe, increased whale activity can support confidence in the market and lay the groundwork for Bitcoin to reach levels between $300,000 and $500,000 in the long term.
Crypto futures reaching new highs Apart from Bitcoin price volatility, significant activity has also been observed in the futures markets. According to Coinglass data, as of October 21, open positions in Bitcoin futures reached an all-time high of $40.5 billion. This increase signals higher short-term volatility in the markets and shows that investor interest in crypto assets continues to grow.
Accumulation Addresses Hit Record Highs Leading blockchain data provider CryptoQuant reports that Bitcoin accumulation addresses have reached 2.9 million BTC. These addresses held only 1.5 million BTC in January 2024, indicating that they have nearly doubled their Bitcoin holdings this year. The determined stance of accumulation addresses indicates that investors are holding onto their cryptocurrencies for the long term without making large exits.
While the global cryptocurrency market fell by 3.1% to $2.44 trillion in the last 24 hours, trading volume rose from $90 billion to $118 billion. The increase in whale transactions brings concerns that the market may be overheating. Increasing exchange outflows in stablecoins like USDC and DAI suggest that whales may be closely monitoring market opportunities.