“Whales” are actively trading crypto on the exchange platforms, and after the Bitcoin (BTC) leveling down from $12,000 to $10,500 this process only intensified, stated CryptoQuant CEO Ki Young Ju. He noted that some BTC holders are offering their cryptocurrency for sale while other flocks to buy stablecoins.
This week, the cryptocurrency market faced a clash with buyers and sellers, said the head of the CryptoQuant analytics service, Ki Young Ju, on his Twitter account. Bitcoins holders began to transfer their BTC holdings to exchanges.
The service started recording a growing inflow of cryptocurrency to trading platforms on July 30. These were not only ordinary users, but also big players. At the same time, stablecoins moved along with Bitcoins on the exchange. It is possible this was one of the causes for the Bitcoin volatility that happened yesterday, August 2. The price of the asset first rose above $12,000 and then fell to $10,500 within 5 minutes.
In another post, published after BTC started leveling down, Ju added that the purchase of Bitcoins on marketplaces only increased. On a separate occasion, he writes that the majority of transfers are being made by large players.
On July 31, another analytical service Glassnode informed that the big spenders, exactly the opposite, began to actively buy cryptocurrency. In the context of the recent rise in the price of bitcoin to $11,000, the number of wallets with a balance in BTC amounting to $1 million or more grew massively by 38%, to 18 thousand addresses. Perhaps this discrepancy is caused mainly by macroeconomic factors. On the one hand, large investors can transfer capital to cryptocurrency, fearing the depreciation of the dollar due to its growing emission. On the other hand, those who bought digital money during the March recession to $3,800 likely started banking in on the 200% and more profits made.
