Big Crypto Moves: Whale Transactions Indicate Potential Market Shifts
Key Takeaways:
- Crypto whales exchange deposits hint at potential price tops for altcoins.
- Massive transfers, such as PEPE and Worldcoin deposits, signal caution for traders.
- Stablecoin activity on exchanges might indicate upcoming crypto buying momentum.
Whales quietly reshuffle their holdings into and out of major centralized exchanges as the crypto market heats up. Recent insight from Santiment has shown that PEPE, a meme coin, stole the show with a $2.5M transfer to MXC one that was far from its usual high-transaction days.
Such large deposits signal caution, especially because five of PEPEs largest transactions in the past month originated from Binance-linked whales. These whale movements could mean upcoming sell-offs, putting its recent rally at risk of a complete reversal.
Ethereum and Worldcoin Under Scrutiny
Ethereum also made some noticeable moves, which included $3M in transfers to Bybit by a single wallet. Meanwhile, after a $2.3M deposit, the supply of Worldcoin across exchanges spiked. It followed it up with a 45% jump in price in 11 days. Such huge inflows tend to happen when profit-taking is going on, and thats usually a sign for traders to get prepared for possible corrections in the market.
Stablecoins like Ethena USDE have also shown increased exchange activity, which might indicate accumulation. In general, as inflows into stablecoins begin to rise, it might often be the precursor to buying periods, and it could hopefully continue to proliferate towards Ethereum and tokens, too.
Major Transactions Swing Crypto Market Trends
Other notable movers within the top 100 include First Digital USD, Creditcoin, and Cyberconnect, which saw a single trade in each, making up a significant percentage of the circulating supply. This move also coincides with peaks in trading volume, which is often the case ahead of price corrections.
It goes without saying that Binance dominates those assets, including, but not limited to, large-cap tokens like Bitcoin, Ethereum, and Solana. The fact that such massive transactions are at play underlines the importance of keeping track of exchange inflows as one means of anticipating market fluctuations.
This is because whale activities tend to drive the broader crypto market, and this may be pretty critical during volatile phases of markets.
Related Reading | Shiba Inu Price Risks Deepen After Whale Moves $99M SHIB
Read more: https://www.tronweekly.com/big-crypto-moves-whale-transactions-indicate/
Text source: TronWeekly
