Crypto’s market capitalization continues its upward trajectory this weekend, with the chart painted green. Market capitalization reached $4 trillion during today’s early Asian trading hours, up 1.54% over the past 24 hours.
As major cryptocurrencies approach history’s highest, crypto whales are making a big move in the market. The largest of these transactions was an astounding $210 million. Here is a detailed breakdown of the whale trade:
Crypto whales leverage bull markets in multi-million dollar trading
On-chain data showed that whales were actively trading Ethereum (ETH). This interest in the second-largest cryptocurrency continues to rise and remains shy at just 11.8% against the all-time high (ATH).
According to Onchain Lens data, the largest deals included whales or institutional entities purchasing $22,068 million in 49,533 ETH. Purchases were made through Galaxy Digital, Falconx and the Bitgo exchange.
The Ethereum Whale currently has 221,166 ETH, worth $94,073 million, spread across six different wallets. Additionally, Maelstrom CIO Arthur Hayes took a more diverse approach. He acquired assets totaling $6.85 million. This includes:
1,250 ETH, worth $5.29 million. 424,000 lido dao (LDO), worth $550,000. 420,000 Ether.fi (ETHFI), worth $510,000. 92,000 pendle (pendle) token, worth $500,000.
These purchases reflect a major addition to his crypto portfolio, focusing primarily on Ethereum-based assets.
“On August 2nd, he sold ETH and ET ecosystem tokens he bought in July, including ENA, Aave, LDO, Ethfi, Pepe, and others, as he believed BTC would fall to $100,000 and ETH would fall to $3,000,” analyst Embercn wrote.
In addition to purchasing, some whales are soaking their assets for additional revenue. The whale identified at address 0xA5E…EDA0, which had remained dormant for three years, was valued at $19.84 million, with a betting of 4,736 ETH.
The whale had accumulated ETH for $9.12 million about 4-5 years ago. Investors made about $10.7 million in profits. Similarly, another whale, 0x1FC…AED5, has withdrawn 2,009 ETH.
“A total of 10,999 ETH ($46.69 million) has been withdrawn from Binance to staking Eigenlayer and Eth2.0 over the past two months. We are currently making a profit of $1353 million,” added Onchain Lens.
Separately, some whales have made sales. The 1-inch team investment fund offloaded 5,000 ETH with an average price of $4,215. This was then converted to 21.07 million USDC.
Additionally, they sold 6.45 million 1-inch tokens at an average price of $0.28, bringing them to 1.8 million USD. These sales generated a profit of $8.36 million.
This shows that teams are leveraging the current bull market with profit-making strategies. Hackers from Stablecoin Bank Infini also sold quite a few ETH.
“Infini Exploiter sold an additional 1,771 ETH ($744 million) for today’s $4,202. On February 24, it exploited @0xinfini and bought $17,696 ETH for $2,798. Tornadocash on July 17th.
In addition to Ethereum, large investors are also involved in other cryptocurrencies. Whale 0xc9d…642 borrowed USD 20 million from Aave, transferred the funds to Kraken, and acquired 109.6 WBTC worth $12.91 million.
“The whale is leveraging WBTC purchases through Aave in its loop loan strategy. It currently has a total of 603.5 WBTC ($7162 million) and an average cost of around $90,382,” Embercn posted.
After a month of inactivity, another crypto whale withdrew 274.22 Bitcoin (BTC) and was valued at around $32 million by Binance. Additionally, Galaxy Digital has transferred 224,000 Solana (SOL), worth around $41.12 million, to two centralized exchanges, Binance and Coinbase, raising concerns about the sale.
Additionally, the smart money address pulled 210,000 links from Binance. There are a total of 335,000 links in the address. Finally, Nansen CEO Alex Svanevik sent a million LDO tokens to Coinbase.
These transactions reflect a mix of whales and inter-institutional profits, long-term staking, and speculative transactions.
What are the crypto whales buying and selling when the post market wins $4 trillion? It first appeared in Beincrypto.
