According to on-chain data, whales are moving their profitable cryptocurrencies to central exchanges.
The crypto market had a very active start to the week. Bitcoin (BTC)’s sharp decline to $40,400 revealed the volatile market. As selling pressure increased in altcoins, many traders were liquidated in futures. In the market where liquidation data of $ 400 million was revealed, the movements of whales also attracted attention.
Taking advantage of the bull run, whale wallets began to move the profitable cryptocurrencies in their wallets to central exchanges. A serious transfer flow was observed, especially on the ETH side.
Whales move assets to centralized exchanges
According to data from on-chain researchers such as Lookonchain and The Data Nerd, whale wallets have begun moving their assets to centralized exchanges. Whales transfer their cryptocurrencies to exchanges profitably. This situation is evaluated with the possibility that a possible sales pressure may arise.
In the last 4 hours, Whale bc1qp deposited 935 $BTC ($39.2M) to #binance at $41992.
He still holds 2198 $BTC ($92M).
His total estimated profit is $18.2M. pic.twitter.com/WL9EnQpISl
— The Data Nerd (@OnchainDataNerd) December 11, 2023
According to The Data Nerd’s post on the X platform, a whale transferred 935 BTC ($39.2 million) to the Binance exchange. At the time the transfer took place, the BTC price was traded at close to 42 thousand dollars. Balina made a profit of $18 million on the BTCs he held. The transfer was treated as a possible profit sale.
Another on-chain data research platform, Whale Alert, recently shared that 15,789 ETH ($35 million) was transferred from an unknown wallet to the Coinbase exchange.
https://twitter.com/whale_alert/status/1734125835815133442
Similar movements of whales were also recorded on December 9. On December 9, a whale transferred 3 thousand BTC ($132 million) to Binance. This wallet had a total gain of $61 million from the BTCs it held. At the time the whale made the transfer transaction, BTC was traded at 44 thousand levels.
11 hours ago, Smart Trader 3mvqp deposited 3K $BTC ($132.7M) to #binance at $44.2K.
Thanks to great buy/ sell timing, he has earned a total of $61M profit with a win rate of 100%. pic.twitter.com/0fYjhSZ5tK
— The Data Nerd (@OnchainDataNerd) December 9, 2023
Apart from whales, market maker wallets also transferred assets to exchanges. On December 10, Galaxy sent 3 thousand ETH to the OKX exchange. This company transferred a total of more than 20 thousand ETH to OKX in a week.
The cryptocurrency market’s progress in an upward scenario for months has revealed great profitability rates. Many wallets have made significant profits from their crypto assets. Transfers and data made us think that the gains were realized.
In particular, BTC’s sharp decline to $40,400 strengthened the possibility that profit sales had begun.
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