According to WhaleStats and Coinglass data, while the Bitcoin and altcoin market has been declining en masse, whales have started collecting a number of coins/tokens. The most notable transaction came from a Phantom whale who bought millions of dollars worth of BTC…
Whales capitalize on the drop with these altcoin projects
According to data obtained by whale tracker WhaleStats, whales have seen Bitcoin in the last hours as the crypto market plummets. divests popular coins/tokens such as Ethereum, Shiba Inu, and Chainlink. In the past two days, investors breathed a sigh of relief as Bitcoin surpassed $42,000. Altcoins have been bullish with Bitcoin as several cryptos have seen significant gains. WhaleStats revealed several transactions, including the purchase of Bitcoin, Ethereum, and Chainlink, but the most recent BTC transaction was an FTM whale buying 1,500 BTC for $58,896,000.
Another whale spent $1,493,921 for 550 ETH. As we quoted as Kriptokoin.com, Ethereum was also one of the most popular tokens in the last 24 hours.
According to IntoTheBlock statistics, Shiba Inu whales are more active in the last 24 hours and the number of large transactions increased by 82%. Large transaction spikes are often associated with increased activity from institutional players or whales buying or selling. The top 100 Shiba Inu whales have also increased their portfolios, with WhaleStats reporting a 178.87% increase in this group’s average SHIB balance. The average SHIB value of their portfolios also increased by 180.48%. In the previous 24 hours, both transactional and active addresses have increased by 880% and 18.18% respectively, indicating solid on-chain metrics.
Cryptocurrency market took another hit
Bitcoin was trading above $42,000 on March 9, falling to $39,000 in the first hours of the day. In the process, a total of $211 million worth of long futures transactions were liquidated in the crypto market. The value of liquidations on Bitcoin’s network has soared to $68.55 million as the Bitcoin price has dropped by 7% in the past 24 hours. In the same timeframe, Ethereum (ETH) futures lost $50.57 million.
According to statistics from analytics platform Coinglass, a total of 59,945 investors who counted on additional gains in crypto valuations lost massive amounts of money due to the liquidations. Most cryptocurrencies are down 2% to 7%, while Bitcoin is struggling to hold $38,000 at the time of writing.
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