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Whales Scoop Up Massive Amounts of Bitcoin, Ethereum and SHIB as Prices Fall: Details

Thu, 03/10/2022 - 10:18
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Tomiwabold Olajide
As price dips, whales grab significant amount of Bitcoin, ETH and SHIB: details
Whales Scoop Up Massive Amounts of Bitcoin, Ethereum and SHIB as Prices Fall: Details
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Per WhaleStats data, in recent hours, whales have been grabbing assets such as Bitcoin, Ethereum, Shiba Inu and Chainlink as the crypto market dipped. Investors had breathed a sigh of relief over the past two days as Bitcoin rose above $42,000 on March 10. Altcoins had also risen alongside Bitcoin as many crypto assets demonstrated impressive gains.

Though different transactions involving the purchase of Bitcoin, Ethereum and Chainlink were reported by the blockchain data tracker, the most recent BTC transaction was that of an FTM whale acquiring 1,500 BTC, or $58,896,000 worth.

Another whale had bought 550 ETH, or $1,493,921. Ethereum also appears as one of the top purchased tokens over the last 24 hours.

As per IntoTheBlock data, Shiba Inu whales have become more active over the last 24 hours as the number of large transactions rose by 82%. Spikes in large transactions often point to high activity among institutional players, or whales, who are either buying or selling.

The top 100 Shiba Inu holders have likewise increased their portfolios, as WhaleStats reports a 178.87% rise in the average SHIB balance of this category of investor. The average SHIB value of their portfolio has also grown by 180.48%. Both volume and active addresses have grown by 880% and 18.18% over the last 24 hours, demonstrating healthy metrics.

Crypto market dips

A total of $211 million worth of longs were liquidated across the crypto market as Bitcoin suddenly dipped to lows of $38,796 on March 10. As Bitcoin fell with a 24-hour drop of 7.5%, the value of liquidations on its network over the last 24 hours rose to $68.55 million. Ethereum (ETH) futures had $50.57 million in losses within the same time frame.

A total of 59,945 traders that were betting on further increases in crypto prices booked losses due to liquidations, data from analytics tool Coinglass shows.

The majority of altcoins were recording losses ranging between 2% and 7%, and Bitcoin trades at $39,268 at press time.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.