Lưu trữ cho từ khóa: whales

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Whales bought over 400m DOGE, on-chain signals look bullish

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Whales have started accumulating Dogecoin as bullish on-chain signals surfaced for the largest meme coin.

According to data provided by IntoTheBlock, the Dogecoin (DOGE) large holders’ inflow increased by 970% on Sept. 11 — rising from 46.25 million to 493.15 million DOGE. The token’s whale outflow plunged from 442.12 million to 78.17 million DOGE.

DOGE whale net flow – Sept. 12 | Source: IntoTheBlock

Data shows that the large holders’ net inflow reached 414.97 million DOGE, worth $42.46 million, yesterday. The movement shows that whales have started accumulating Dogecoin and the selloff has cooled down.

Notably, Dogecoin is mostly dominated by large holders with 62% of its supply sitting in whale addresses. The amount of transactions consisting of at least $100,000 worth of DOGE reached $942 million over the past week.

Per ITB data, the asset’s exchange net inflow also declined from 84.83 million to 33.42 million DOGE on the same day. Decreasing exchange inflow usually leads to lower selling pressure.

DOGE is up 1.6% in the past 24 hours and is trading at $0.1024 at the time of writing. The meme coin’s market cap is hovering at $14.9 billion, making it the eighth-largest digital currency. 

DOGE price – Sept. 12 | Source: crypto.news

At this point, DOGE is down by 86% from its all-time high of $0.73 in May 2021.

On Aug. 31, Elon Musk, Tesla’s billion CEO, showed interest in bringing the meme coin back to the automotive company as a form of payment. Musk’s claim came a few days after a U.S. court decided to dismiss the $258 billion lawsuit against the billionaire and his companies.

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Altcoin

Ethereum whales panic, $493m ETH entered exchanges in 7 days

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Ethereum whales are sending bearish on-chain signals as the second-largest cryptocurrency struggles with exchange net inflows.

According to data provided by IntoTheBlock, Ethereum (ETH) witnessed a centralized exchange net inflow of $493 million over the past week. Massive CEX inflows could hint at a potential selloff, leading to bearish price movements.

ETH price and exchange net flows – Sept. 11 | Source: IntoTheBlock

Data from ITB shows that Ethereum whales recorded 283,430 ETH, worth roughly $660 million, in outflows on Sept. 10. On the other hand, the large holders’ inflows declined from 312,250 ETH to 203,630 ETH on the same day.

This shows increased selling pressure from whales.

The large holders’ net outflow reached almost 80,000 ETH, worth $185 million, on Tuesday, per ITB data. Notably, the Ethereum whale net flows have plunged by 296% over the past week.

ETH large holder net flows – Sept. 11 | Source: IntoTheBlock

One of the bearish whale movements came from Ethereum co-founder Vitalik Buterin and the Ethereum Foundation. 

Consequently, the selling signals from Ethereum whales brought the asset’s market cap down to $280 billion. ETH is down by 1.1% in the past 24 hours and is trading at $2,325 at the time of writing.

The second-largest cryptocurrency plunged to a local bottom of $2,150 on Sept. 7, but soon recovered above the $2,300 mark after 40,000 ETH left derivative exchanges. 

At this point, the U.S. Consumer Price Index report, which shows the inflation rate in the country, could act as a major catalyst for financial markets, including crypto. The data is scheduled to be released today, Sept. 11.

If the CPI comes below the expected 2.6%, potential bullish momentum would be expected for digital assets, and vice versa.

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Bitcoin whale accumulation heats up ahead of US CPI report

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Bitcoin whales seem bullish with increased accumulation as the release of the U.S. Consumer Price Index data gets closer.

According to data provided by IntoTheBlock, the number of whale transactions consisting of at least $100,000 worth of Bitcoin (BTC) surged from 12,560 to 16,240 between Sept. 7 and 9. 

BTC whale transactions – Sept. 10 | Source: IntoTheBlock

The increased whale activity around BTC came after its price plunged below the $54,000 mark amid an increased selloff. 

Per ITB data, Bitcoin whales have moved over $70 billion worth of the asset in the past seven days. 

It’s important to note that increased whale activity could usually lead to high price fluctuations, but in this case, large holders seem to be accumulating Bitcoin due to increased inflows.

The large holders’ inflow plunged from 11,570 to 1,100 BTC on Sept. 7 and declined even further to 469 BTC a day later, suggesting a massive selloff, according to data from ITB. However, the Bitcoin whale inflow recorded a notable increase to 1,580 BTC on Sept. 9.

The indicator shows that the whale selloff might have come to an end.

Not only whales, but also retail holders seem to be accumulating Bitcoin. According to ITB, Bitcoin saw an exchange net outflow of over 6,000 BTC yesterday.

BTC exchange net flows – Sept. 10 | Source: IntoTheBlock

Bitcoin is now up 3.5% and is trading at $56,950. The flagship cryptocurrency briefly touched a local high of $58,000 earlier today and has been consolidating close to the $57,000 zone.

At this point, investors are looking bullish as the U.S. CPI data, which shows the inflation rate in the country, is expected to come at 2.6%. 

If the inflation rate for August comes at or lower than the expected percentage, economists believe a 50 basis point interest rate cut would be most likely this week. 

The rate cut could, consequently, form a bullish momentum for financial markets such as crypto and stocks.

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Bitcoin falls below $54k, exchange inflows increase

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The Bitcoin price and the broader crypto market have struggled over the past two weeks. With further price declines, investors have started moving funds into the exchanges.

Bitcoin (BTC) plunged to a one-month low of around $53,000 on Sept. 6, bringing strong bearish momentum to the cryptocurrency market. BTC and altcoins saw over $295 million in liquidations a day later. 

The Bitcoin price recorded mild gains again that helped the global crypto market cap surpass the $2 trillion mark.

BTC is up by 0.25% in the past 24 hours and is trading at $54,450 at the time of writing. Despite the rebound, the asset’s price is still down by 15% from its local high of around $64,400 on Aug. 25.

According to data provided by IntoTheBlock, over 7,300 Bitcoins, roughly $400 million, entered the centralized crypto exchanges as its price plunged below the $54,000 mark.

The leading cryptocurrency witnessed a one-month exchange net inflow of 10,310 BTC, worth over $560 million at the reporting time.

BTC price and exchange net flows – Sept. 8 | Source: IntoTheBlock

Data from ITB shows that whale transactions consisting of at least $100,000 worth of BTC reached a total of $68 billion over the past week. 

The large holders’ netflow to exchange netflow ratio is currently sitting at 1.4%, per data from ITB. The indicator shows that whales have been more active than retail wallets amid the declining Bitcoin price.

Notably, retail addresses make up 88.4% of the total Bitcoin holders. Less than 12% of the BTC supply is held in whale wallets, according to ITB.

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Litecoin sees higher whale activity: Santiment

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Litecoin, a peer-to-peer cryptocurrency, remained in a consolidation phase as open interest in the futures market remained muted and as whale activity rose.

LTC whale activity increases

Litecoin (LTC), created by former Google engineer Charlie Lee, was trading at $64, where it has been stuck at in the past two weeks. This price is about 27% above its lowest point in August and down by 44% from its highest point this year.

The price action correlates with Bitcoin (BTC), which jumped to a record high of $73,800 in March, dropped to $49,000 in August and was trading at $54,000.

According to Santiment, Litecoin has seen a significant increase in whale-buying activity in the past few weeks, a sign that some of them are buying the dip. Santiment has also observed a big increase in the number of social media mentions. 

However, more Santiment data shows that daily active addresses have retreated sharply in the past few months.

Litecoin had over 327,000 active addresses on Friday, Sep.6, down from 801,000 in June. 

Litecoin daily active addresses | Source: Santiment

The other big issue is that Litecoin’s futures open interest has been muted in the past few months. Interest in the futures market stood at over $243 million on Sat. Sep 7, down from the year-to-date high of over $708 million. 

Futures open interest is an important metric in the financial market because it shows the outstanding contracts that are yet to be filled. In most cases, a higher open interest is a sign that a coin has more demand among investors.

Meanwhile, Litecoin’s funding rate has retreated from 0.078% earlier this week to 0.0016%. A positive funding rate means holders pay a fee to short position holders. With the funding rate nearing the negative zone, there is a risk that it may continue falling.

Litecoin below this key resistance level

Litecoin price chart | Source: TradingView

Technically, there are signs that Litecoin is below the descending trendline that connects the highest swings since May 20. It has also remained below the 50-day moving average, pointing to further downside. 

If this happens, Litecoin — one of the biggest proof-to-work coins — may drop to the next key support level at $60, its lowest swing on Jan. 3.

A break below that support level will point to a drop to the next key support at $50, its lowest point in August. However, a volume-supported move above the descending trendline will point to more gains.

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TON falls to 5-month lows, 86% of holders seeing losses

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The Toncoin price plunged below $5, marking a five-month low. The amount of holders at a loss has significantly increased. 

Toncoin (TON) dropped 4% in the past 24 hours and is trading at $4.6 at the time of writing. This price level has not been seen since late March. Following the price fall, TON’s market cap declined to $11.6 billion, putting it behind Cardano (ADA) as the 12th-largest cryptocurrency.

TON price – Sept. 5 | Source: crypto.news

The asset’s daily trading volume also decreased by 18% and is currently hovering at $300 million.

According to data provided by IntoTheBlock, 86% of TON holders, accounting for 45.4 million addresses, are currently facing increased losses. 8.3 million wallets accumulated the asset for an average price of $7.5.

TON holders’ profit/loss – Sept. 5 | Source: IntoTheBlock

At this price point, only 9.2% of the TON holders, around 4.9 million addresses, are still in profit despite the price fall, per data from ITB. The remaining holders are currently in a neutral zone with either a small profit or loss.

Data from ITB shows that the number of Toncoin’s daily active addresses increased by 5.3% over the past day, leading the chart with 3.19 million unique wallets. 

Toncoin witnessed a total of $27.24 million in net outflows from centralized exchanges over the past week. This shows that the number of investors accumulating the asset is still dominating short-term traders.

Notably, only 5% of TON addresses have been holding the asset for over a year, according to ITB data. 62% have accumulated the token less than one year ago and 33% are traders with a holding time of less than one month.

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Injective surges 10% as supply held by whales declines

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Injective gained bullish momentum on Wednesday, Sept. 4, after a set of consecutive declines over the past two weeks.

Injective (INJ) is up 10% in the past 24 hours and is trading at $17 at the time of writing. The asset’s market cap is currently hovering around the $1.6 billion mark, making it the 45th-largest cryptocurrency.

INJ price, RSI, supply held by whales and exchange flow – Sept. 5 | Source: Santiment

INJ’s daily trading volume surged 24%, surpassing the $100 million mark. 

Moreover, INJ briefly reached an intraday high of $17.58 amid increased selling pressure from whales.

According to data provided by Santiment, the amount of INJ supply held by whales declined from 94 million on Sept. 3 to 93 million at the reporting time. This movement shows that some whales have already sold their Injective holdings as the price was falling to $15.3.

Data from the market intelligence platform shows that the Injective exchange net inflows have also declined from 49,200 to 6,900 over the past day. The decreasing amount of exchange net flows could hint at lower selling pressure.

This could put the INJ price in the consolidation zone until it gains strong momentum. However, it’s important to note that the market dynamics can change due to numerous factors.

Injective’s Relative Strength Index is currently sitting at 45, per data from Santiment. The indicator shows that the asset is witnessing neutral movements from investors at this price point.

One of the bullish drivers of the INJ price was the company’s launch of a tokenized index that tracks BlackRock’s BUIDL fund’s supply.

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Bitcoin, Ethereum whales accumulate despite market-wide selloff

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On-chain data shows increased accumulation from Bitcoin and Ethereum whales despite market-wide bearish momentum.

According to data provided by IntoTheBlock, the number of large Bitcoin (BTC) and Ethereum (ETH) transactions, worth at least $100,000, started to increase on Sept. 1 after a set of constant declines in the last week of August. 

BTC whale transactions – Sept. 4 | Source: IntoTheBlock

The number of large BTC transactions surged from 13,100 on Sept. 1 to 18,000 on Sept. 3. Ethereum witnessed a similar momentum. Whale transactions consisting of at least $100,000 worth of ETH rose from 2,150 on Aug. 31 to 4,530 on Sept. 3, per ITB data.

ETH whale transactions – Sept. 4 | Source: IntoTheBlock

Data shows that whales have also started moving the largest stablecoin by market cap, Tether (USDT). According to data from ITB, the number of large USDT transactions increased from 2,260 on Aug. 31 to over 5,000 on Sept. 3.

USDT whale transactions – Sept. 4 | Source: IntoTheBlock

On Sept. 3, the two largest cryptocurrencies witnessed exchange net outflows of 7,290 BTC and 71,370 ETH, worth over $585 million combined. This movement shows increased accumulation while the broader crypto market is wandering in uncertainty.

On the other hand, USDT registered roughly $66 million in exchange net inflows on the same day. Usually, rising stablecoin inflows into centralized exchanges could hint at increased Bitcoin and altcoin purchases.

Per a crypto.news report, over $1 billion worth of BTC left the exchanges between Aug. 26 and Sept. 2. 

Today, both Bitcoin and Ethereum faced a downward momentum. BTC fell by 3.5% and is trading at $56,700 at the time of writing. ETH slipped 4% and is currently trading at $2,400.

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Bitcoin

Whale buys 2,000 Bitcoin in 4 days, now holds $490m in BTC

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A significant Bitcoin transaction was recorded on Sept. 2 when an investor purchased 1,000 BTC for $57.3 million.

This whale purchase marks the second time in four days that 1,000 Bitcoin (BTC) were acquired on Binance, bringing the total accumulation to 2,000 BTC. The investor currently holds 8,559 BTC, valued at $490 million.

The increase in Bitcoin holdings coincides with Bitcoin’s price dropping by nearly 8% over the past week as the markets enter September. Bitcoin briefly touched $61,000 on August 29 before slumping and almost touching $57,000 on Sept. 1.  

Historically, Bitcoin has experienced losses in six out of the last seven September months, with average losses of around 4.5% during those years.

Will the Fed cut interest rates? 

Despite this downward trend, an anticipated Federal Reserve rate cut could trigger a Bitcoin rally, according to QCP. Rising Bitcoin dominance, declining crypto exchange balances, and strong market fundamentals are positioning Bitcoin for a potentially bullish phase ahead.

On the flip side, Bitfinex analysts caution that Bitcoin may experience a significant decline of up to 20% due to uncertainty surrounding the Federal Reserve’s upcoming interest rate decision.

While a 25 basis point cut by the Fed could lead to long-term gains for Bitcoin by increasing liquidity, a more aggressive 50 basis point cut might trigger an initial price spike followed by a correction as recession fears grow. 

Will Bitcoin bounce back?

The amount of Bitcoin held on exchanges dropped to its lowest level this year, signaling low market liquidity and reduced investor movement of coins. 

This could lead to a Bitcoin bounce. Other potential catalysts for Bitcoin’s growth include a weakening US dollar, rising US public debt, and positive signals from the options market, which could push the price higher later this year.

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