In October, cryptocurrencies typically see a rise in prices, and this year is no different. Curious about how wealthy investors, known as whales, are navigating the market?
Bitcoin, the queen of cryptocurrencies, has recently reached new all-time highs. Simultaneously, massive transactions have been observed, suggesting some whales are preparing strategic moves.
One whale has transferred 1,550 BTC, equivalent to $193.75 million, to the Binance platform. This transaction could signal an intention to sell in the short term. Major investors appear to be positioning themselves differently from the rest of the market.
On the Ethereum (ETH) front, whale behaviors are more nuanced. Some are massively withdrawing their tokens from exchanges, generally perceived as a bullish signal. This demonstrates their intention to hold their assets for the long term.
Other whales are using their ETH as collateral on DeFi protocols like Aave. This type of operation shows whales’ confidence in the ecosystem for the short to medium term.
However, not all are behaving the same way. Some have indeed realized profits by sending several thousand ETH to centralized platforms. This movement, after a long period of inactivity, suggests profit-taking.
Whales are also making significant transactions on emerging projects like Aster and Ondo.
One investor acquired 1.69 million Aster tokens, a new decentralized exchange platform, for more than $3 million. This substantial position, given the project’s market cap, reflects the interest of major players in sector innovations.
Meanwhile, millions of Ondo tokens have been transferred to Bybit, suggesting profit realization on this DeFi protocol focused on tokenizing traditional assets.
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Gaston has been a writer for over 7 years and a passionate cryptocurrency enthusiast since 2020. He loves exploring the crypto ecosystem and is now dedicated to sharing his insights and discoveries through InvestX.
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