ETH, BTC Whales Trigger Massive Transfer Period Despite Market Slowdown, Data Shows

Those crypto wallets that hold up to $10 million (roughly Rs. 77 crore) in a particular asset, or more, are considered a “whale” of that asset.

By Radhika Parashar | Updated: 12 May 2022 13:00 IST

ETH, BTC Whales Trigger Massive Transfer Period Despite Market Slowdown, Data Shows

Photo Credit: Pixabay/ Peter Patel

While BTC remains the most valued crypto asset by valuation ETH is gearing up for a fresh revamp

Highlights

Lots of ETH transactions valued over $1 million recorded on May 11
BTC transfers from whale wallets to exchanges also recorded
Crypto market continues to lay low

Ethereum whales are triggering a major transfer period for Ether cryptocurrency, despite the overall crypto market currently struggling with losses. On May 11, Wednesday, Ethereum whales completed 2,956 transactions marking a five-month high. Each of these transactions valued over $1 million (roughly Rs. 7 crore). The data was collected by Santiment, a crypto analytics platform. Those crypto wallets that holds up to $10 million (roughly Rs. 77 crore) in a particular asset, or more, is considered a “whale” of that asset.

Bitcoin whales have also shown a similar sentiment, in-terms of large-scale transfers. As per Glassnode data, May 11 also made for the largest single-day transfer of BTC from whale wallets to exchanges.

Carlos Gomez, the Chief Investment Officer at the Belobaba Crypto Asset Management shared his two cents on the development.

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“Generally means that a large accumulation event by whales took place and that could signal that the bottom is not too far ahead,” Gomez said.

Meanwhile, screenshots of the transfers of BTC and ETH have emerged on social media.

Isn't it clear enough? :point_down::skin-tone-2: pic.twitter.com/PQwfb6Eu4z
— Carlos Gomez (@hedgefundcarlos) May 11, 2022

:whale: #Ethereum's whales have been extremely active today, firing off 2,596 transactions valued at $1M or more. This is the highest day of whale transactions since January, and something to monitor if $ETH drops below $2k for the first time since last July. https://t.co/FZoTsFJwEn pic.twitter.com/MVFEpzysxN
— Santiment (@santimentfeed) May 11, 2022

While BTC remains the most valued crypto asset by valuation, ETH is gearing up for a fresh revamp called the ‘Merge'.

The transformation is intended to reduce Ethereum's power consumption by 99 percent.

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At this point, the overall crypto market cap is sitting at $1.17 trillion (roughly Rs. 91,01,968 crore), as per CoinMarketCap. After March, the value of the crypto market valuation has continued to depreciate. As of March 31, the market cap of the crypto sector had risen to $2.14 trillion (roughly Rs. 1,62,77,490 crore).

Interestingly, despite the volatility, the BTC/ETH pairing has also showcased strength in recent days.

On May 6, the ETH/BTC pairing reached a three-week high according to a report by CoinTelegraph.

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Further reading: Bitcoin, Ether, Cryptocurrency, Crypto Whales

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More