Recently, the crypto market has witnessed noteworthy whale activity. As pr the data from Lookonchain, a whale has bought Bitcoin ($BTC) and Ethereum ($ETH) total worth of around $110M in an over-the-counter (OTC) transfer conducted via Wintermute. The on-chain analytics platform revealed this event on its official social media account.
Whale Purchases 30,000 $ETH and 600 $BTC, Indicating Significant Confidence in Likely Rally
Lookonchain’s statistics indicate the transfer of up to $111.84M in USD Coin ($USDC) to an OTC wallet on Wintermute. Particularly, the whale made a couple of separate transfers, with one equaling $54.9M $USDC while the other accounting for $56.94M $USDC. Subsequently, following these transfers, the whale obtained 30,000 $ETH coins and 600 $BTC. Hence, the received $ETH and $BTC amounted to $54M and $56.7M.
Wintermute, which offers liquidity as well as executes big OTC crypto deals, served as the facilitator for this whale activity. OTC platforms like Wintemute enable large-scale crypto investors to sell or purchase massive amounts without influencing the wider market prices. On the other hand, executing these transfers on open exchanges could result in significant impact on the wider market.
Large-Scale Whale Transfers Signify Intention to Capitalize on Potential Bull Run
This big crypto transfer signifies the growing confidence of the whale in the key assets like Ethereum ($ETH) and Bitcoin ($BTC). This also highlights the potential for these cryptocurrencies to make notable gains in the near future.
According to the data provided by Lookonchain, such big-scale OTC transfers often serve as a bullish sign. Thus, this often boosts the large players’ confidence in the market momentum. They can additionally lead to high volatility periods, based on whether the assets are kept for long term or are shifted onto crypto exchanges for likely resale.
