As the cryptocurrency market continues to decline, with the total market cap falling to $3.59 trillion, crypto whales are shifting millions of dollars between Bitcoin (BTC), Ethereum (ETH), and other altcoins, a move that suggests a mix of accumulation and profit-taking strategies among large holders.
According to Anchin data, one of the whales has withdrawn more than 20,000 Ethereum, worth about $78 million, from the Binance exchange.
The whale had previously borrowed around $262 million in Ethereum by collateralizing $700 million in USDC to open a short position, and has so far made a profit of nearly $12 million.
Meanwhile, another whale, with a long position, sold 2,500 of his Ethereum worth $9.6 million to reduce leverage, losing about $820,000.
In the Bitcoin sector, old whales have also moved large amounts of BTC to exchanges, including a deposit of 500 BTC to the Kraken exchange, worth over $55 million. At the same time, data from OnChain Lens shows that over 7,000 BTC, worth around $780 million, have been moved to centralized exchanges in the past three weeks.
Analysts say the inconsistent moves, from heavy long positions on Bitcoin, Ethereum, and Solana (SOL) to shorting Aster (ASTER), indicate whales are preparing for major market swings in the coming days.
