The cryptocurrency market started the new year with a surge, led by Bitcoin (BTC), which rose to $45,950 fueled by ETF expectations. However, following a statement by Maxiport, Bitcoin and altcoins experienced a downturn. During these events, whales were speculated to be at the center of market movements.
A notable transaction by a whale involved the transfer of 3,100 BTC, worth $140 million, to Binance shortly before a significant market drop. These Bitcoins were originally withdrawn from HTX exchange on October 6, 2022, for $20,000 each, resulting in a staggering profit of $78 million for the investor.
Not all whales were as fortunate; according to data from Coinglass, a long position worth $14.26 million was liquidated on Huobi.
Despite the turmoil, some whales capitalized on the downturn, with two wallets purchasing Wrapped Bitcoin (WBTC) and Ethereum (ETH) at what appeared to be the market bottom. For instance, wallet 0x8B20 spent 1.5 million USD Coin (USDC) to buy 35.18 WBTC at $42,641 each and another 1.5 million USDC to acquire 674.18 ETH at $2,225 each.
The independent actions of whales have caused unease among investors, as their unpredictable strategies can influence market sentiment and lead to further price volatility. While individual investor interest in BTC has risen despite the whale-induced price drop, a potential decline following the ETF decision could prompt whales to offload their BTC, potentially leading to more significant price decreases that could negatively impact individual investors. Meanwhile, BTC interest has increased, but ETH has seen a decline in individual investor interest in recent weeks. Currently, BTC is on the rise again, trading at $44,100, while ETH has also seen an increase, trading at $2,283 with a 2.31% gain.