A huge altcoin whale sent $28,882,833 worth of Ethereum (ETH) to the Binance exchange, according to data provided by whale detectives.
Why is transfer important?
The pessimistic scenario is that Bitcoin transfers from wallets to exchanges are unusually important. Most high-net-worth Bitcoin investors keep their cryptocurrencies in a hardware (cold) wallet that offers superior protection than exchanges. Investors’ private keys are stored offline in hardware wallets that protect their digital funds from hackers.
When whales deposit Ethereum on an exchange, it often indicates that they are seeking liquidity. Since the security risks of storing large amounts of cryptocurrencies on an exchange are higher than storing them in a hardware wallet, the investor is unlikely to keep their Bitcoins on Binance. According to estimates, this Bitcoin whale most likely plans to sell Ethereum or exchange it for other cryptocurrencies.
What altcoin projects are whales buying lately?
According to the data provided by WhaleStats, Ethereum (ETH) is one of the most traded altcoins in the last 24 hours. In this process, the whales transferred a total of 55 ETH to their wallets. After ETH, stablecoin giants Binance USD (BUSD), Tether (USDT) and USD Coin (USDC) are other cryptocurrencies that whales took refuge in the current price correction. Interestingly, Ethereum-based decentralized exchange (DEX) Sushi (SUSHI) is the fifth most purchased cryptocurrency by whales. Later on the list is completed with the following altcoin projects.
The Sandbox (SAND)
Woo Network (WOO)
Altcoin market painted red
As we reported as Somanews, the crypto money market started to decline on February 17, with the Fed’s announcement of interest rate hikes. The momentum that lingered on February 18 brought the Bitcoin price from the $43,200 region to $40,300, depreciating by about 7%. Ethereum price is down 5.60% to touch $2,800, while Terra (LUNA) is the biggest loss in the top 10 by market cap, with 8.98%. Accompanied by the decline, the total market capitalization fell once again to the level of 1.84 trillion. These levels were previously tested in September before the November 2021 peak.