Bitcoin (BTC) made a sudden jump to over $ 12,000 during the day. With this rise, many altcoins also decreased. While the leading crypto asset is being traded at $ 12.301 as of writing, the eyes are on whether BTC can stay above this level.
With the sudden movement in Bitcoin, the whales of the crypto market also took action. Major transfers took place just a few hours ago, according to data provided by Whale Alert, which monitors major movements in the crypto market.
Initially, about 243 million worth of 19,722 BTC was transferred from an unknown wallet to an unknown wallet, and then approximately 77 million worth of 178,111 ETH were transferred from a similarly unknown wallet to an unknown wallet.
This situation, which we have encountered frequently especially recently, is generally seen as a result of big fluctuations. In general, as a result of sudden fluctuations, crypto whales prefer to withdraw their assets to their personal wallets. Because today, as in the crypto money exchange Binance, the sharp rises and falls of BTC can be cut off in some exchanges. Although there has been a great reaction from many segments, we may face such events after every sharp rise.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 19,722 #BTC (243,461,019 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) August 17, 2020
What is a Crypto Money Whale?
The term whale is a name given to people who have large assets in the cryptocurrency market and have the power to manipulate the market with these assets. Whales generally create fluctuations in cryptocurrencies for their own benefit. Generally, they prefer lower volume cryptocurrencies instead of high volume cryptocurrencies such as Bitcoin. The biggest whale of Bitcoin is considered to be Satoshi Nakamoto, the founder of Bitcoin, which is thought to have 1 million BTC.