Ethereum and Ripple whales continue to raise their capital at discounted prices, according to on-chain data sources. As massive wallets continue to pull their crypto out of the stock market, continued influx of cryptocurrencies into cold wallets could signal long-term price fluctuations, according to Santiment.
Ethereum whales continue to accumulate at a discounted price
On-chain analytics platform Santiment reports that the top 10 Ethereum whales hold just 5.83 million ETH compared to their over-the-counter counterparts holding 24.31 million ETH. Santiment states that this may be due to the continuing trend of Ethereum whale holders to remove cryptocurrencies from exchanges.
A total of 302,092 ETH centers left exchanges in January as a result of the current price drop. On the other hand, whales take advantage of falling market caps to buy cryptocurrencies at a discounted price. After the crash, Ethereum price dropped to $2,100, giving whales more room to raise their capital. As a result, continued influx of cryptocurrencies into cold wallets could indicate long-term price fluctuations. This is because whale investors often send cryptocurrencies away from exchanges to hold onto them for a long time.
Ethereum whales control 30 million ETH
According to Santiment, the top 20 Ethereum whales have a total of 30 million ETH on and off exchanges. The top 10 non-exchange addresses currently hold 24.31 million ETH, while the top 10 exchange addresses only hold 5.83 million ETH.
Ripple ODL corridors receive 40 million XRP
Whale Alert has identified two large XRP transactions made during the day, each carrying 20 million tokens. Both were made from the same address tagged as “anonymous” by the crypto tracker. Transfers took place via Bitso and Bitstamp crypto exchanges. However, the analytical platform Bithomp, which deals with XRP transfers, shows that this address belongs to the US-based Bittrex crypto exchange.
Ripple whales move millions of XRPs
As reported by Somanews, on February 2, the Ripple company moved 50 million XRP to an anonymous wallet. Bithomp data said that this is RL18-VN, an address Ripple uses to send XRP offsite, including crypto transfers to ODL platforms. The day before, Ripple made another mind-blowing cryptocurrency transaction. This was one of the company’s regularly scheduled withdrawals since 2017. As usual, Ripple locked back 800 million tokens later that same day.