Caution: A Whale Raises 15,000 BTC In Just 1 Day Amid Market Turmoil

Key Points:

• One whale increased his BTC holdings to 15,000 coins in just one day.
• This makes it the 4th largest BTC wallet address at the moment, and it also has only 4 wallet addresses holding over 100,000 coins.
• The crypto market is still in turmoil following last week’s sell-off.

It is not always the time when we can see the price of Bitcoin (BTC) rising, as based on on-chain data, we can trace the activity of whale, the entity that determines the market.

Recently, as observed by Coincu, a whale increased its Bitcoin holdings to 15,000 BTC in just one day. Yes, we didn’t get it wrong; it was 15.00 BTC in just one day!

This makes the entity the 4th largest whale wallet at the moment, and it comes amid market turmoil following last week’s events between the U.S. Securities and Exchange Commission with Binance and Coinbase, the top 2 crypto companies in the US.

One thing to note is that currently, only 4 wallet addresses (including 2 cold wallets of Binance) hold over 100,000 BTC per year. However, this whale only took a day to become 1 of the 4 largest BTC wallet addresses at the moment.

More specifically, the amount of BTC that wallet addresses have BTC over 10 coins accounting for more than 80% of Bitcoin’s market share, it can be said that if these addresses sell-off at the same time, it is very likely that bloodshed will occur on the crypto market.

Don’t know if this is a sign of a bull run, but the market is very volatile right now. On June 15, the Tether stablecoin strayed somewhat from its US dollar peg owing to an imbalance in Curve’s 3pool. The USDT declined 0.3% to roughly 0.997 as its weightage in the curve 3pool climbed to more than 70% from the typical 33%.

Curve’s 3pool is a decentralized finance stablecoin pool that has a significant amount of liquidity from the three major stablecoins in DeFi- USDT, USDC, and DAI. A big increase in the weightage of a certain stablecoin in the curve pool suggests excessive selling of that stablecoin.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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