In recent hours, large whales have been observed to be moving intensively in the cryptocurrency market.
On-chain data reveals both large-scale transfers from long-dormant wallets and large-scale transactions between exchanges.
The newly created wallet withdrew 10,009 ETH (approximately $41 million) from Binance. Similarly, another new wallet moved 5.01 million ASTER tokens ($7.65 million) from Binance to its cold storage.
Meanwhile, it was revealed that 11,885 BTC (approximately $1.34 billion) worth of assets from mining company LuBianCom, which had been dormant for three years, had been transferred to a new wallet. Following this development, the US Department of Justice (DOJ) is reportedly continuing to track 127,271 BTC associated with the LuBian hack through a network known as the Prince Group, which is associated with cybercrime and forced labor practices.
Short-term trading activity is also worth noting. Three days ago, a whale withdrew 5,255 ETH ($22 million) from Crypto.com and sold it on the HyperLiquid exchange, opening a short position in BTC with 5x leverage. Now, $10 million has been deposited into USDC from the same address, increasing the position to $140 million.
Additionally, another newly created wallet withdrew $10 million in USDC from Coinbase, deposited $9 million of it into HyperLiquid, opened a 3x leveraged ETH long position, and purchased XPL with a $3 million TWAP order.
Finally, the whale, which had been inactive for three years, made a profit by investing its assets in the Kraken.
- 2,538 ETH ($10.41 million) – approximately $11.13 million profit from previous sale
- 3,142 LINK ($59,972) – approximately $56,000 profit
*This is not investment advice.
