Once the month of February is over, we are in the third month of the year, and in its first week we have observed a number of interesting movements by crypto whales. For this, the main reference is the tool Whale alert, as usual. Beforehand we highlight that the leading cryptocurrency in these days remains Bitcoin unquestionably.
Start of the week: crypto whales move 27,938 Bitcoin in less than 24 hours
Certainly this is a fairly high amount, which we must examine in order to understand the tendency at the beginning of the week of crypto whales. Of eleven transactions, five went from exchanges such as Coinbase, Binance and Bitstamp to unknown wallets, giving a total of 4,338 BTC.
Additionally, there was a transfer between unknown wallets for 14,500 BTC, $ 129,279,907 USD at the price of the moment. This figure is not at all a low amount, but that can be an internal transfer of an institution.
On the other hand, we have that 9,100 BTC were destined for an exchange. This indicates that the trend for this moment was not of accumulation, but of exchange for dollars or other cryptocurrencies. An example is ETH, as we saw how ETH 227,142 ended up in unknown wallets at this time.
Meanwhile, many crypto whales also chose to change stablecoins like USDT. In total, USD 38,749,879 was taken to exchanges such as Binance and Huobi. There were also two movements, which total USD 15,000,000, for the accumulation of this cryptocurrency.
Likewise, Whale Alert reported the accumulation of USD15,000,000, which was taken out of the USDC reserve and taken to unknown wallets.
Also, another curious fact reported by Whale Alert was the blocking of nothing more and nothing less than 900,000,000 XRP in Ripple. Finally, we also witnessed a transfer for 100,000 BNB, representing $ 2,024,985 USD, from Binance to an unknown wallet.
March 3: Reports of XLM are decreased and those of XTZ are increased
This day the crypto whales were dedicated almost exclusively to Bitcoin, mobilizing a total of 9,150 BTC through ten operations. Of this total, 7,788 BTC accumulated in unknown wallets. Meanwhile, the rest, 2,262 BTC, took exchanges like Binance and OKEx.
In addition to the extensive activity with Bitcoin, we also witnessed the burning of 3,203,481 HUSD, recalling the 1: 1 relationship with HUSD and USD, in Huobi. As for USDC, we can say that large amounts such as USD 10,000,000 were minted and transferred to an unknown wallet.
Another important point of this day is that Whale Alert published that they increased the reporting values for XTZ and decreased them for XLM, in order to better reflect their activities in the market. However, all operations remain visible on their website.
March 4: 9,263 Bitcoin accumulated by crypto whales
During this day, a total of 9,263 BTC ended up in unknown wallets, thanks to a slight tendency to accumulate. Of six transactions, the most significant was one made for 1,089 BTC, or $ 9,486,820 USD, from Binance to an unknown wallet.
In the opposite direction, crypto whales also continued to change their Bitcoin in exchanges. Specifically, Whale Alert reported five operations totaling 4,026 BTC. Most of them ended up in Binance, with some exceptions addressed to OKEx and Coinbase.
Mention should also be made of the 15,000 BTCs that were transferred from an unknown wallet to Bitfinex, which then Whale Alert was responsible for clarifying that it was an internal transfer of Bitfinex, before the alarms went off. In parallel, 2,000,000 USDC were burned, and 10,000,000 BUSDs were changed in Binance.
March 5: Crypto whales opt for USDT
The most relevant thing in this day of crypto whales is the amount of movements they made using USDT and Bitcoin.
With respect to USDT, four transactions stand out throughout the day. First, USD 11,800,000 was transferred to unknown wallets from Tether’s treasury. Each of the transactions was for more than 5 million USDT. Similarly, we noted that there were two round-trip transactions between Binance and Tether’s treasury, each for USD 200,000,000.
Now, if we review the activity of crypto whales using Bitcoin, we will notice that it was the most used on this day. Specifically, 10,373 BTCs were taken to unknown wallets through seven operations. This represents a marked accumulation. Of all these operations, the most prominent was one for 5,000 BTC equivalent to $ 45,474,843 USD.
In the opposite direction, we will see that OKEx was very busy on this day. And it is that 3,945 BTC ended up in this exchange, after three operations, each one exceeding 900 BTC.
The other relevant event on this day was the continued burning of cryptocurrencies such as PAX, BUSD, HUSD and USDC. For example, 2,065,009 BUSD, being $ 2,065,009 USD, and 2,700,000 PAX were burned in the PAX treasure. In addition, a total of 4,862,848 HUSD were burned in Huobi. Finally, 5,699,999 USDC also burned according to Whale Alert.
March 6: Accumulation of altcoins, and Bitcoin especially
On this day we notice peculiar activities such as the accumulation of BUSD and ETH.
As for the first, we have a total of 10,345,384 BUSD carried to unknown wallets. Subsequently, it was reported that a crypto whale transferred 24,206 ETH, equivalent to # 5,819,454 USD, from Bitfinex to an unknown wallet.
Additionally, special mention can be made of the XRP 22,000,000, representing $ 5,318,957, taken from Bithumb to an unknown wallet.
The USDT change in exchanges was also quite constant on this day. Thus, a total sum of USD 27,054,628 ended in exchanges such as Poloniex and Binance through four transactions. The most prominent included more than 8 million USDT.
Here, the accumulation of Bitcoin was unquestionable for crypto whales. A total of 16,508 BTC ended up in unknown wallets throughout the day, through ten movements. Also, another 2,959 BTC had the reverse course and ended up in exchanges like OKEx and Bitstamp.
March 7: USDT as an accumulation alternative to Bitcoin
Finally, to close the week, we see that the most used cryptocurrency was USDT. Precisely, we witnessed about 15,874,906 USDT mobilized to unknown wallets in two movements. One of them from OKEX and another directly from Tether’s treasure.
The crypto whales are taking advantage of the downward trend of Bitcoin to accumulate and prepare for what is coming: the Bitcoin Halving. This is what can be seen with the naked eye, especially after all the expectation that is being generated around this event.
At the time of writing this publication, Bitcoin is close to $ 8,085 USD.
The activity we see with stablecoins such as USDT can be related to many factors, but the most likely is that they are simply common institutional transactions.