Crypto whales started the week quite actively with cryptocurrencies like ETH, BTC, YFI, LINK. Therefore, this time we want to give you a summary of their activity, but it seems that so far the accumulation of BTC and YFI predominates in the actions of crypto whales.
From Monday 14th to 16th September 2020, 746,563 ETH, 49,600 BTC, 562 YFI and 6,816,607 LINK have been mobilized. The predominant trend regarding BTC and YFI is accumulation, but we will develop the details below.
Ethereum and Link: no accumulation
Right now it seems that crypto whales don’t want to accumulate ETH or LINK. Rather, they mobilize their tokens between unknown wallets and then partially take them to exchanges for profit.
According to reports from Whale Alert, there have been ten operations using ETH since Monday. However, 85.50% of the total was simply transferred between unknown wallets. In the case of LINK, the trend was similar, with 83.87% transferred between unknown wallets.
Evidently, ETH movements have increased considerably since the rise of DeFi found on the Ethereum blockchain, and that is why we could explain the 108,189 ETH that entered from unknown wallets to exchanges.
YFI and Bitcoin are being hoarded by crypto whales
In contrast to the other cryptocurrencies described above, the trend of crypto whales with respect to YFI and BTC has been predominantly cumulative. In the period described, 18 operations with BTC and 11 with YFI have been reported.
81.48% of the total BTC mobilized has been accumulated by Bitcoin whales. This translates to 40,461 BTC that passed from exchanges to unknown wallets.
In the case of YFI, the trend is less definitive, since out of 862 tokens mobilized, only 471 were accumulated (54.64%). However, even if only narrowly, it is still predominant.
YFI hit its all-time high on September 12, and has since had a pullback, but it’s still more valuable than BTC right now. According to CoinMarketCap, this cryptocurrency changes hands at a price of 34,866.27 USD (-4.85% in 24 hours).
Meanwhile, in the case of Bitcoin, the Bitcoin whales may have further supported its small rally. By accumulating they drew liquidity from the market, and in 24 hours BTC has risen 1.92%, reaching 10,977.46 USD according to CoinDesk. This is all at the time of writing this post.
Obviously this is just a brief summary of the activity of crypto whales with the main cryptocurrencies available in the market. The accumulation of Bitcoin is notorious, and to a lesser extent that of YFI. However, in the case of YFI, we may be about to witness liquidations to take advantage of economic benefits before it can continue to decline.
With regard to ETH and LINK, factors such as the performance of decentralized finance can change the trend from one moment to the next. Therefore, it is necessary to maintain constant monitoring in this regard. The monitoring that we do from CryptoTendency will always be available to you, in order to facilitate your understanding of the impact of crypto whales on the cryptocurrency ecosystem.