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What do whales do with Ripple and Bitcoin?

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Recently the whales Bitcoin and Ripple have kept a low profile, with a few major exceptions in recent hours. Consequently, the payments company Ripple transferred a large amount of XRP from one escrow wallet to three separate wallets that it owned.

Ripple in motion

Yesterday Whale Alert reported the movement of 1,000,000,000 XRP for a value of US $ 292.8 million in three transactions. Each transaction was closed in seconds and the combined cost of the fees involved amounted to less than a penny.

Although the transfers free up funds for the company to sell for cash this month, Ripple is expected to download only a small percentage of the 1 billion XRP unlocked, as it has done in previous quarters. More than individual whales, these are Ripple’s own transactions.

Ripple also sent 133,152,655 XRP worth US $ 38.8 million to the company’s former CTO, Jed McCaleb. The multi-million dollar transaction is part of an updated resolution agreement that Ripple and McCaleb reached in 2016.

Under the terms of the deal, the former Ripple executive can collectively sell up to 1% of the average daily volume of XRP.

In the case of Bitcoin, whales maintain an interesting activity, more than with Ripple

Yesterday BTC whales mobilized a total of US $ 279.9 million in Bitcoin. Most of the cryptocurrencies were sent from wallets of unknown origin to exchanges, where they could potentially be exchanged or sold for cash.

, What do whales do with Ripple and Bitcoin?, Forex-News, Forex-News
The daily BTC chart could help us understand why Bitcoin whales have been active by taking their tokens to exchanges and making a profit. However, it may not be the main cause of your price drop. Source: CoinDesk

As of this writing, BTC changes hands at a value of $ 10,731.77 according to CoinDesk. This represents a decrease of 5.60% compared to the last value published 24 hours ago.

Therefore, it can be said that the whales that carried out these operations sought to take advantage of the possible profits and benefits while the cryptocurrency was still above US $ 11,000. This would be the second day in a row that Bitcoin falls, but this might not affect whales that are betting on selling in the long run.

Additional comments

Other reasons that may have influenced this drop are the synchronization of Bitcoin with traditional markets, or the sale of BTC by some miners that introduced liquidity to the market.

According to CryptoQuant, a blockchain data analytics company, the tracking of major bitcoin mining pools showed an increase in the transfer of BTC to exchanges, for a possible sale.

To this we can add a certain disconnection of BTC with what happens with DeFi. This means that some traders have been aware of the speculative advantages present in the decentralized finance sector. Therefore, some have become interested in Ethereum which is where much of the DeFi takes place. Crypto whales are aware of this and may proceed accordingly for the next few days.



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