Whale activity around leading assets skyrocketed, showing mixed signals

While the market is experiencing a significant correction, the number of large transactions around some of the leading cryptocurrencies has increased significantly.

According to data provided by IntoTheBlock, Bitcoin (BTC) tops the list with a massive trading volume of $43.63 billion on October 21. The leading crypto asset is trading at $67,500, down 2.2% at the time of writing.

Whale activities of leading assets – October 22 | Source: IntoTheBlock

However, addresses that have been holding Bitcoin for more than a year increased their balances by 0.05%, reaching $856.23 billion, despite the price drop.

Toncoin (TON) rose 93% in whale transactions yesterday, reaching $8.21 billion. Considering TON’s $13 billion market cap, this amount of whale activity could indicate panic and uncertainty among investors.

Cardano (ADA) whale transactions increased by 28% to $7.23 billion. Wrapped Ether (WETH) recorded a 117% increase in whale transactions, reaching $6.16 billion. ADA and WETH holders are also navigating uncertainty amid the marketwide sell-off.

Whale activity around Ethereum (ETH) has also doubled to $6 billion. Much like BTC, ETH is up 0.04% in long-term holder balance, now at $288 billion.

According to data from ITB, there has also been a significant increase in stablecoin whale activity. Data shows that USDC and DAI have also seen an increase in foreign exchange outflows. This momentum often signals an overheated market and whales take a step back to look for buying opportunities.

According to data provided by CoinGecko, the capitalization of the global crypto market has decreased by 3.1% in the last 24 hours, currently reaching $2.44 trillion. However, daily transaction volume increased from $90 billion to $118 billion in the same time period.

The recent market-wide correction would be considered natural, as the bullish momentum is largely fueled by the “Uptober” trend and greedy investors.