Crypto Whales Move Over $650 Million in Bitcoin and XRP in 24 Hrs Amid Market Volatility

In the last day, a massive amount of Bitcoin (BTC) and XRP has been transferred by crypto whales, according to Whale Alert, a platform that tracks large crypto transactions. The total value of the moved crypto assets exceeds $650 million, indicating a high activity level among deep-pocketed investors.

The latest Bitcoin News is that the cryptocurrency has breached the $30,000 level for the first time in 10 months, as investors eye the end of Fed rate hikes and the upcoming halving event. The halving, which is expected to occur in April or May 2024, will reduce the rewards for miners by 50%, creating a supply shock that could boost the price of Bitcoin. According to some analysts, Bitcoin tends to perform well in the run-up to the halving, as history shows. The current rally also reflects the growing adoption of Bitcoin as a store of value and a hedge against inflation and currency devaluation.

The largest single transaction involved 6,582 BTC, worth about $182.6 million at the time of writing, moving from one unknown wallet to another. This was followed by several other transfers of BTC between unknown wallets and crypto exchanges, ranging from 1,001 BTC to 5,000 BTC. The total amount of BTC moved by whales in 24 hours was over 21,000 BTC, worth about $587.4 million.

Meanwhile, XRP whales were also busy moving their holdings. The biggest XRP transaction was 100 million XRP, worth about $53.4 million, sent from one unknown wallet to another. Other notable XRP transfers included 95 million XRP and 31.7 million XRP moving between unknown wallets and the crypto exchange Bitstamp. The total amount of XRP moved by whales in 24 hours was over 246 million XRP, worth about $132.8 million.

The reason behind these large crypto movements is unclear, but they could indicate a shift in sentiment or strategy among big players in the crypto space. Some whales may take profits or adjust their portfolios, while others may accumulate more crypto assets or prepare for future market movements.

Whatever the case, these whale transactions show that there is still a lot of interest and activity in the crypto market, despite the sideways trading that has dominated the scene lately. Bitcoin is trading at around $27,800, down 1.3% in the last day, while XRP is trading at around $0.54, down 2.7% in the same period.