Corporate giants in the cryptocurrency market, known as whales, have recently become active with significant transactions. While one whale purchased a staggering $87 million worth of Bitcoin, two others made large sales in two different altcoins, causing prices to drop.
As the market experiences a recovery, whales are taking advantage of the opportunity to either accumulate or cash in on profits. Two whale addresses were identified to have purchased 1,210 BTC worth nearly $87 million from Binance, leading analysts to believe that these wallets belong to the same whale.
On the other hand, while whales were busy accumulating Bitcoin, two institutional investors decided to sell off their holdings in Chainlink (LINK) and Uniswap (UNI) on Binance. The sales amounted to 371 thousand LINK worth $6.48 million and 541 thousand UNI worth $5.89 million. This move caused a 4% drop in the price of each token, despite their recent rally in late May following the excitement around Ethereum ETF approval.
While Bitcoin prices remained stable, LINK saw a 2.8% increase and UNI experienced a 3.9% decrease in the last 24 hours. These transactions highlight the active involvement of whales in the market and the impact they can have on prices. Investors are reminded that this information is not investment advice and are encouraged to stay informed through platforms like Binance, where they can access a wide range of cryptocurrencies with a 20% commission discount. Stay updated on the latest news, analytics, and on-chain data by following our Telegram and Twitter accounts.
