Crypto whales are resurfacing in the market, looking to rake in gains amid the renewed price surge. On-chain data shows huge transfers of top assets to popular centralized exchanges.
Crypto whales are making a comeback in the market, looking to capitalize on gains as prices surge again. Large transfers of top assets to popular centralized exchanges are being observed, suggesting a short-term correction in several coins after weeks of price increases. Typically, during a bull cycle, whales are observed purchasing tokens and selling assets they acquired earlier to realize profits. While these movements may indicate minor exits, market commentators view them as a natural progression of events.
Two significant movements were observed over the last 24 hours, as whales moved assets to diversify holdings or make direct sales. According to data from on-chain analytics firm Lookonchain, the Royal Government of Bhutan transferred 365 BTC, valued at around $33.1 million, to Binance. The country is reported to hold 12,573 BTC, worth approximately $1.1 billion.
This transaction sparked discussions within the crypto community due to its nature. When whales move assets to centralized exchanges, it usually indicates an impending sale. On the other hand, transfers from exchanges to other custodians typically suggest long-term holding intentions, as assets are more easily sold on centralized exchanges compared to other custodians.
Moreover, this movement aligns with a historical pattern that tends to dampen traders' sentiments. In a related development, two crypto whales also deposited 11,286 ETH, valued at around $36 million, into Binance, further contributing to the observed exits from Bitcoin over the last 24 hours.
Bitcoin price reached an all-time high above $93,000 before encountering a slight correction. At press time, BTC trades at $90,345, up 2% over the last 24 hours. The asset has seen bullish momentum over the past seven days, sparking significant projections in the crypto market.
Recently, VanEck projected the top asset to reach $180,000 during the current bull cycle. Despite the price decline, on-chain factors remain positive, with participants aiming for higher positions.
Macroeconomic factors and the US regulatory landscape are playing a key role in boosting optimism globally. If Donald Trump wins and the US government becomes pro-crypto while Gary Gensler's anti-crypto approach ends, a substantial flow of funds into various products is expected.
Additionally, institutional flows into Bitcoin products are increasing as confidence surges. Recent gains in the market leader have also been fueled by altcoins and meme tokens.
