Bitcoin and Tron Witness Massive Whale Activity as Global Crypto Markets Look to Recover Soon

  • As things stand, TRX currently lays ahead of Cardano [ADA] at the 11th spot (in terms of currencies with the largest market capitalizations). At press time, TRX is being traded for around $0.0364 with the altcoin’s 24-hour trading volume laying just over the $1.26 billion mark.
  • Bitcoin has experienced a massive financial pullback over the last 4-6 hours — with the flagship crypto asset plunging to around the $8k region since yesterday.

Two of the top-15 altcoins available in the market today — TRX and BTC — have both been witnessing a lot of financial activity over the course of the last 24 hours. For example, as per data available on Whale Alert, four transactions worth around 340 million TRX were recently facilitated between Bittrex and Upbit.

After the completion of the aforementioned tx’s, the UpBit wallet in question was left with a balance of around 463 million TRX, while the Bittrex account now possesses a total of 3.80 billion TRX.

A Closer Look At The Matter

When talking about Bitcoin, we can see that the premier crypto asset too has witnessed a host of high-value transfers across three prominent cryptocurrency exchanges since yesterday afternoon. In all, it is estimated that a total of $46 million worth of BTC has moved between these platforms.

From a technical standpoint, we can see that the largest BTC tx to have taken place globally since the 3rd of June originated from a Bitfinex account to an unknown wallet address. Whale Alert estimates that the total monetary worth of this tx was around 3,352 BTC [$28.59 million].

The second largest transaction in this regard took place between a bitFlyer account holder and an unknown wallet address. In all, a total of 984 Bitcoin [$8,39 million] were exchanged between the two addresses. Additionally, it should also be pointed out that the bitFlyer account holder who executed this transfer has 433 tx's under his belt till date – with there being only $13,000 left in his address now.

The final large-scale tx to have taken place yesterday took place between an unknown wallet address and a Poloniex user. However, the exact valuation of this tx is not yet known.

Final Take

In closing out this piece, it should be pointed out that this recent whale activity might be responsible for Bitcoin‘s ongoing value slump. It now remains to be seen how the future of the crypto market plays out.

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