The cryptocurrency market experienced a slight decline, dropping by 0.49% in the past 24 hours after a volatile weekend.
Bitcoin (BTC) dropped to $115,511, while Ethereum (ETH) fell below $4,500. Amid the volatility, whales made mixed moves, with some selling on the dip and others accumulating at lower levels.
Whale trading patterns divide the market as cryptocurrencies decline.
Similar to previous weeks, whales traded Ethereum extensively. According to data from Onchain Lens, two new wallet addresses, suspected to be under the control of a single entity, received over $115 million in ETH (25,684 ETH) from FalconX. This large inflow suggests potential strategic positioning by a major player.
Separately, another whale increased its ETH holdings by 3,333 tokens, worth nearly $14.93 million. The newly created address previously acquired 9,046.23 ETH over the weekend from Kraken.
An analyst on-chain reported that 'a total of 16,872 ETH ($74.99 million) was withdrawn from Kraken, at an average price of $4,444.76.'
In contrast, a crypto whale deposited 3,492 ETH, worth $15.57 million, into Binance, realizing a profit of $17.37 million.
Onchain Lens added that 'initially, the whale withdrew 5,800 ETH, worth $10.25 million, from Binance two years ago. The whale still holds 2,650 ETH, worth $12 million.'
Another large Ethereum whale, known by wallet address 0x69b...0e378, also made profits. Two months ago, the investor bought 2,437 ETH at an average price of $2,448.
Today, the address transferred 2,437 ETH to Binance and withdrew a portion of Tether (USDT). It is estimated that this move may have realized around $5.05 million in profits.
An analyst noted that 'this might suggest that not everything was sold due to the price drop, or simply that USDT was left on the exchange.'
In addition to ETH, Chainlink (LINK) also attracted the attention of whales. This may be because the altcoin defied the overall market downturn, rising by 5.9% in the past 24 hours. Amid this rise, four whales withdrew over 400,000 LINK, worth nearly $9.82 million, from Binance.
Then, one of the four whales (0x4eb…3d5af) transferred another 211,346 LINK, worth $5.3 million. This indicated strong confidence in Chainlink's future performance.
Onchain Lens noted that 'now, the whale holds 932,640 LINK, worth $23.55 million, accumulated over the past three days.'
In another development, the Pump.fun token distribution address sent 2.5 billion PUMP to OKX. Furthermore, Arkham data revealed that an address likely associated with crypto investor Rudy Kadouch transferred around 1.976 million Curve DAO (CRV) to Binance, indicating potential selling pressure on the native Curve Finance token.
At the same time, a new wallet withdrew 450 BTC, worth $53.22 million, from Binance, indicating a significant entry from a new or renamed whale into the market.
The co-founder of Sky Protocol (formerly known as Maker) also executed a notable transaction. He used 1.77 million ENA to repurchase 16.38 million SKY, reflecting a buyback strategy to bolster its ecosystem.
EmberCN noted that 'since early June, the yields from staking SKY (USDS and SPK) with ENA today, totaling $10.21 million, were used to repurchase 122 million SKY at an average price of $0.0836.'
Finally, in an unconventional move, a crypto whale reclaimed 1.72 million USDC from Binance and used the funds to purchase 1.79 million Fartcoin (FARTCOIN).
These transactions highlight the active role of whales in the market. The concentration of large movements in ETH and LINK, along with diverse activities in other tokens, indicates a mix of profit-taking, accumulation, and speculative play.