The cryptocurrency market has seen a flurry of activity over the past weekend, with participation from whales (whales) increasing volatility across several assets, including Bitcoin (BTC), Ethereum (ETH), Chainlink (LINK), and many others.
On-chain data has indicated a series of high-value transactions occurring in the context of a broader market experiencing a correction, while some whales have sought to go against the general trend.
Whales take profits and increase investments as Ethereum reaches an all-time high
According to data from Bitcoin Magazine, the total market capitalization dropped 2.2% over the weekend. However, Ethereum took contrasting steps, reaching an all-time high (ATH).
Amid this record backdrop, some whales decided to take profits. In a post on X, OnChain Lens reported that a whale holding 1,962 ETH for 11 years transferred these assets to the OKX exchange, realizing profits of up to $4.7 million.
Additionally, on-chain analyst EmberCN noted that an unidentified hacker purchased 5,001 ETH on August 21 for 21.76 million stablecoin DAI, equivalent to $4,352 per ETH. This hacker then sold this ETH 4 days later for 23.8 million DAI, equivalent to $4,760 per ETH, yielding a profit of $2.04 million. Currently, this hacker is holding approximately $46.13 million in stablecoins ($36.54 million DAI and $9.59 million sUSDS).
Meanwhile, some whales have executed different strategies, demonstrating confidence in Ethereum's potential. Lookonchain highlighted three newly created wallets that have made significant bets on ETH, with the information that "3 new wallets received 10,600 ETH worth $51.04 million from GalaxyDigital."
Other large transactions from Ethereum whales
Another Ethereum whale (0x3f..b794) transferred 10,000 ETH worth approximately $47.68 million out of the Kraken exchange. Lookonchain also emphasized that an old Bitcoin whale has shifted its investment direction. On August 23, this whale traded 4,300 Bitcoin to buy Ethereum. Yesterday, this investor used an additional 6,000 BTC to continue investing in ETH.
"So far, he has purchased 278,490 ETH (equivalent to $1.28 billion) at an average price of $4,585, and still holds a long position of 135,265 ETH ($581 million)," Lookonchain stated.
The market flow of altcoins is influenced by cryptocurrency whales
Although Ethereum attracts the attention of whales, activity is not limited to this coin. Other altcoins also witnessed significant transactions. OnChain Lens pointed out that a cryptocurrency whale sold 123,500 tokens for $3.13 million USDC and redirected the proceeds into Compound and Aave to earn interest.
Despite having made some sales, this investor still holds 425,000 LINK, worth approximately $10.8 million. Another investor sold 2.038 million Aerodrome Finance (AERO) for $2.89 million USDC, realizing a profit of $1.04 million. Additionally, an investor transferred 12 million Bio Protocol (BIO) to Binance, achieving a profit of 4.5 times.
"He withdrew 15 million BIO from Binance at $0.057, 5 months ago, when it was only worth $850,000. An hour ago, he transferred 12 million BIO back to Binance at $0.315, with a value that has increased 4.5 times," EmberCN stated.
Finally, a newly created wallet also withdrew 80,254 Solana (SOL) tokens, worth $16.28 million, from Binance. Overall, the activity of the whales over the weekend reflects a mix of profit-taking and accumulation strategies. While some investors locked in millions of USD in profits, others reinforced their investments in Ethereum and altcoins, illustrating their ongoing influence on market trends.