According to Lookonchain's post, a large whale bought 54 million dollars worth of Ethereum (ETH) and 56.7 million dollars worth of Bitcoin (BTC) today through the Wintermute OTC service.
While over-the-counter (OTC) transactions in the cryptocurrency market continue unabated, a massive purchase that took place today drew attention. According to cryptocurrency analysis platform Lookonchain, an unidentified whale transferred a total of 111.84 million USDC to Wintermute's OTC wallet to purchase a large amount of BTC and ETH.
According to the data, the whale purchased 30,000 ETH (worth approximately 54 million dollars) for 54.9 million USDC and 600 BTC (worth approximately 56.7 million dollars) for 56.94 million USDC in this transaction. This large purchase indicates that institutional investors' interest in the market continues.
Advantages of OTC transactions
Over-the-counter (OTC) transactions allow for large volume trades to be executed without affecting the market price. Especially institutional investors and whales minimize price slippage issues by conducting large cryptocurrency trades using this method.