MATIC WHALES UPDATEThe latest news of MATIC whales depleted exchange balances to 1.2% (or maybe more) have just arrived. Some point of view is that MATIC whales depleted exchange balances to 1.2% is the top news of the week.
As a consequence of the DAMAGE events, a number of MATIC whales depleted the exchange balances they hold to 1.2% of the total amount they hold. This is a dramatic change from the previous trading habits of these whales. This situation happened after the DAMAGE events of February 7th and 9th, 2018.
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Ripple Whales UpdateOn-chain data suggests that the recent price action for Ripple’s XRP token may not last as whales have been exiting their positions at every upswing.
Most of the buying pressure appears to be coming from retail investors, while whales have been exiting their positions.
While prices could rise to $0.95, investors must be prepared for a bull trap.
XRP has had a bullish week.
Ripple’s XRP token has enjoyed a strong tailwind after trading at a low of $0.52 on Jul. 21. The sixth-largest cryptocurrency by market cap has surged by more than 40% since then to reach a high of $0.75.
The sudden spike in buying pressure has allowed prices to overcome the resistance given by the 50-day moving average at $0.68 and turn it into support. Now, XRP must slice through the 200-day moving average at $0.77 to advance further.
The 100-day moving average at $0.95 could serve as a target for the recent upward price action if XRP breaks through the 200-day moving average.
Data analytics provider Bybt shows that the recent uptrend has mostly been driven by open interest in cryptocurrency derivatives exchanges. The total number of outstanding XRP derivative contracts has skyrocketed by $100 million since Jul. 21.
Although an increase in open interest along with a price increase is said to confirm an upward trend, most of the participants entering the market are retail investors. Until whales start accumulating again, investors must take the recent price increase with a grain of salt
If the number of addresses holding more than 1 million XRP continues to decline, the uptrend would likely be capped by the 200 or 100-day moving average. A rejection from any of these resistance levels could lead to correction towards the 50-day moving average or the $0.52 support zone.
It is worth noting that a breach of the $0.52 support could generate further losses. XRP could then target $0.40 or as low as $0.30.
Ada Whales UpdateFor all its recent progress, Cardano continues to divide opinion in the crypto-space even after 3 years of its existence. While some consider it an ‘Ethereum killer,’ others refrain from even acknowledging it. Community opinions aside, its true potential can be calculated by what the numbers and on-chain metrics show.
For the first time in a long time, the answer isn’t whales or spot traders. Since the beginning of July, major whales (holding ADA worth more than $5 million) have been pulling out of the market. In the last 30 days, over 300 whale addresses have been removed from HODLers’ equation.
Additionally, Long-term HODLers too have been pushed out of the market.
Now, 1-year HODLers had been dominating the market a year ago. Back in July 2020, this section of holders shared a 46% dominance in terms of ownership. Since then, however, this number has come down. It was a mere 9% over the last month. What’s more, with LTHs out, a new section of HODLers has taken their place – The Cruisers.
Cruisers are the mid-term holders who currently hold a solid 75% dominance in the ownership market. Over 1.52 million addresses are those who have held ADA for anywhere between 1 month to a year. These addresses started climbing around January and picked up a serious pace.
In the last 6 months alone, Cruisers’ participation has gone up by 1.2 million from 350k. Furthermore, the average time ADA is being held in wallets rose to 6.1 months too, a sign of Cruisers’ current domination.
All in all, it is very clear that recent rallies have been strongly supported by Cruisers (mid-term HODLers). Going forward, if their dominance continues, ADA could see more stable price movement as well.
Since ADA is already profitable presently and the community sentiment is positive, more investors could enter this particular section of holders. This would bring ADA closer to its April ATH levels.
Ethereum Whales UpdateEthereum Whale Account Transacts 100,000 ETH Coins Amid Price Dip.
Ethereum, the world's second-largest cryptocurrency, has fallen sharply in price over the last few days. Amid the dip, an ETH whale has transferred a significant amount to an unknown wallet. The value of the transaction — 100,000 ETH coins, around $181 million (roughly Rs. 13,500 crores) — was highlighted by Whale Alert, a blockchain tracker and analytics company. Hours after the transaction, Ethereum has been showing an upward trend, gaining more than 6 percent in just 24 hours. Given the positive market trend, the person who bought the digital coins stands to benefit hugely from the transaction.
In the world of finance, a “whale” is an entity with enough power to impact the market of an asset by triggering massive transactions. However, the main issue with whale accounts is that they often accumulate billions worth of digital coins, allowing them the capability to influence the cryptocurrency market single-handedly.
According to data published by Whale Alert, the transaction took place around 9:30 PM (IST) on Monday. At that time, Ethereum price was around Rs 1.36 lakh. However, in the past 24 hours, the crypto coin has gained more than 6 percent in value, showed Coinbase data.
In a similar large transaction earlier in June, a cryptocurrency whale had transferred 50,000 ETH coins “from unknown wallet to unknown wallet”, Whale Alert had reported.
Ethereum, the Bitcoin rival, has an estimated market capitalisation of Rs 16.2 trillion, according to Coinbase. The recent fall in its price has been partly attributed to one of its co-founders quitting the cryptocurrency industry.
Anthony Di Iorio, who helped build Ethereum in 2018, said he was quitting the cryptocurrency ecosystem because he wants to solve “large problems”. The 48-year-old told Coindesk that he doesn't want to be known “as a crypto person”, but instead wants to be known as a “problem solver”.
Di Iorio said he plans to sell his stake in Decentral, a blockchain startup, and move to "larger world problems". He's reportedly involved in Project Arrow, working on creating a zero-emission vehicle.
Bitcoin Whales UpdateA group of Bitcoin whale accounts, that were inactive since December 2018, suddenly woke up and bought thousands of Bitcoins over the weekend. According to BitInfoCharts, a website that labels Bitcoin addresses owned by cryptocurrency exchanges, the Whale addresses ranked 89 through 106, except the rank number 90. They bought 28,377 Bitcoins worth $841.85 million (roughly Rs. 62,789 crores) on July 17 and July 18 in a synchronised manner. However, all the 17 Bitcoin addresses in question are unknown.
According to a report by The Daily Hodl, all these 17 wallets held exactly 8,000 Bitcoins before accumulating more over the weekend. The report further states that the uniformity of the purchases and the fact that each wallet remained inactive for the same period suggests that the addresses are a single entity — though this is not certain.
The data published in BitInfoCharts further showed that four wallets received Bitcoin inflows at the exact time on July 18. Another four collected Bitcoins at the same time on July 17, and three other wallets added Bitcoins simultaneously at a later time on the same day.
A Bitcoin whale is an account that owns large amounts of the cryptocurrency and has the power to swing the price with a single trade. Back in 2017, around 1,000 people owned about 40 percent of all the Bitcoin and, given the recent volatility in the cryptocurrency market, whales are back in focus and sometimes even under scrutiny.
Bitcoin has lost almost half of its all-time high value, reached in May this year, of around $65,000 (roughly Rs. 48 lakh). At the time of writing, it was trading at $30,816 (roughly Rs. 23 lakhs).
