Where are crypto whales moving their money now that the market is tanking?

While the prices of Bitcoin (BTC) and Ethereum (ETH) are under pressure, major players are shifting enormous amounts of crypto from their wallets to exchanges. What do these multi-million dollar moves say about their confidence in the market?

Whales move billions of Bitcoin

In recent weeks, some of the largest crypto holders have moved significant amounts. For example, well-known whale Owen Gunden, one of the earliest investors in Bitcoin, has moved as much as 3,265 BTC since October 21. The transaction was reported by LookOnChain and represents a value of $364 million. The funds have been transferred to Kraken and appear to be ready for sale.

According to LookOnChain, another whale has transferred no less than 13,000 BTC, worth about $1.48 billion, to exchanges such as Kraken, Binance, Coinbase and Hyperliquid since October 1. And it doesn’t stop there. Analyst Maartunn points to an additional deposit of 500 BTC by yet another whale. This transaction, worth approximately $55 million, was also sent to Kraken.

By the way, it doesn’t stop at relocations. Analyst 0xNobler states that Binance is selling Bitcoin and Ethereum “non-stop” in the run-up to a speech by the US central bank (the Fed).

According to him, this concerns millions of dollars of crypto being sold every few minutes, with the aim of liquidating long positions. He even suggests that there is deliberate market manipulation. Do the whales know something we don’t know yet?

Major investor chooses ASTER

It’s not all doom and gloom. Some whales appear to be building new positions in altcoins. Last week, a total of 6.8 million Aster (ASTER), worth $6.66 million, was withdrawn from Binance and transferred to the decentralized platform Aster DEX.

Be careful

The recent large transactions could be an important warning sign for retail investors. Whales often have earlier insight into what is going on and have more capital and knowledge to act quickly. When they move or sell their crypto, that is a clear moment for smaller investors to be alert.

Large amounts of crypto sent to exchanges usually indicate plans to sell. Due to their size, these sales can put considerable pressure on the market and thus lead to price falls.