Caution: Despite market turmoil, a whale raises 15,000 BTC in just one day
Key Points:
- In just one day, one whale increased his BTC holdings to 15,000 coins.
- It has only four wallet addresses that hold more than 100,000 coins, making it the fourth largest BTC wallet address at the moment.
- After the sell-off last week, the cryptocurrency market is still in turmoil.
It is not always the time when we can see the price of Bitcoin (BTC) rising, as based on on-chain data, we can trace the activity of whale, the entity that determines the market.
As of late, as seen by Coincu, a whale expanded its Bitcoin property to 15,000 BTC in only one day. Yes, we did not make a mistake; In just one day, it was 15,00 BTC!
This makes the company the fourth-largest whale wallet currently, and it comes in the wake of market turmoil caused by the meeting last week between the U.S. Securities and Exchange Commission and Binance and Coinbase, the two largest US crypto exchanges.
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It should be noted that only four wallet addresses, including two cold Binance wallets, currently hold more than 100,000 BTC annually. However, it only took this whale a day to become one of the four largest BTC wallet addresses currently.
More specifically, considering that wallet addresses hold more than 10 BTC, which accounts for more than 80% of Bitcoin’s market share, it can be said that if all of these addresses sell at the same time, the cryptocurrency market will likely see bloodshed.
The market is extremely volatile right now, so I’m not sure if this is a sign of a bull run. Due to an imbalance in Curve’s 3pool, the Tether stablecoin deviated slightly from its US dollar peg on June 15. The USDT lost 0.3% to roughly 0.997 as its weight in the curve 3pool increased from the usual 33% to over 70%.
The three major stablecoins in DeFi—USDT, USDC, and DAI—provide a significant amount of liquidity to Curve’s 3pool, a decentralized finance stablecoin pool. A significant increase in a stablecoin’s weightage in the curve pool indicates excessive selling of that stablecoin.
