As a seasoned crypto investor with years of experience in this volatile market, I’ve learned to keep a close eye on whale activity and market trends. The recent surge in whale activity for Optimism ($OP) and Chiliz ($CHZ) is a cause for concern. According to Santiment’s analysis, such sudden high on-chain activity among large traders typically foreshadows major volatility and potential price reversals. While both altcoins have seen some gains recently, I believe it’s important to exercise caution and consider diversifying one’s portfolio accordingly.
According to blockchain analysis, large investors in cryptocurrencies, known as “whales,” have recently increased their activity in two Ethereum-linked altcoins. This heightened involvement could indicate impending significant price fluctuations or even price reversals for these particular altcoins.
As a crypto investor, I’ve noticed some intriguing insights from Santiment, an on-chain analytics firm. According to their data, there has been a significant increase in whale activity for Optimism ($OP) and Chiliz ($CHZ). Historically, such surges have often indicated forthcoming price fluctuations and potential reversals.
It’s important to mention that the OP token from Optimism is presently priced at about $3.7, representing a 8% increase in the last seven days and a 4.5% rise over the previous month. In contrast, CHZ has experienced a weekly growth of 1.8%, and a monthly increase of approximately 3%, resulting in its current price of around $0.12.
Keep a close watch as cryptocurrencies bounce back strongly today. Be on the lookout for increased whale transactions within various altcoins such as Optimism (OP) and Chiliz (CHZ). A noticeable surge in on-chain activity from their largest traders often indicates impending volatility, potentially leading to price reversals for OP and CHZ.— Santiment (@santimentfeed) May 20, 2024
As a market analyst, I’ve observed noticeable activity from large cryptocurrency investors, or “whales,” over the past few weeks. This period of heightened market growth has seen Bitcoin reaching new milestones, such as surpassing $70,000, fueled by increasing optimism that the U.S. Securities and Exchange Commission (SEC) will soon grant approval for spot Ether exchange-traded funds (ETFs).
A Bitcoin whale, who had been inactive for approximately eleven years, appears to have reawakened and transferred a significant amount of 1,000 BTC, equivalent to around $61 million at present values, to newly created digital wallets.
As a researcher utilizing on-chain analysis from Lookonchain, I’ve discovered an intriguing development. A cryptocurrency whale, who had been inactive for over 10 years, executed two transactions recently. These transactions involved transferring funds from wallets that received 500 BTC each back in September 2013, a time when Bitcoin was priced at only $124 per coin.
Deep-pocketed institutional investors have significantly increased their presence in the cryptocurrency market. Data indicates that this trend began following the debut of US Bitcoin spot exchange-traded funds (ETFs), resulting in large-scale investors amassing approximately $16 billion worth of Bitcoin since then.
In the first quarter of this year, filings to the U.S. Securities and Exchange Commission revealed that several hedge funds and financial giants increased their holdings of Bitcoin through investing in spot Bitcoin exchange-traded funds (ETFs). An illustrative example is Bracebridge Capital, a Boston-based hedge fund managing approximately $12 billion in assets, which purchased around $360 million worth of Bitcoin across three different ETFs.
The revelation follows other disclosures, with Wisconsin marking the first local government to announce a Bitcoin investment. In the initial quarter of the year, they purchased approximately 94,562 units of BlackRock’s iShares Bitcoin Trust (IBIT), valued at close to $100 million.
Wisconsin’s latest action puts it on par with financial heavyweights like JPMorgan Chase and Wells Fargo, as disclosed in their 13F filings, by investing in Bitcoin spot exchange-traded funds, thereby exposing their portfolios to the cryptocurrency.
JPMorgan disclosed investments totaling $731,246 in BlackRock’s IBIT ETF, Bitwise’s BITB, Fidelity’s FBTC, and Grayscale’s GBTC. Meanwhile, Wells Fargo reported holdings of $141,817 in Grayscale’s GBTC. Both BNP Paribas and BNY Mellon have made comparable disclosures.
In the first quarter of the year, I discovered that BNP Paribas, Europe‘s second-largest bank with over $600 billion in assets under management through its asset management arm, acquired shares of IBIT. This move granted them exposure to Bitcoin, the leading cryptocurrency.
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2024-05-23 03:39