BTC, ETH, and SHIB Whales Surge in Mega Transaction Activity
Bitcoin (BTC), Ethereum (ETH), and Shiba Inu (SHIB) whales are making waves in the market with their recent surge in transaction activity. Data from crypto analytics platform IntoTheBlock reveals that Bitcoin whales have seen a 14.32% increase in transaction volume, reaching $14.32 billion. These large transactions, valued at around $100,000 worth of Bitcoin, have risen from 11,870 to over 21,620 in just a few days. The corresponding transaction volume has also more than doubled, from approximately 407,730 BTC to 804,470 BTC.
This surge in activity by Bitcoin whales has had a noticeable impact on price growth during this period. The influence of these market whales underscores the significance of their presence in the Bitcoin network. Interestingly, this surge in Bitcoin whale transactions coincides with the increasing talk of Bitcoin spot Exchange Traded Fund (ETF) products. With expectations of approval in January, many market whales are strategically positioning themselves to acquire more Bitcoin assets before institutional firms heavily invest in them.
While Bitcoin whales dominate in terms of transaction volume, Ethereum and Shiba Inu whales have also demonstrated impressive activity. Ethereum whales have experienced a 51.01% increase in transaction volume, representing $6.79 billion, while Shiba Inu whales have seen an enormous 186.4% surge to $73.28 million. This trend aligns with the behavior of Shiba Inu whales, who frequently engage in large transactions with the memecoin. Such activity is also reflected in the token burn rate of Shiba Inu. Overall, the resurgence of whales in Bitcoin, Ethereum, and Shiba Inu ecosystems has fueled this parabolic rise in whale activity.
Amidst this rally, the price of Bitcoin has increased by 0.38% to $43,789.40 in the past 24 hours. Ethereum is currently priced at $2,291.44, down slightly by 0.14%, while Shiba Inu has risen by 2.37% to $0.00001107. The market continues to be influenced by the actions of these influential crypto whales, making their moves a key factor to watch in the coming weeks.