BTC Whales Making Waves: Is a Pump or Dump on the Horizon?

Data from the whale tracking platform Whale Alert indicated that multiple whales moved Bitcoin (BTC) to exchanges over the past few hours. Almost first thing this morning, a whale transferred 2,707 BTC tokens worth $101,620,813 from an unknown wallet to the Coinbase exchange.

Just a few hours later, another whale transferred 2,712 BTC tokens from an unknown wallet to Coinbase. In this case, the transferred BTC was worth approximately $101,661,213.

An hour later, yet another undisclosed wallet sent 650 BTC tokens, equivalent to $24,294,303, to the Binance platform. Now, traders are stuck in a waiting game to see if these whales are going to pump or dump the price of the cryptocurrency market leader.

So far, BTC’s price experienced a slight 0.58% increase over the past day of trading, according to CoinMarketCap. This meant that the cryptocurrency king was trading at $37,394.64 at press time after it was able to set a high price of $37,756.82.

The token’s intraday volume also saw a 46% uptick since yesterday, bringing the total 24-hour volume up to $20,695,462,092. BTC’s market cap also ended up climbing to $730,872,392,781. The weekly performance for BTC was pushed further up to +1.93% after its latest price climb.

Interestingly, BTC also recently surpassed Ethereum (ETH) in terms of daily transaction fees. On November 20, BTC’s average daily transaction fee reached $10.34, while ETH’s average transaction fee stood at $8.43.

The increase in BTC’s transaction fees could be attributed to the increased activity related to the Ordinals Protocol, which facilitates the creation of assets similar to NFTs and BRC-20 tokens on the Bitcoin network. After a time of dormancy in September, October brought with it a surge in assets built on the Ordinals Protocol.