Bitcoin (BTC) whales, as well as Ethereum (ETH) and Shiba Inu (SHIB) whales, continue to shine on the stage. With cumulative transactions by market investors reaching new highs recently, there has been increased activity among whales.
Bitcoin Whales Take the Stage
According to data provided by the leading crypto analysis platform IntoTheBlock, the transaction volume of Bitcoin whales was on the rise. As of the time of writing, it had increased by 14.32%, reaching $14.32 billion. This metric represents the dollar value of Bitcoin transactions that are approximately $100,000 and above within the last 24 hours.
IntoTheBlock data indicates that the number of transactions, which was 11,870 as of December 17, had surpassed 21,620 by the time of writing. The corresponding transaction volume carried out by the mentioned BTC whales had also increased from approximately 407,730 BTC or $17,043,158,850.3 to 804,470 BTC or $35,334,052,010.5 as of December 22.
According to the emerging market movement, there has been a price increase by market whales during such periods. This situation highlights the importance of the Bitcoin network hosting whales, perhaps the biggest players in the game.
Although the connection with the whales is not entirely clear, the whale Bitcoin transactions are emerging in an environment of increasing rumors about the potential entry of Bitcoin spot Exchange-Traded Funds (ETFs) into the market.
As expectations for approval in January grow, many whales in the market are positioning themselves to acquire more BTC before the world’s giant corporate firms start their initiatives on this matter.
While all this is happening, BTC has spent the entire day moving sideways. Amidst these events, the price of Bitcoin was trading at $43,789.40, up 0.38% at the time of writing.
Latest on Ethereum and Shiba Inu Whales
While Bitcoin whales are at the forefront in terms of transaction volume, Ethereum and Shiba Inu whales also painted an effective picture throughout the past week. The transaction volume of Ethereum whales increased by 51.01%, reaching $6.79 billion, while the volume of Shiba Inu whales reached an incredible increase of 186.4%, amounting to $73.28 million.
This situation is considered more standard for Shiba Inu whales. The constant movement of large amounts of memecoin is cited as the reason. This also affects the token burn rate. As of the time of writing, Ethereum was trading at $2,289, down 0.17%, while Shiba Inu fell 0.45% to $0.00001095.
