Whale Accumulates $250 Million in BTC and ETH Amid Market Liquidations
A significant crypto whale has invested over $250 million in leading cryptocurrencies Bitcoin and Ethereum amid market volatility, which saw a loss of $628 million and the liquidation of hundreds of thousands of traders.
Key Actions by Whale
- Wallet "0xd8d0" transferred $178.36 million in USDC to Wintermute and Coinbase.
- In exchange, the whale acquired 893 BTC valued at $103.5 million and 20,000 ETH worth $74.06 million.
- Total accumulation exceeded $250 million for BTC and ETH combined.
Market Context
Bitcoin is currently trading at $115,000, down 2.5% in 24 hours, while ETH has dropped nearly 5% to $3,669. Analysts are watching $111,000 as the next critical support level for Bitcoin.
Liquidation and Retail Activity
- 158,000 traders were liquidated in the last 24 hours.
- $186.55 million was liquidated from the Ethereum derivatives market.
- Short-term holders increased BTC deposits on Binance from 10,000 to over 36,000 in July, indicating profit-taking.
Whale Accumulation Trends
On July 31, whales withdrew over $900 million worth of ETH from centralized exchanges, contrasting with retail selling activity as they take profits.
Future Market Outlook
Bitcoin is still in the later stages of its bull cycle, with new investor dominance at only 30%. Holding above $105,450 may allow for potential rallies toward $125,230 or $141,770.