The cryptocurrency market saw significant activity over the weekend, with “whales” creating volatility across multiple assets, including Bitcoin (BTC), Ethereum (ETH), Chainlink (LINK) and more.
On chain data shows a series of large transactions took place as the broader market underwent a correction, while some bucked the trend.
Whales Take Profits and Invest More as Ethereum Hits Record High
BeInCrypto market data shows that the total market Capital fell 2.2% over the weekend. However, Ethereum bucked the trend and hit an All-Time-High (ATH).
Amid this record high, some “whales” decided to take profits. In a post on X (formerly Twitter), OnChain Lens reported that a “whale” who had held 1,962 ETH for 11 years moved the funds to OKX, netting a profit of $4.7 million.
Furthermore, on chain analyst EmberCN noted that an unknown hacker purchased 5,001 ETH on August 21 for 21.76 million Dai stablecoins. The purchase price was $4,352 per ETH.
The hacker then sold it four days later for 23.8 million Dai at $4,760 per ETH, netting him a profit of $2.04 million. He currently holds around $46.13 million in stablecoins (36.54 million Dai and 9.59 million sUSDS).
Meanwhile, several “whales” have taken different strategies, showing confidence in Ethereum’s potential. Loookonchain has highlighted three new wallets that are placing large bets on ETH.
“3 newly created wallets received 10,600 ETH worth $51.04 million from GalaxyDigital,” the post said.
Separately, another Ethereum “whale” (0x3f..b794) moved 10,000 ETH worth about $47.68 million out of Kraken. Loookonchain also highlighted that an old Bitcoin “whale” has moved.
On August 23, the “whale” traded 4,300 Bitcoin to buy Ethereum . Yesterday, the investor used another 6,000 BTC to buy ETH.
“So far, he has purchased 278,490 ETH ($1.28 billion) at an Medium price of $4,585, and still holds a long position of 135,265 ETH ($581 million),” Lookonchain wrote .
From LINK to SOL, Crypto Whales Reshape Altcoin Market Flows
While Ethereum has attracted the attention of the “whales,” the activity is not limited to this coin. Other altcoins have also seen large transactions .
OnChain Lens highlights that a crypto “whale” sold 123,500 Token for 3.13 million USDC. The investor moved the proceeds into Compound and AAVE to make a profit.
Despite the partial sale, the investor still holds 425,000 LINK, worth approximately $10.8 million. Another investor sold 2.038 million Aerodrome Finance (AERO) for $2.89 million USDC, earning a profit of $1.04 million. Additionally, an investor transferred 12 million Bio Protocol (BIO) to Binance, earning a 4.5x profit.
“He withdrew 15 million BIO from Binance for $0.057, 5 months ago, when it was worth only $850,000. 1 hour ago, he transferred 12 million BIO to Binance for $0.315, which has increased in value by 4.5 times,” EmberCN said .
Finally, a newly created wallet also withdrew 80,254 Solana (SOL) Token, worth $16.28 million , from Binance. Overall, the whale activity over the weekend reflected a combination of profit-taking and strategic accumulation. While some investors locked in millions of dollars in profits, others increased their investments in Ethereum and altcoins, underscoring their continued influence on market trends.
