Bitcoin

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
The XRP and Bitcoin (BTC) whales are notably on a rampage today as many mega token transfers have been recorded in the past 24 hours. Data from Whale Alert shows that Bitcoin whales&nbsp;<a href="https://x.com/whale_alert/status/1727715683142684794?s=20">moved</a> over $55 million worth of BTC in one single transaction, with as much as $31 million worth of XRP moved.
Specifically, one Bitcoin whale transferred a total of 1,500 BTC ($55,911,311) from a Bitfinex-linked account to another wallet on the exchange. Besides this particular transaction, the crypto market was spooked yesterday when a Bitcoin trader paid over $3 million in fees for a single transaction.&nbsp;
As&nbsp;<a href="https://u.today/bitcoin-btc-gas-skyrocketing-as-trader-spends-314-million-in-fees">reported</a> by U.Today, the whale intended to send 139.42495946 BTC worth $5.23 million but ended up getting just 55.76998378 BTC valued at $2,065,213.25.&nbsp;
<blockquote>
 🚨 🚨 🚨 1,500 <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> (55,911,311 USD) transferred from <a href="https://twitter.com/hashtag/Bitfinex?src=hash&amp;ref_src=twsrc%5Etfw">#Bitfinex</a> to unknown wallet<a href="https://t.co/UWB12mKCyX">https://t.co/UWB12mKCyX</a>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1727715683142684794?ref_src=twsrc%5Etfw">November 23, 2023</a>
</blockquote> 
Whale Alert's insights pointed out two distinct XRP transactions. The first involves the transfer of 25,200,000 XRP worth $15,665,402, and the other includes the movement of 25,000,000 XRP worth $15,553,036. Both transactions saw the movement of the funds to trading platforms Bitstamp and Bitso respectively, suggesting some sell-off of the assets is possible.
<h2 id="implications-of-these-transfers-on-the-xrp-and-bitcoin-btc-brands">Implications of these transfers on the XRP and Bitcoin (BTC) brands</h2>
Massive whale transfers in the crypto ecosystem, particularly those linked to Bitcoin and XRP, are&nbsp;<a href="https://u.today/bitcoin-btc-gas-skyrocketing-as-trader-spends-314-million-in-fees">not uncommon</a>. The general sentiment associated with these transfers is that the initiators are liquidating their funds and, thus, tilting the market balance in favor of the bears.
For this particular transaction, the amount involved is small in relation to the actual liquidity both cryptocurrencies boast of and, as such, cannot impact their price in any significant way.
Bitcoin, at the time of writing, is changing hands at a price of $37,479.62, up 0.85% overnight, while&nbsp;<a href="https://u.today/xrp-price-rises-8-hundreds-of-millions-of-xrp-deposited-to-top-exchanges-heres-mysterious-seller">XRP has jumped</a> by over 2% to $0.6211. With this outlook, there is proof that the whale movements are not threatening the market balance for both assets.

XRP and Bitcoin (BTC) Witness Jaw-Dropping Whale Transfer Activity

Table of Contents

U_Today

Other articles published on Nov 24, 2023

Tether, Bitfinex Now Agree Not To Appeal The Freedom Of Information Law

Japan’s Mt.Gox to commence creditor repayments shortly

Dogecoin Price Prediction as Technical Indicators Signal Increased Whale Activity – How High Coul...

Emirex Token (EMRX) Price Prediction 2024, 2025, 2030, 2040, and 2050

Big Bitcoin Options Event Looms With $4B Expiry, Will Markets Move?

Fantom Gas Fees Are Surging, What’s Driving The Traffic?

Join our free newsletter for daily crypto updates!