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Bitcoin whales as well as those of Ethereum (ETH), and Shiba Inu (SHIB) are on the rampage today, as cumulative transactions carried out by this class of market traders have hit new highs in recent times.
<h2 id="strong-bitcoin-whales-defining-the-momentum-strong">Bitcoin Whales Defining the Momentum</h2>
<a href="https://app.intotheblock.com/coin/BTC/deep-dive?group=financials&amp;chart=largeTransactions" target="_blank" rel="noopener noreferrer nofollow">According</a> to data from the crypto analytics platform IntoTheBlock, Bitcoin whales’ transaction volume jumped by 14.32% at the time of writing to $14.32 billion. This metric denotes the dollar valuation of large transactions worth about $100,000 worth of Bitcoin over the past 24 hours.
Per IntoTheBlock, the number of transactions moved from 11,870 as of December 17 to more than 21,620 transactions as of the time of writing. The corresponding transaction volume commanded by these Bitcoin whales also moved 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.
<img decoding="async" class="aligncenter size-full wp-image-170975" src="https://coingape.com/wp-content/uploads/2023/12/WHALE-VOLUME.jpg" alt="Bitcoin Whales Volume" width="1348" height="594" srcset="https://coingape.com/wp-content/uploads/2023/12/WHALE-VOLUME.jpg 1348w, https://coingape.com/wp-content/uploads/2023/12/WHALE-VOLUME-300x132.jpg 300w, https://coingape.com/wp-content/uploads/2023/12/WHALE-VOLUME-1224x539.jpg 1224w, https://coingape.com/wp-content/uploads/2023/12/WHALE-VOLUME-768x338.jpg 768w, https://coingape.com/wp-content/uploads/2023/12/WHALE-VOLUME-150x66.jpg 150w" sizes="(max-width: 1348px) 100vw, 1348px">
From the trends observed, there was a defined price growth as driven by the market whales within this period. This underscores the importance of the Bitcoin network playing host to whales with massive sway over the market.
Though the connection is not immediately clear, this massive Bitcoin whales transaction comes at a time when there is a growing clamor surrounding Bitcoin spot Exchange Traded Fund (ETF) products. With anticipation of approval in January, many market whales have been <a href="https://coingape.com/btc-price-whales-blackrock-bitcoin-etf-approval/" target="_blank" rel="noopener noreferrer nofollow">shifting positions </a>to land more of the flagship assets before the top institutional firms go all out on it.
Bitcoin’s price price amidst this rally has jumped by 0.38% to $43,789.40 in the past 24 hours.
<h2 id="strong-ethereum-and-shiba-inu-whales-rides-the-train-strong">Ethereum and Shiba Inu Whales Rides the Train</h2>
While Bitcoin whales moved the biggest volume in large transactions, Ethereum and Shiba Inu whales also pulled an impressive feat in the past week. While Ethereum Whales transaction volume has jumped by 51.01% and moved $6.79 billion, Shiba Inu whales volume is up by a massive 186.4% to $73.28 million.
This trend is not uncommon as <a href="https://coingape.com/shiba-inu-news-whale-moves-4-tln-shib-shytoshi-kusama-spotlights-leash-listing/" target="_blank" rel="noopener noreferrer nofollow">Shiba Inu whales are often moving large amount of the memecoin</a>, a trend that is also reflected in its token burn rate. Overall, the re-awakening of whales in the Bitcoin, Ethereum, and Shiba Inu ecosystems has also complemented this parabolic whale boost in recent times.
At the time of writing, Ethereum is changing hands at a price of $2,291.44, down by 0.14% while Shiba Inu is up by 2.37% to $0.00001107.
The post <a href="https://coingape.com/btc-eth-shib-whales-go-on-rampage-with-mega-transaction-rallies/" rel="noopener noreferrer nofollow">BTC, ETH, SHIB Whales Go on Rampage With Mega Transaction Rallies</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

BTC, ETH, SHIB Whales Go on Rampage With Mega Transaction Rallies

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