Crypto bulls are back in the race with substantial transactions. On 1 April 2022, a leading XRP wallet transferred 40 million coins worth over $32 million from an unknown wallet to the digital exchange Bitstamp.
While the crypto market cap jumped by more than $100 billion in the past 24 hours, transactions with a value of at least $1 million have also increased significantly. “Both Bitcoin and Ethereum saw transaction spikes at their tops a couple of days ago. We can see whether transactions are taken while a position is in profit or at a loss. For the first time since November, there were 3x as many profitable transactions vs losing transactions,” Santiment noted.
On-chain movements of crypto whales saw an uptick during the recent market rally. In addition to the $32 million XRP transfer, several other $100 million+ crypto transactions were observed during the last 24 hours. A crypto millionaire address moved 3,000 Bitcoin worth over $138 million from Coinbase to an unknown wallet on 1 April at 16:57 UTC.
Ethereum
While the recent large crypto transfers were mainly focused on Bitcoin, USDT and XRP, the Ethereum network witnessed a rise in whale movements. On 31 March 2022, someone sent over 35,500 ETH worth more than $119 million from crypto trading platform Bitfinex to an unknown wallet. ETH’s price boom has played an important role in its surging whale movements. As a result of the latest developments, Ethereum’s dominance against Bitcoin is increasing.
“Ethereum has been gaining in price dominance against Bitcoin, and the ETH / BTC price ratio of 0.074762 on Friday came within millimeters of an 8-week high of 0.074878. The top 10 whale addresses remain to hold a significant percentage of supply,” Santiment added.
Yesterday, the deposit contract of Ethereum 2.0 topped 11 million ETH.
