The current state of crypto prices is sending a clear message to those in the know: it’s time to accumulate. Savvy investors, known as “whales,” are taking advantage of the low prices to scoop up assets en masse, leaving the rest of us wondering and asking ourselves: “is crypto dead?“
But fear not, an expert in the field has a theory: these whales are strategically moving their hoards to futures exchanges in order to boost the market and bring prices back up. Stay tuned to see if their plan pays off.
Also, because whales could be able to influence prices, CryptoQuant’s analyst anticipates greater volatility in the cryptocurrency market.
According to statistics from CoinMarketCap, the largest cryptocurrency exchange by trading volume, Binance, experienced an approximately $6 billion increase in its derivatives trading volume as the whale activity in the futures market escalated. At the time of writing, the amount was $60.8 billion, up 10.6% from the previous day.
Also, data from WhaleStats reveals that among the top 100 Ethereum whales, there are more sellers than buyers. According to the data, whale sales have reached a total of $214 million, while whale purchases have amounted to $184 million, or $30 million less. So is crypto dead? You see by your eyes that it is not.
According to statistics from WhaleStats, whale activity increased starting on March 27, increasing from $70 million the day before to over $393 million.