Crypto Whales Send Hundreds of Millions of Dollars Worth of Bitcoin and Altcoins to Exchanges As Markets Pause

Crypto whales have suddenly come to life in the last 24 hours, with massive amounts of coins being sent to exchanges as markets start to show signs of possible weakness.

Blockchain monitoring service Whale Alert has spotted numerous large entities sending large stacks of Bitcoin (BTC) and other digital assets to various crypto exchanges.

Whale Alert spotted two transfers of Ethereum (ETH) worth over $40 million from unknown wallets to crypto exchange Coinbase, just hours apart, before another wallet was spotted sending $28 million in ETH to Gate.io.

Hours later, 1,865 Bitcoin worth $56,014,838  transferred from an unknown wallet to Coinbase just as BTC was losing the $30,000 mark.

Just ahead of its halving event, a Litecoin whale was spotted sending 500,000 LTC worth $46 million to Binance, the largest crypto exchange in the world.

At the same time, Whale Alert notified of two large transfers from the USDC Treasury, where Circle’s stablecoins are minted, to Coinbase.

Additional, smaller transfers seen in the same time frame include a $7.4 million transfer of Polygon (MATIC) from an unkown crypto wallet to Binance, and a $12.3 million transfer of 1Inch (1INCH) to crypto exchange OKX.

At time of writing, Bitcoin is down 1.3% in the last 24 hours.

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Featured Image: Shutterstock/80’s Child