Crypto data reporter Whale Alert has observed an increasing activity from Bitcoin and Ethereum whales. Over $169 million worth of ETH and $152 million worth of BTC have been moved in the past 24 hours.
In fact, $31 million worth of BTC was moved by whales from an unknown wallet to Coinbase exchange. Also, an unknown wallet has transferred amounts such as 2,000 BTC ($26,034,700) to Bitstamp exchange.
Notably, the majority of ETH transfers by whales have been from one unknown wallet to another. This makes it difficult to know where these huge transfers originated from. To add on, most BTC funds are being moved from unknown wallets to various cryptocurrency exchanges.
As a result, speculations have risen that whales are beginning to HODL their funds at this stage. However, there is also the fear that one of these market whales may choose to sell these funds completely, having moved them off exchanges.
Of late, BTC Price surged by over 16%. The cryptocurrency is now trading at $13, 004.10 at the time of writing. The increase in price comes after a few weeks of BTC price settling at $11K. This also reveals that the price of Bitcoin has remained bullish. It has managed to stay above the critical support level of $10,000.