Whale movements: Cryptocurrencies are shifting to the stock markets!

According to on-chain data, whales are moving their profitable cryptocurrencies to central exchanges.

The crypto market had a very active start to the week. Bitcoin (BTC)’s sharp decline to $40,400 revealed the volatile market. As selling pressure increased in altcoins, many traders were liquidated in futures. In the market where liquidation data of $ 400 million was revealed, the movements of whales also attracted attention.

Taking advantage of the bull run, whale wallets began to move the profitable cryptocurrencies in their wallets to central exchanges. A serious transfer flow was observed, especially on the ETH side.

Whales move assets to centralized exchanges

According to data from on-chain researchers such as Lookonchain and The Data Nerd, whale wallets have begun moving their assets to centralized exchanges. Whales transfer their cryptocurrencies to exchanges profitably. This situation is evaluated with the possibility that a possible sales pressure may arise.

According to The Data Nerd’s post on the X platform, a whale transferred 935 BTC ($39.2 million) to the Binance exchange. At the time the transfer took place, the BTC price was traded at close to 42 thousand dollars. Balina made a profit of $18 million on the BTCs he held. The transfer was treated as a possible profit sale.

Another on-chain data research platform, Whale Alert, recently shared that 15,789 ETH ($35 million) was transferred from an unknown wallet to the Coinbase exchange.

Similar movements of whales were also recorded on December 9. On December 9, a whale transferred 3 thousand BTC ($132 million) to Binance. This wallet had a total gain of $61 million from the BTCs it held. At the time the whale made the transfer transaction, BTC was traded at 44 thousand levels.

Apart from whales, market maker wallets also transferred assets to exchanges. On December 10, Galaxy sent 3 thousand ETH to the OKX exchange. This company transferred a total of more than 20 thousand ETH to OKX in a week.

The cryptocurrency market’s progress in an upward scenario for months has revealed great profitability rates. Many wallets have made significant profits from their crypto assets. Transfers and data made us think that the gains were realized.

In particular, BTC’s sharp decline to $40,400 strengthened the possibility that profit sales had begun.