As the bear market continues, the crypto users believe this as the right time to purchase cryptocurrencies while in the dip. Significantly, whales also use this opportunity to acquire a reasonable amount of cryptocurrencies during the bear market. Whales play a major role when the market is facing downtrend and try to transact potential crypto-assets to unknown wallets.
Since the origin of Whales, there’s been millions of transactions between exchanges to unknown wallets. Though many platforms have tried to track the information of these transactions, it has never been a win-win situation. Even thousands of BTC’s are shifted from an unknown wallet to unknown wallets in a series. Moreover, as the crypto industry grows the whales activities are also equivalently growing.
14,000 ETH To Unknown Wallet
According to Whale Alert, there’s been a transaction tracked for 14,000 Ethereum worth nearly $37 million from Bitfinex to an unknown wallet. Whale Alert is an analytics system and blockchain tracker that shares interesting transactions as they occur via their Twitter account. Several traders find these posts interesting as the whales activities are constantly monitored and revealed.
Whales probably target potential cryptocurrencies to shift from one to another wallet as they will generate huge profit. As the crypto industry emerges as a part of the financial sector, many opt to learn and use cryptocurrencies. Besides, the crypto topic in 2022 is heating up with the calls for regulatory policies in different countries. Therefore, following the conflict between Ukraine and Russia, there would be a chance of shifting cryptocurrencies to Ukraine for the good cause. Many people have different perspectives on this subject, but being a member of the crypto industry forces you to connect the dots of current concerns to the crypto-industry.
However, the tweet implies that there is a higher chance that whale transactions will be used for beneficial reasons in Ukraine. Bitfinex is a cryptocurrency exchange that aims to offer ultimate crypto trading experience to its users. As a matter of fact, Whales use all exchanges to move their tokens, not just Bitfinex. Until the market experiences the bullish run, the activities of whales will be regular in purchasing and shifting their tokens.