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Ethereum [ETH] Whales Now Owns ~70% Of Total Supply

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Ethereum took a severe plunge right after the market-wide fall in the last week of Feb. A quick primer on the last two weeks: Bitcoin was in a consolidation mode after hitting peaks back to back in consecutive weeks. Hence, the leader of the altcoins, Ethereum [ETH] too was found to be mirroring its gains in the market.

As it resumed an uptrend eyeing the recently breached all-time high level of monumental $2,000, the traders in the market appeared to be busy taking their Ethers off crypto-exchanges. In short, the Ethereum whales are back in the game.

If the latest stats are to be believed, whales [holding 10k+ ETH] now own 68.6% of the total supply. This was accompanied by Ethereum’s price surging back to $1,685 level.

According to the crypto-analytic platform, Santiment, the latest figure is the highest percentage owned by whales since November 2017.

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Ethereum [ETH] Whales Now Owns ~70% Of Total Supply 4

However, the same cannot be said for addresses owing 0-10k Ether. The platform mentioned that this cohort of addresses owns the lowest percentage since September 2017.

It was a clear case of accumulation by the large Ethereum holders. The above chart demonstrated the inverse correlation between the token’s price and the coins on crypto exchanges.

This was indicative of a major bullish sentiment as the whales were found to be HODLing the crypto asset in anticipation of the price aiming for new heights.

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Ethereum [ETH] Whales Now Owns ~70% Of Total Supply 5

Further affirming this bullishness among market participants was Ethereum’s top 10 non-exchange whale addresses amassing more than 1 million ETH in a 24 hour period on the 1st of March which roughly valued at $1.6 billion.

This was the highest one-day jump in the accumulation of the crypto-asset in more than a month.

What Does This Ethereum Accumulation Trend Mean?

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Ethereum [ETH] Whales Now Owns ~70% Of Total Supply 6

These developments were proof that the value of ETH could potentially reach for new heights and we may see fewer and fewer Ethereum remaining on cryptocurrency exchanges in the coming days.

While it is no surprise that the latest numbers show that Ethereum whales were playing the long game as they continued to stack ETH, eventually buying the dip, there’s more to the picture.

Ethereum has been long plagued with high transaction fees. This bone of contention remerged this bull season as the figures skyrocketed to levels never seen before making it a super expensive blockchain that is meant only for the rich.

Hence, the latest development was a vote of confidence especially in the face of the emergence of gas-friendly blockchains such as the Binance Smart Chain, Zilliqa, Tron and Cardano

Chainlink [LINK] Whales Are ‘Content’ With Their Holdings

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Chainlink [LINK] saw bearish momentum taking over its price in the last couple of trading sessions. The traders wary as the crypto-asset was on the verge of a massive move in favor of the bears. However, the recent movement of some larger token holders might effectively invalidate a potential downward prediction.

We are talking about Chainlink whales which have, time and again, made headlines regarding their status and concentration despite many alleviation attempts by the LINK community.

LINK’s price reached an all-time high above $35 before retracing, While sell-off did transpire at the said level, there might be more upside potential. According to the fund movements noted by Santiment, LINK whales are in anticipation of further gains in the near-term.

The crypto-analytic platform detected a pair of whale transactions for Chainlink that were the largest-sized moves on the network in the last six weeks. Its tweet further read,

“The first was a transaction of 2.28M $LINK (worth $71.0M) moving away from $aLINK, temporarily into an exchange address. The second moved an even larger amount, 2.54M $LINK (worth $78.9M), into a new confirmed $aLINK whale address.”

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Chainlink [LINK] Whales Are 'Content' With Their Holdings 9

What this essentially depicts is that as long as LINK whale tokens are staying off of exchanges and being staked, these transactions are confirmations that whales are content with their holdings.

Chainlink’s Technicals

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Chainlink [LINK] Whales Are 'Content' With Their Holdings 10

Amidst massive bullish activity with several coins reaching record levels, Chainlink could essentially shrug off the minor correction.

The above daily chart depicted the formation of high which pushed the RSI to the extreme overbought zone. Which was then followed by a rebound. Even as the bears took control, the momentum did not rest with the sellers. Moreover, RSI’s 53-level has been acting as critical support throughout the year. And there’s a greater chance that it would continue to provide further support.

Hence, it is highly likely that LINK will eventually snap a newer record high on the charts despite a momentary lapse.

Whale Alert: $5.7 Million Worth BTC of Stolen Bitfinex Funds Transferred to Unknown Wallet

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Cyber attackers hacked Bitfinex cryptocurrency exchange in August 2016, and managed to steal Bitcoin 120,900. Back then, the digital treasure was worth roughly $72 million; however, with the appreciation in the value of BTC, the current market value of the stolen Bitfinex funds is approximately $1.4 billion.

To date, the orchestrators of the billion-dollar heist have never been identified. The hack alone triggered the price of Bitcoin to depreciate by a massive 20 percent, from about $600 to nearly $400.

Once again, the hackers involved in the heist have moved the stolen Bitfinex funds. According to Whale Alert, the Bitfinex attackers have transferred 473.3 BTC, valued at $5.7 million in today’s market into an anonymous wallet. The Bitcoin was shared into various wallets, but the major stake, 467 BTC worth $5.6 million is now contained in a single wallet.

Following the attack, Bitfinex reduced the balances of all its clients by 36% and replaced them with BFX tokens. The tokens were redeemable for the shares of iFinex, the mother company of Bitfinex. Since the hack, the price of Bitcoin has increased by a massive percentage. Perhaps the hackers got rid of most of the stolen Bitfinex funds, or maybe they kept on waiting for a price hike to sell at a higher profit.

 

Stolen Bitfinex funds have been moved severally

In either case, this is not the first time a stolen bitcoin has been transferred to the attackers. Back in May, they moved a BTC of 28.3 worth $250,000. The following month, the hacker transferred BTC for $4 million to an anonymous wallet. Last year, the attackers moved the stolen Bitfinex fund on two occasions; in June, 185 BTC valued at $2 million then, and in August, 300 BTC valued at $2.7 million moved to unknown wallets. The two Bitfinex hacks are one of the most damaging bitcoin hacks and scams of all time. The two Bitfinex hacks are one of the most damaging Bitcoin hack and scam of all time. Generally, hackers move the fund to cash out further when there is a spike in the price of stolen coins.

Number of Large Bitcoin Cash Holders Slump as Price Rises by Almost 40%

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Bitcoin Cash holders with at least $ 3 million have declined since August 10, following a huge price spike to over $311. Several Bitcoin Cash whales have abandoned the network following a nearly 40 percent price surge, probably trading or selling their BCH worth millions of dollars.

Massive Bitcoin Cash holders clearing the bag

A recent tweet by crypto enthusiast Ali Martinez, claims that recent data shared by blockchain analysis firm Santiment reveals the number of Bitcoin Cash holders between 10,000-100,000 Bitcoin Cash (BCH), have slumped since August 10. The expensive exodus of BCH network followed a 37.8 percent rise in the price of the crypto, from $224.46 on July 17 to a three-month high of $311.34 on July 31.

Notably, Bitcoin Cash maintains its position as the fifth-largest cryptocurrency by market cap with $5.6 million, with LINK chasing at $4.6 billion. At press time, Bitcoin Cash is trading at $305.95. According to IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) model, BCH poses above a significant supply barrier regardless of the increased selling pressure.

Will price support rescue BCH from slumping?

Based on this on-chain metric, approximately 150,000 addresses had earlier purchased more than bought more than 161,000 BCH between $283 and $290. In case of a correction, this support zone might have the capacity to hold prices from dropping further. Bitcoin Cash holders within this variety would possibly try remaining profitable. Furthermore, they might purchase even more BCH to avoid seeing negatives in their investment.

However, if the BCH whales continue selling their holdings, BCH’s price might fall below this support zone. If such a situation occurs, IOMAP suggests that the next significant crucial barrier rests between $256 and $266. At this point, roughly 119,000 addresses are holding about 420,000 BCH.

Moving forward, although there are several reasons to worried about the future of BCH, the entire crypto market sentiment worsens the situation. Cryptocurrency investors seem to be increasingly high spirited about what the future holds for the entire industry. Historically, this has proven to be an indication that prices of crypto are undergoing a boom-bust.

Whale Alert Report: Crypto Scammers Revenue to Spike by 2000% Before 2020 Ends

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According to a new report by the cryptocurrency intelligence firm, Whale Alert, scammers stole $24 million in bitcoin during the first half of 2020. Online scammers find it too easy to mislead their crypto investors because their tactics are incredibly adept and aggressive, according to a report published on July 10.

For instance, a specific highly successful crypto scam has raked up more than $130,000 a day ‘with nothing more than a one-page website, a bitcoin address, and a decent amount of YouTube advertising.’ While another scheme has earned more than $1.5 million in six months by luring investors into a sham crypto exchange using an unprofessional website perforated with spelling mistakes.

Scammer revenue to spike by 2000 percent by end of the year

Whale Alert suggests that it has gathered and assessed “hundreds of thousands” of data from websites, bitcoin addresses, and reports using Scam Alert, a new tool for reporting, monitoring, and analyzing blockchain crimes. Whale Alert, famous for tracking large-scale BTC transactions, discovered that “crypto crime pays a lot.” Crypto crimes are significantly motivated by the fact that the venture is risk-free, which means that the perpetrators have a very high chance of getting away with the crime.

Indeed, the report claims that fraudsters have got away with $38 million worth of bitcoins over the last four years, omitting Ponzi schemes. Whale Alert projects scammers’ annual revenues may rise by 2,000 percent since 2017, reaching $50 million annually.

Giveaway scams are more popular according to Whale Alert Report

There are different types of swindling strategies, including sextortion, sham exchanges, video scams, and bitcoin recovery schemes. However, according to the Whale Alert, the most popular type of extortion is a giveaway strategy. Giveaway scams tend to impersonate public figures such as SpaceX and Tesla’s Elon Musk, or a prominent crypto exchange for convincing individuals to send their bitcoins using YouTube advertising.

As per Whale Alert, such fraudulent schemes can rake from a few thousand dollars to $300,000, subject to the strategy employed and the scam ‘s efforts. Notably, the report also warned that the revamped approach suggests that “entire professional teams” may be involved in some of the most fortunate crypto scams.

 

Ripple continues to build XRP liquidity, releases 1 billion XRP from Escrow

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Ripple continues to “accelerate the XRP ecosystem” as it recently released one billion XRP from its escrow, bringing the total circulation supply to 44 billion.

In December 2017, Ripple added 55 billion XRP into an escrow wallet and announced that it would release 1 billion XRP every month to ensure certainty of XRP’s total supply entering the market.

The official blog discussed how the move would help to build XRP liquidity and a healthy and trusted market. It stated:

“Long term, the value of digital assets will be determined by their utility. XRP has emerged as the only digital asset with a clear institutional use case designed to solve a multi-trillion dollar problem – the global payment and liquidity challenges that banks, payment providers, and corporates face.”

In May 2019, Coin Metrics, a cryptocurrency market, and network data provider conducted research on XRP’s supply schedule and escrow system where it found discrepancies between what was announced and what was recorded on the XRP ledger.

It was found that the blockchain firm over-reported the amount returned by 100 million XRP and under-reported the XRP released, in their Q3 2018 and Q1 2019 reports.

According to Ripple, the unspent XRP will be sent back to a new Escrow account that will expire by the end of month 55.

“We’ll use Escrow to establish 55 contracts of 1 billion XRP each that will expire on the first day of every month from months 0 to 54. As each contract expires, the XRP will become available for Ripple’s use.”

However, according to the on-chan data, this cycle was not followed. While the unused XRP was to return to the into the first slot with no existing escrow, it was seen that they were “into the first slot (i.e., the first month) with no existing escrow.”

Another issue pointed out by Coin Metrics was that,

“Other party/parties, potentially associated with Ripple, have released 55 million XRP from an unknown escrow address not connected to the main Ripple escrow account.”

The report traced that 55 million XRP from this scheme was transferred to Bitstamp, a cryptocurrency exchange based in Luxembourg.

Surprisingly, on November 26, Whale Alert, a Twitter account providing live tracking of large transactions, reported that 49,999,996 XRP had been moved from an unknown wallet to Bitstamp.

XRP continues to swim in bearish waters. At press time, according to CoinMarketCap, XRP was standing at the third position in the market, priced at $0.21 with a market cap of $9.49.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Millions worth of USDT and EOS transferred across wallets and exchanges as communities rally

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Significant cryptocurrency transfers have always made news as the movement of a substantial amount of capital has resulted in various shifts in market dynamics. A recent transfer reported by Whale Alert, a cryptocurrency data aggregator, showed that almost 20 million USDT was transferred from an unknown wallet and the Binance exchange.

Since it was a Tether movement, several members of the industry claimed that it was just a pump and dump scheme and that it didn’t’ amount to anything significant. At the same time, the $19.95 million transfer was not taken lightly by other members of the community as the market was moved sideways for some time now. The hash for the transaction was b2db77002bea5f0d66e5411a348e7d8ca1d73e65f8ff230ca0015459ade99a18 with the transfer occurring at block 14487982. The time of transfer was 11:38:39 on the 14th of November.

The unknown wallet held an address of TMbCKxATSzuZLioEyHCNSct2YeSfvnyE1Q with a balance of a negligible amount of TRX, BTT, USDT, and WINK. The 19.9 million USDT transfer occurred in one fell swoop and not in multiple transfers.

The receiving wallet address was TAUN6FwrnwwmaEqYcckffC7wYmbaS6cBiX, with the number of transactions clocking in at 1454123. Post the transfer; the wallet had 195.655 million TRX tokens and another 518,816 TRX tokens that settled after BTT transactions. The total balance of the wallet after all the transactions was 22.133 billion TRX.

Tether was not the only cryptocurrency that was transferred between wallets as reports also showed that a million EOS tokens were also sent from one unknown wallet to another. The transfer amounted to $3.409 million and had a timestamp of 5:19 on 14 November. The number one EOS pool was ‘eoshuobipool,’ with the pool being set up in China.

That particular pool had 2.944 percent of all the votes, which was approximately 331.11 million in number. The receiver wallet had an address of ‘vqsaeptppqwh’ at 39 percent RAM usage. The total wallet balance after the transfer was $3.410 million, with multiple transactions occurring at the same time.

EOS had taken a hit recently when Weiss Crypto Ratings stated that Cardano was clearly superior to the eighth most significant cryptocurrency. In June of this year, Weiss Ratings had downgraded the score of EOS because of issues related to centralization.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Millions worth of Ripple (XRP) speculated to be transferred to market maker firm

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Cryptocurrency transfers have dominated the market recently, and Ripple’s native cryptocurrency, XRP, has been one of the most used ones. A new data point showed by XRPL Monitor revealed that a whopping 99.999 million XRP was sent between two cryptocurrency wallets.

The entire transfer amounted close to $27.4 million, and the total fee for transferring such a massive amount was 0.015 XRP. The transaction ID for the transfer was E3EE77DAE273E7992C2E18952D53B2F4E64670A5FFBEC8C9EEEF670F3D8D3CE0 with Bithomp stating that the transfer occurred on November 13 06:23:10.

The sender address was B4UtU9sAiMTF5Htg3k6kwUXV2dHyRFkJn while the receiver address was rKvAtitwmaYVFG8GwDmUSyqo71YMbeBSwn. Once the transfer was completed, the total sender balance was 199.715, while the receiver balance was a massive 101.455 million.

This movement was also called out by @LightCrypto, a famous cryptocurrency proponent who claimed that the $27.5 million was transferred to a market-making firm address. This news led to many inquiries with Patrick Heusser, an XRP fan asking:

“Why would you need so much XRP to do market making? If you are a professional market maker you will not run massive outright risk. I would rather say those XRP are on the way to flood the market – one way street.”

A market maker is an individual market participant or a member firm of an exchange that also buys and sells securities for its own account. Ripple deals with market makers quite often, and that is probably why it has been speculated that the transfer was made to a market maker. Ripple themselves have called the market players;

“A key player within the ecosystem by not only providing liquidity but also helping to keep spreads low, adding utility and reducing the cost for entities transacting on the Ripple protocol.”

People had earlier stated that although transfers existed in the field, there isn’t much volatility in the cryptocurrency’s 4-second settlement. At press time, the third-largest cryptocurrency was trading for $0.273, with a total market cap of $11.854 billion. Ripple’s XRP had a 24-hour market volume of $1.362 billion after a slight 0.17 percent price fall over the 24-hour time frame.

Despite the recent furor about Ripple and its developments, that does not seem to have had any positive effect on XRP’s price point. Ripple’s recently concluded Swell conference was supposed to contribute to a massive price pump, but that has not occurred as of yet.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Crypto proponents claim Bitcoin whales has a huge role to play in price movements

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The effect of massive whale traders in the cryptocurrency market has always been a talking point with debates raging on whether it was fair that a few traders could amass enough power to change the fate of a cryptocurrency’s price. This fear was again brought to light recently when a study conducted by two professors in Texas claimed that a single whale trader actually caused the famous Bitcoin bull run in 2017.

On the back of that research, several other examinations have also been conducted to study the nature of these whales and if they still impose such a tremendous amount of power in the crypto world. According to several luminaries in the field, whales still boast significant control of the crypto market despite more and more users joining the decentralized world.

That was evidenced by a new report published by SFOX, a cryptocurrency platform that also took into account the statements made by Popular crypto proponents such as Frank Weert and Mati Greenspan.

Weert, the co-founder of cryptocurrency data aggregator Whale Alert, had stated that:

“Bitcoin started with a few people. So, the biggest chunk of coins is going to be in the hands of people who started it. Eventually, the distribution of BTC is going to hopefully level out a bit more and there’s going to be, hopefully, fewer whales.”

The Whale Alert official also pointed to the famous Bitcoin address that held 80,000 BTC, a holding of a whopping $735 million. Some analysts predict that if the assets in that address were ever to be sold, it would “crush the cryptocurrency market.”

The data aggregator has also spotted that in-between October 21st and October 22nd of this year, a significant number of high value transactions correlated to Bitcoin’s price slump of almost 20 percent. Mati Greenspan, the Chief Market Analyst at eToro, did not agree with the claims that a single whale was controlling the market by saying:

“I think that [the Bloomberg report] is emphatically false. We had so many new clients that we went into emergency reactive mode.”

The original report was created by Professor John Griffin and Professor Amin Shams, who claimed that the majority of the transactions relied on Tether, the world’s largest stablecoin. They were confident in stating that instead of thousands of investors moving the price of Bitcoin in 2017, it was just one large trader. John Griffin added:

“Years from now, people will be surprised to learn investors handed over billions to people they didn’t know and who faced little oversight.”

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Massive amounts of Tether moved as ‘Bitcoin ATH’ controversy swirls

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The cryptocurrency market has seen several transfers over the past couple of weeks that has resulted in many users believing that the bull run is almost upon us again. These transfers have not been isolated with several coins like Bitcoin, USDT, and XRP being transferred in the millions.

According to Whale Alert, the popular cryptocurrency data aggregator, almost 20 million Tether was transferred from an unknown wallet to Binance. The exact amount transferred was 19.999 million, which amounted to a whopping $19.952 million.

The Tether transfer market has been booming ever since its tie-up on the Tron blockchain. As Justin Sun had stated earlier, the partnership is intended to facilitate more seamless transactions. The timestamp for the transfer was 00:00:21 UTC with a hash of 7658f008b17eb5c270b4ec1f2cbd138cbcccc6549495a856619e1900e347dedd.

The owner’s address for the unknown wallet was TMbCKxATSzuZLioEyHCNSct2YeSfvnyE1Q with a contract address of TR7NHqjeKQxGTCi8q8ZY4pL8otSzgjLj6t. The unknown wallet had an address of TMbCKxATSzuZLioEyHCNSct2YeSfvnyE1Q. The wallet held some cryptocurrencies like Tron, BitTorrent, and Tether in minimal amounts.

The Binance account held an address of TAUN6FwrnwwmaEqYcckffC7wYmbaS6cBiX. The Tether transaction was completed throughout 1.42 million transactions. The total balance of the exchange after the transaction was 14.405 billion TRX. The USDT TRC20 tokens amounted to $255.573 million, while the actual TRX transactions amounted to $3.282 million.

At press time, Tron was holding the 11th rank as TRX was trading for $0.02. The cryptocurrency held a total market cap of $1.36 billion and a 24-hour trading volume of $954.02 million. Tether’s partnership on the Tron blockchain had occurred right after the Justin Sun led company had announced several other tie-ups. Tether was at rank number 5, with a market cap of $4.13 billion.

Tether had made news again on November 5 when a study by two professors claimed that Tether and a single whale trader was the reason for Bitcoin’s massive bull ramp in late December 2017. This mammoth news was refuted today when Bloomberg stated that it is “quite silly” that one trader was responsible for the price climb. Bloomberg noted that:

“According to Jeremy Allaire, Co-founder and CEO of Circle, the Tether study makes the mistake of attributing a custodial account address to a single trader (although the authors maintain that this is an individual deposit address). Exchanges pool customer funds into a single wallet before netting and batching transactions with partner institutions; traditional banks do the same. A single Bitfinex wallet could easily represent the aggregate trades of many customers.”

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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